1. We were told a fashion rental revolution was coming. It never arrived: Although the sharing economy has changed the way we live, fashion and accessories is the one sector where it has not taken hold, despite initial interest. – Read More on SCMP

2. Kering shares flat after Gucci names creative director: The label has been losing momentum in recent years after stellar growth in 2015-19. De Sarno will be tasked with reviving the fortunes of a brand that accounted for 2/3 of Kering’s profits in 2021. – Read More on Reuters

3. ChatGPT Spotlights Microsoft’s Early Efforts to Monetize AI: The software company said last week that it was pouring billions of dollars more into OpenAI, whose chatbot ChatGPT can answer difficult questions, write book reports and compose poetry in seconds. – Read More on the WSJ

4. China’s domestic e-commerce hits 13.79 trillion yuan in 2022, growing 4%: In 2022, overall domestic e-commerce sales recorded a steady increase, reaching 13.79 trillion yuan, up 4% year-on-year. Online sales in rural areas reached 2.17 trillion yuan, up 4.9% year-on-year. – Read More on Global Times

5. LVMH, L’Oréal Among Suitors for Stake in Aesop: LVMH and L’Oréal SA are among the luxury consumer companies weighing offers for a stake in Aesop that may value the high-end cosmetics brand at $2 billion or more, people familiar with the matter said. – Read more on Bloomberg

6. SPAC IPOs, deals fell in 2022: There were 86 SPAC IPOs in 2022, compared to 610 in 2021, according to S&P Global Market Intelligence data. The reversal of the SPAC market coincided with increased regulatory scrutiny and rising interest rates. – Read More on S&P Global

7. RELATED READ: Lanvin’s IPO – Can the Chinese Group Make a Name for Itself in Luxury? One need not look further than the group’s announcement of the SPAC back in March, in which it touted its “strong foundation in Europe combined with a unique position to capture significant growth opportunities in the world’s largest luxury markets – N. America and Asia. – Read More on TFL