1. London’s Luxury Brands Suffer Tax-Free Shopping “Hammer Blow.” London’s luxury emporiums were up in arms after new Chancellor of the Exchequer Jeremy Hunt scrapped his predecessor’s decision to let foreign visitors claim back value-added tax. – Read More on Bloomberg
2. ASOS sees big loss as shoppers cut back on fashion: The firm saw a loss of nearly £32m in the 12 months to August, compared with a profit of £177m last year. The firm expects shoppers to cut back further this year as living costs soar. – Read More on BBC
3. The Once-Hot Market for Metaverse Land Is Attracting Risky Bets: Virtual property, such as that on Decentraland, has become an investment strategy for some, even as values have tumbled alongside crypto prices. – Read More on Bloomberg
4. Japanese luxury shoppers are embracing omnichannel: In Japan, where online shopping prior to the pandemic was not as popular as it was in the United States, Europe, and China, the jump in digital activity is noteworthy. – Read More on McKinsey
5. Gen Z fast fashion comes at an inhumane cost to Shein workers: Shein is no stranger to criticism; in the past, the company has been accused of mismanaging customer data, ripping off designers, and producing products containing harmful toxins. – Read More on Fast Co.