Image: Prada

1. Louis Vuitton-owner LVMH believes the future of retail will be mostly in-store: “We see the future being two things: being mostly retail stores, because the client experience in a retail store cannot be matched easily online. The second point is also to enrich this experience with online content.” – Read More on CNBC

2. The fashion industry’s quest to deliver on its sustainability ambitions: In the wake of the pandemic, things might be taking a turn. For the first time in decades, the global fashion industry is undergoing its most profound moment of reckoning, and some of its players are attempting a systemic transformation in the way it operates. – Read More on Fortune

3. How Cultural Merch Has Taken Over Fashion: During the pandemic, merch took on a whole new meaning. When it became clear that restrictions weren’t going to be lifted anytime soon, copping a T-shirt from your favorite spot became a way to support them through the crisis, and tap into a real-life sense of community that we all craved. – Read More on Highsnobiety

4. Million dollars no longer gets membership of top 1% wealth club – Credit Suisse: “Wealth creation in 2020 appears to have been completely detached from the economic woes resulting from COVID-19,” said Anthony Shorrocks, a consultant for Credit Suisse and the author of the report. The pandemic had an acute short term impact on global markets, but it was reversed by the end of June 2020. – Read More on S&P Global

5. Prada, Zegna Invest in Italian Cashmere Maker to Secure Supply: The fashion brands will each own 40% of Filati Biagioli Modesto SpA, which specializes in the production of cashmere as well as other “noble yarns.” Luxury brands are seeking to improve the traceability and transparency of the materials used in their products amid growing awareness among consumers on matters ranging from animal welfare to workers’ rights. – Read More on Bloomberg

6. RELATED READ: Prada is Looking to Try its Hand at Building Out a Group Again, Sources Say. Prada is also reportedly in the market for other acquisitions, namely a deal that would enable it to build a bigger group under the watch of Mr. Bertelli, along with his wife and longtime Prada creative chief Miuccia, and their son Lorenzo Bertelli, 33. – Read More on TFL