Image: Versace

1. Luxury goods groups Hermes, Richemont push UMG and Vodafone out of blue-chip Euro STOXX 50 index: The index provider said Hermes and Richemont would formally enter the Euro STOXX 50 on Dec. 20, a move that is likely to fuel further demand for their shares as funds that automatically track the index add them to their portfolio. – Read More on Reuters

2. Versace on Pace to Meet Target Sooner Than Expected: Revenue at the Italian fashion label, known for its extravagant and baroque designs, has been more robust than expected when Capri bought the company in 2018, in part because of strong accessory sales. The Italian luxury house could beat its mid-term revenue target of $2 billion sooner than anticipated. – Read More on Bloomberg

3. Music Mogul Sean ‘Diddy’ Combs Seeks to Reacquire Sean John Brand: Combs is seeking to buy the Sean John lifestyle brand he founded more than two decades ago. He made a $3.3 million offer to reacquire a 90% stake in Sean John from the North American division of Global Brands Group Holding Ltd, which filed for bankruptcy in New York in July. – Read More on the WSJ

4. Inflation is coming for your closet—the cost of clothing to jump next year, new report shows: Inflation in fashion is caused by a combination of material shortages, transportation bottlenecks, and rising shipping costs straining supply and demand. – Read More on Fortune

5. Tencent opens super app WeChat to Chinese e-commerce rivals amid inexorable regulatory pressure, analysts say: Tencent’s move to open up WeChat marks a major victory for Chinese regulators, who want Big Tech firms to improve interoperability between internet platforms. WeChat users will now be able to directly open other third-party shopping links in the platform’s group chats. – Read More on SCMP