1. Amazon faces $1 billion class action lawsuit in the UK over alleged antitrust breach: Amazon harms its customers by directing them to its “featured offer,” resulting in better-value deals being hidden and consumers ending up paying more for products, according to the suit, which is expected to be filed with the Competition Appeal Tribunal. – Read More on CNBC

2. U.S. retailers fill store shelves with leftover inventory: Retailers are betting that shoppers won’t mind picking through 2021’s discounted decor and styles, but there’s a chance that shoppers will lose interest when they feel that some of last year’s on-trend merchandise is “no longer relevant.” – Read More on Reuters

3. L’Oreal Sales Rise as Lower-Priced Cosmetics Gain Ground: In a reversal of roles, performance at the company’s mass-market consumer-products arm, which sells Maybelline New York mascara and Garnier shampoos, outperformed its luxury arm. – Read More on Bloomberg

4. Sales Rise at Hermès, Gucci-Owner Kering, Defying Price Increases: “We end up selling to affluent people who have a behavior on their own, which isn’t necessarily totally aligned with economics or GDPs ups and downs. Our client base reacts to different stimuli.” – Read More on the WSJ

5. Kering says still paying rents, employees in Russia: “We have to protect our brand and our trademark in the country, and to do that you have to be there,” CFO Jean-Marc Duplaix told analysts on a conference call. – Read More on Reuters