Daily LInks
1. Eviction, Bankruptcy and Fashion Grift: In fashion, an industry where salaries are notoriously low and the pressure to represent the brand is notoriously high, gifting has long been considered part of the sector’s basic economy and an approved relationship-building tool. And to supplement their low incomes, editors sell such items as a way to make extra money, a practice fueled in recent years by the booming online resale market. – Read More on the NY Times
2. RETRO READ: The IRS Has a Name for Those Bags, Clothes & Shoes that Fashion Calls Gifts, “Income”. These otherwise seemingly innocuous – albeit, at times rather expensive – gifts present legal issues, including when they are resold, since the value of the goods, themselves, and the profits made if/when they are sold must be taken into account come April 15 (or this year, July 15), when Americans file their individual income tax returns. – Read More on TFL
3. Sneakerheads Have Turned Jordans and Yeezys Into a Bona Fide Asset Class: Flipping sneakers has been a viable business proposition for decades. The demand side emerged as far back as 1985, when Nike dropped the Air Jordan 1, a culture-shifting sneaker that sold faster than the company could manufacture it. The supply side followed soon after, when some retailers began selling the few pairs they could get for more than Nike’s $64.95 suggested retail price. – Read More on Bloomberg
4. How Macy’s plans to hit its $10 billion e-commerce goal: Already a top 10 digital retailer, Macy’s now says it can get to $10 billion in digital sales within three years, up from about $7.6 billion in 2020. (It lags behind only Amazon in online U.S. shoe and clothing sales.) – Read More on Fortune
5. U.S. retail sales to rise 6.5% to 8.2% in 2021, as Covid vaccine triggers fastest economic growth in over two decades, NRF says: Retail sales are expected to grow this year between 6.5% and 8.2%, amounting to more than $4.33 trillion in sales, the National Retail Federation said in its annual forecast. – Read More on CNBC
