Daily LInks
1. Hugo Boss sees China booming despite boycott call: German fashion house Hugo Boss expects sales in mainland China to keep growing fast despite calls for a boycott of Western brands by Chinese consumers launched in late March over Western accusations of forced labor in Xinjiang. – Read More on Reuters
2. RELATED READ: What Does Chinese Backlash Against Brands like H&M, Nike Mean from a Social Credit System Perspective? The sweeping backlash against these Western companies does not stop there, though. It could potentially result in another – quieter – form of punishment, by putting a marked dent in their ratings under China’s Corporate Social Credit System, which enables the government “to penalize companies with poor compliance records by reducing their access to the market and subjecting them to public censure via ‘blacklists.’” – Read More on TFL
3. Zara Unveils Cosmetics Line in Push into Beauty Products: Several of Zara’s fast fashion competitors already sell cosmetics, including its larger European rival Hennes & Mauritz AG. Asos Plc and Boohoo Group Plc do as well. The trend follows a trail set by luxury retailers, including Burberry Group Plc, which have been selling cosmetics for several years. – Read More on Bloomberg
4. PayPal sees record earnings, volume amid sustained e-commerce surge: “The really interesting thing is that we not only saw the strongest quarter in our history, but as we look forward, we’re continuing to see elevated levels of digital spend,” per CEO Dan Schulman. “We now believe the shift in consumers’ digital behavior is going to remain essentially unchanged in a post-COVID world.” – Read More on MarketWatch
5. Anticipating the Next Wave of Retail Bankruptcies: “As it relates to the retail industry, there’s now also a fair amount of pent-up consumer demand. There’s going to be almost a bridge period, where some retailers are going to be propped up by this outpouring of consumer desire to go to a store and try on a pair of jeans.” – Read More on Yahoo
6. Under Armour to pay $9 million to settle SEC charges: U.S. sports apparel maker Under Armour Inc has agreed to pay $9 million to settle SEC that it misled investors about its revenue growth by failing to disclose to investors that it employed a sales tactic to accelerate or “pull forward” a total of $408 million in existing orders in the second half of 2015. – Read More on Reuters
