1. Rebag Is Nabbing Consumers and Big Funding in a Flailing Fashion Industry: By reselling its luxury handbags anywhere from 40 to 70 percent off their original retail price, Rebag aimed to tap into a small but lucrative part of the overall $316 billion global luxury market, which reached $29.2 billion in 2019. Although it’s small, Bain predicts the secondhand market will continue to grow far faster than the overall luxury market in the years ahead. – Read More on CO.
2. Retail Carnage Deepens as Pandemic’s Impact Exceeds Forecasts: Investors are now debating how much more of the retail sector will fall into bankruptcy as shoppers’ fear of contagion keeps them out of stores. The longer the pandemic drags on, the more vulnerable that makes middle-tier companies that may not have been heavily indebted but had only middling performances in better times. – Read More on the WSJ
3. “The Italians are back.” Fashion advertising roars back to life for publishers. While publishers remain wary of retail as a category, they are eager to have conversations about the back half of the year. And fashion advertisers, for now, seem open to having them — despite the rising threat of coronavirus in America’s sun belt. – Read More on Digiday
4. How Instagram is trying to make shopping more visible: The launch of a new Shop tab in Instagram Explore last week is a small but important step in Instagram’s quest to make itself more of a destination for shopping. The number of purchases being made through social media has accelerated due to the pandemic, as shoppers are spending more time on their phones. – Read More on Modern Retail
5. Malls are dying, but Nordstrom has no intention of being dragged down with them: Balancing its Rack locations and clusters of small “Local” stores in its most important markets like Los Angeles and New York, the company CEO says, “Many consumer businesses can fall into the trap of hewing too tightly to the idea of, ‘Oh, they’re a full-price customer,’ ‘They’re an off-price customer. The fact is that most customers cut across lines.” – Read More on Fortune
6. Brands urged to stop sourcing from China’s Xinjiang over forced labor fears: More than 180 groups have urged brands from Adidas to Amazon to end sourcing of cotton and clothing from the region and cut ties with any suppliers in China that benefit from the forced labor of the ethnic Uighurs and other Muslim groups. UN experts estimate that at least a million Uighurs and other Muslims are held in detention centers in Xinjiang. China has denied mistreatment. – Read More on Reuters
7. Is Eliminating Counterfeits in China a Pipe Dream? In China, wearing and purchasing well-made counterfeits has been widely accepted. Consequently, the high demand for counterfeits has resulted in an endless supply of being offered on digital platforms, such as Pinduoduo, Taobao, Weibo, Little Red Book, and Douyin. – Read More on Jing