Image: Prada

1. U.S.-based Roblox, Epic Games’ setbacks in China point to a splintered metaverse: The recent stumbles of American video game makers Roblox and Epic Games in mainland China suggest that the country is headed towards a future where its metaverse – touted by enthusiasts as the next evolution of the internet – could be closed to foreign companies. – Read More on SCMP

2. Prada expects to join Richemont-Farfetch talks over online tie-up: Italian fashion group Prada expects to join talks between Cartier-owner Richemont and online retailer Farfetch about launching a joint e-commerce platform as it seeks to boost online sales and grow overall revenues by 40%. – Read More on Reuters

3. RELATED READ: Richemont Confirms “Further Progress” in Yoox Net-a-Porter Deal-Making With Farfetch. Richemont revealed that the scope of the current discussions includes Farfetch investing directly in YOOX NET-A-PORTER as a minority shareholder, with other investors to be invited to participate alongside, and Richemont maisons joining the Farfetch marketplace. – Read More on TFL

4. How Christie’s Is Pitching Its Expansion from Picassos to NFTs: This year, the company has sold $136 million in NFTs, vouchers of authenticity for digital assets that can be traded and tracked indefinitely with blockchain technology. – Read More on the WSJ

5. Gap cuts annual forecast amid supply chain woes, shares slide 19%: Gap Inc lowered its full-year forecast on Tuesday, with the apparel retailer expecting an up to $650 million hit to revenue amid supply chain disruptions that include factory closures in Vietnam and pricey air freight to ship goods. – Read More on Reuters