1. Fashion brands see sales rebounding—eventually. Europe’s murky outlook could snag growth: Many apparel, footwear and accessories brands are reporting a strong rebound in China, and are starting to see the same trends emerge in North America. But Europe remains a trouble spot, with renewed lockdowns in the region still hampering shopper demand and threatening forecasts. – Read More on CNBC
2. President Biden, appoint a fashion czar! The fashion industry is responsible for 10 percent of the world’s carbon emissions. It needs to be regulated like other big sectors, including for its environmental and human rights violations, as well as the labor violations that take place across companies’ supply chains. – Read More on Fast Co.
3. What recovery? Clothes retailers cut orders while factories fight to survive: In an indication of the scale of the backlog, consultancy McKinsey says the value of unsold clothing worldwide, in stores and warehouses, ranges from $168 to $192 billion – more than double normal levels. – Read more on Reuters
4. Coty Shares Fall After Second-Quarter Sales Drop: Coty shares plunge after the seller of Burberry and Gucci fragrances and Cover Girl makeup posts weaker-than-expected sales. – Read More on The Street
5. Diamond Prices Regain Their Sparkle: Polished diamond prices are up 5.1% from their lowest point in March, putting them at their highest level in nearly a year and a half, according to a gauge compiled by the International Diamond Exchange. – Read More on the WSJ
6. RETRO READ: With a Rise in Lab-Grown Diamonds, Questions of Value, Disclosure Are Hot Topics. According to Morgan Stanley, by the end of 2020, the market for lab-grown diamonds could account for 15 percent of the gem-quality diamond market, up from less than 1 percent in 2016. At the same time, Bain & Co. asserted in its 2018 “Global Diamond Industry Report” that “lab-grown diamonds are clearly here to stay,” particularly in light of “generational shifts in consumer preferences.” – Read More on TFL