1. Mushroom-Leather Bags Fetch $3,000. Will Shoppers Care? MycoWorks and Bolt Threads, are leading a burgeoning industry to make materials that mimic the feel, durability and smell of leather, but without the animal hides. It’s taken years to get close to the real thing. – Read More on Bloomberg

2. Why Corporate Apologies to Beijing Backfire: The contentious relationship between China and the West makes things worse. Any Western brand doing business in China risks a regime-instigated consumer backlash, whether or not it has knowingly “hurt the feelings of the Chinese people.” – Read More on the WSJ

3. RELATED READ: Brands Can Be Rewarded for Social Activism – But They Also Risk Alienating Consumers. Customers may stop buying a brand if it supports the “wrong” side of an issue or supports it in the wrong way. If this happens, the door opens for rival brands to pick up those disgruntled customers purely by remaining neutral on an issue, gaining an edge simply by observing and reacting to what the first brand has done. – Read More on TFL

4. Saks CEO: Luxury consumer ‘remains highly engaged’ as inflation surges: “I think when you look at the younger cohort of consumer, they haven’t been through a moment like we’re going through. And we have to be mindful of … how that’s going to affect behavior in the next few months.” – Read More on Yahoo

5. Shein Private Bids Imply $30 Billion Valuation Drop Since April, Sources Say: Investors looking to sell stakes in Shein are evaluating bids at discounts of about 30% to its $100 billion valuation in April, amid concern about the Chinese fast-fashion giant’s slowing growth. – Read More on Bloomberg