Daily LInks
1. Gucci Slippers, Balenciaga Belts: Inflation Hurts Cheaper Luxury Products. The pullback signals an end to the US luxury industry’s striking growth during the past 2 years. Demand was fueled by the wealthy, and an influx of new shoppers who were able to access more high-end brands thanks to pandemic savings and stimulus checks. – Read More on Bloomberg
2. Michael Kors-owner Capri cuts holiday forecasts as China recovery stalls: Luxury goods companies have managed to pass on higher costs to affluent shoppers, but China remains a sore spot as sporadic business and COVID restrictions prevent consumers from returning to high-fashion stores. – Read More on Reuters
3. Fashion-forward in the metaverse: “As more and more platforms adopt blockchain technology, it will allow for token-gated experiences, where you can bring your digital persona inside a virtual space. So as more companies adopt it, people’s wallets can become containers for them to carry around all of their assets.” – Read More on McKinsey
4. The RealReal Overhauls Consignment Structure in Quest for Profitability: In a letter to investors, the company said the update to its take-rates will “incentivize the consignment of higher-value items and limit the consignment of lower-value items, which are unprofitable.” – Read More on PYMNTS
5. Roblox Corp shares fall on wider-than-expected loss: Growth has been slowing in the videogame sector this year as more people step outdoors and reserve spending for essential items in the face of the highest inflation in decades. – Read More on Reuters
