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Image: Prada
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1. Retail profits won’t rebound until 2022 at the earliest, Moody’s says: Companies in the industry remain under “extreme stress” related to COVID-19 and the ensuing closures, increased costs and other pressures, Moody’s analysts said. Even off-price retail – which has seen significant growth over the past decade –faces an outsized decline in profit as a sector without a significant e-commerce channel and with few remedies to store closures and traffic declines. – Read More on Retail Dive

2. Amazon and Mall Operator Look at Turning Sears, J.C. Penney Stores Into Fulfillment Centers: Simon Property Group Inc. has been exploring with Amazon the possibility of turning some of the property owner’s anchor department stores into Amazon distribution hubs. Amazon typically uses these warehouses to store everything from books and sweaters to kitchenware and electronics until delivery to local customers. – Read More on the WSJ

3. The luxury sector has been hit hard by the virus. And what consumers value has changed: Goods that are set to do well post-pandemic are those that might be called “quiet luxury.” “We’re already seeing the resurgence of quiet luxury and understatement, as evidenced in the more timeless aesthetics of brands such as Hermès, Prada and Bottega Veneta.” – Read More on CNBC

4. Kenya Local Design Boom Still Far Off Despite Used-Clothing Ban: The ban in March, as a measure to curb the spread of the coronavirus, supports government plans to promote the local textile and apparels industry, which the statistics agency estimates to be operating at more than 30 percent below capacity. Kenya earned about $315 million from apparel and $171 million from textiles in 2017. – Read More on Bloomberg

5. RETRO READ: Rwanda Does Not Want Our Used Clothes and is at a Standoff with the U.S. as a Result: Long viewed as a way for consumption-happy Americans to help boost the well-being – and wardrobes – of those less fortunate, the used clothing trade has put a significant rift between the U.S. and Rwanda. In recent years, Rwanda has emerged as the most aggressive country working to phase out imports of secondhand clothing and shoes. In 2016, the nation raised its per-kilogram import tax in 2016 from 20 cents to $2.50, amounting to what SMART calls “a de facto ban.” – Read More on TFL

6. Brunello Cucinelli: The Humanitarian Side Of Fashion. “ The harmony between profit and giving back accounts for one of its most meaningful humanistic moments … There is no plan to recover this money, but we view this gesture as some kind of “investment” for the benefit of Creation, its beauty and its conservation. For example, an esteemed customer of ours might become aware of it and consider this symbolic gesture as a good omen for a new and lasting new time.” – Read More on Forbes