1. LVMH’s Sephora to sell its Russian subsidiary: Plans for a law allowing Moscow to seize the assets of foreign businesses and impose criminal penalties has prompted some to accelerate their departure, such as Nike, which decided to leave last month after suspending operations in March. – Read More on CNBC

2. Lanvin Group Aims to Acquire Another Brand Next Year: First, Fosun aims to float Lanvin on the NYSE via a blank-check company in October or November, said Joann Cheng, chairman and chief executive officer of Lanvin Group. A potential acquisition would come after that. – Read More on Bloomberg

3. Diesel jeans founder aims to build Italian rival to compete with LVMH and Kering: “It’s not easy, but we are on the lookout for brands that can strengthen our luxury positioning. We will demonstrate to the world that even Italy can have its own luxury conglomerate.” – Read More on the FT

4. Luxury Brands Need to Take Web3 and the Metaverse Much More Seriously: We are at the very beginning of Web3, however the large players in the field are already investing unprecedented sums in shoring up their position in this new reality. – Read More on Jing

5. Burberry Joins Tiffany, Valentino and Coach in Closing Hong Kong Flagship: Burberry cited the lack of customers able or willing to come into the store to make purchases as the pandemic raged on, especially with the rise of eCommerce options in luxury fashion. – Read More on PYMNTS