1. World Fashion Capitals Get a $600 Million Haircut Thanks to Covid: New York, London, Paris and Milan could miss out on more than $600 million in economic activity this season, as the fashion week circus, which is a multimillion-dollar economy that pumps both investment and tourist spending into the various cities, continues to be halted by COVID. – Read More on Bloomberg
2. ‘Made in Bangladesh’ may soon mean your clothing is much more sustainable. Fast-fashion brands, from H&M to Target, are investing in recycling systems in Bangladesh, the second-largest garment manufacturer in the world. – Read More on Fast Co.
3. Shopify’s Secret Weapon is Thousands of New Business Owners: More Americans are opening online stores and selling goods and services to make money as the effects of the pandemic have wiped out jobs and disrupted in-person activities. The shift has brought a wave of new business to Shopify, which sells subscription services that enable people to put up websites, accept online payments, and ship and track orders to customers. – Read More on the WSJ
4. Retailers trade Fifth Ave. for Worth Ave. as Palm Beach scene thrives with Americans heading South: On Worth Avenue, the upscale shopping street that some might call the Fifth Avenue of the South, has hardly any vacancies. The notable exception is an empty Neiman Marcus shop that the luxe department store chain closed after it filed for bankruptcy last year. – Read More on CNBC
5. Websites are selling fake reviews ‘in bulk’ to Amazon merchants, a report found. One site offered 1,000 reviews for $11,000: These practices are against Amazon’s guidelines, which prohibits sellers from paying third parties for reviews. – Read More on Business Insider
6. Spurred On by COVID-19, Millennials Lead the Way in Destigmatizing Online Dating: Thirteen percent of all adults said they have met a partner online as of this year, compared with 10 percent three years ago. – Read More on Morning Consult
7. RELATED READ: Investors Swoon Over Bumble’s IPO – But What Exactly is an Initial Public Offering?Understanding IPOs is an important part of knowing how markets work. Maybe more interesting, however, is how a new type of IPO is growing in popularity – including among the Redditors who are upending financial markets – and allowing more investors than ever to buy into the “hype” when a company goes public. – Read More on TFL