Image: Prada

1. Pandemic fashion: The UK’s Office for National Statistics says clothing sales fell by 25% – the biggest drop since records began 23 years ago. COVID lockdowns and gathering restrictions have meant a huge challenge for brands who made their name, and their income, from selling fashion for special occasions. – Read More on BBC

2. U.K., Italy Lead Moody’s Concerns in Europe Over Next Five Years: Italy’s debt load, seen above 158% of gross domestic product in 2021, is more of a concern compared to peers such as France and Germany. The fashion industry’s annual revenues – which have grown by 3% on average every year in the last decade – account for around 4% of Italy’s gross domestic output. – Read More on Bloomberg

3. Alibaba beats revenue forecast as Chinese regulators hover: Alibaba Group Holding Ltd. offered investors few clues into how the regulatory crackdown on Jack Ma’s tech empire will impact its future growth after reporting a stronger-than-expected 37% increase in quarterly sales. – Read More on Yahoo

4. RELATED READ: China is Pushing to Control Big Tech and E-Commerce Giants Coming Under the Microscope. What will the immediate effects be? Newcomers like Bytedance and Pinduoduo – the latter of which has integrated social components into the traditional online shopping model to create a popular “team purchase” experience – were already eating market share from Alibaba and Tencent, and the antitrust reforms could well accelerate that trend. – Read More on TFL

5. Ferrari Is Worth More Than Tesla—per Car. It’s Falling After Earnings: Tesla, of course, is the most valuable car company on earth, and Ferrari – whose iconic, red ultrahigh performance luxury vehicles are valued at, very roughly, $4 million per vehicle produced – isn’t really a car company at all. It’s a purveyor of luxury goods. – Read More on Barron’s 

6. Fashion retailer H&M said on Tuesday it would investigate reports of sexual harassment at a supplier’s factory in southern India following the death of a female employee and the arrest of a male co-worker on suspicion of her murder. – Read More on Reuters

7. Retailers could face more investor scrutiny amid Biden climate policy agenda: The pressure is likely to show up at company meetings in the form of increased shareholder resolutions, though some companies may act preemptively to stay ahead of potential regulatory changes as federal agencies place a renewed emphasis on environmental matters. – Read More on S&P Global