1. Luxury brands brace for a 2023 slowdown: Heading into 2022, the €353bn luxury goods market had reason to celebrate. Covid-19 restrictions had largely eased outside China, shares in luxury brands outperformed the broader stock market for a sixth year in a row. – Read More on the FT

2. How teen brands are making the metaverse part of their retail strategies: Forever 21 is selling the real version of its avatar-centered hoodie, beanie, and t-shirt in stores and on its website. While Forever 21 didn’t disclose how much revenue it has made from metaverse-inspired apparel, it said the items have “sold really well.” – Read More on Modern Retail

3. Retailers Need New Strategies to Counter Discounting Pressures: We also saw another approach exemplified by Dior Beauty; it focused on a four-tier loyalty program that provides exclusive benefits that rewards members’ engagement with the brand to motivate action. – Read More on Forbes

4. Target, Nike, Urban Outfitters Get Jump on January Clearance Sales: Retailers’ ongoing markdowns are happening as consumers are cutting back on their spending. The latest edition of Mastercard’s Spending Pulse found that spending on popular holiday items like jewelry and electronics fell more than 5% between Nov. 1 and Christmas Eve.  – Read More on PYMNTS

5. IRS Updates FAQs for Reporting E-Commerce Platform Transactions: The Internal Revenue Service provided clarification Wednesday on which taxpayers would receive a form to report business transactions through e-commerce platforms such as Venmo and Paypal, as well as how to report gains from sales. – Read More on Bloomberg