1. Tiffany Has Other Would-Be Buyers But Doesn’t Really Need Them: “Tiffany is quite a solid company on its own with relatively low debt levels and the possibility to both weather the crisis and finance its growth,” said Jelena Sokolova, an analyst at Morningstar. “It is also one of the few established global luxury jewelry names.” – Read More on Bloomberg
2. A California Law Was Supposed to Give Uber Drivers New Protections. Instead, Comedians (and Journalists) Lost Work: When California legislators passed the high-profile labor law last year, they said it would increase protections for laborers by classifying certain freelancers as employees, instead of independent contractors, the law, known as AB-5, would make these workers eligible for health insurance, paid time off and other benefits—if their roles included tasks that are part of the normal course of a company’s business, among other requirements. – Read More on the Wall Street Journal
3. RELATED READ: What Does California’s “Gig Worker” Law Mean for the Fashion Industry? While most fashion brands maintain staffs of traditionally-classified employees, many brands “lean on freelancers to get products designed, made, and sold. Many brands and companies bring in freelancers in a permalance scenario,” essentially treating these individuals “as employees but without benefits, or job security.” – Read More on TFL
4. The World’s Most Esteemed Fashion Houses Now Have Workshops That Will Repair Your Stuff: “We like to think that this is a sort of lifetime guarantee for our clients,” Cucinelli says. While the service has been available for decades, he says the past few years have seen notable growth. In 2019, the company estimates it performed 5,000 repairs for its global clientele. – Read More on Robb Report
5. Le Drian within his rights to intervene in LVMH-Tiffany deal: French Finance Minister Bruno Le Maire said Foreign Minister Jean-Yves Le Drian was within his rights to intervene in LVMH’s plans to back out of a takeover of U.S. jeweller Tiffany. Others are slamming LVMH for “hiding behind the French government” in an attempt to potentially “see if they can get Tiffany at a lower price.” – Read More on Reuters
6. The luxury sector is going to be hard hit for years, says former LVMH exec: The lack of global tourism is “the biggest issue which doesn’t get talked about enough as a huge portion of luxury, especially in the U.S. and in Europe,” Brown explains. “The tourism industry has decimated [it]. The Tiffany flagship on 57th Street alone accounted for 10% of their total global sales, and you know that store is closed.” – Read More on Yahoo