1. Luxury Brands’ Record Year Was More Luck Than Skill: Household wealth in China and North America swelled by 15.1% and 15.5% respectively, according to Credit Suisse. Of the 5.2 million new millionaires created around the world last year, almost half were in the U.S. and a fifth were in China. – Read More on the WSJ

2. Retail to see more bankruptcies in H2: “If consumers pull back before the holidays and really cut their spending, retailers that have expanded or brought in too much inventory are really going to feel it.” – Read More on Axios

3. India’s Reliance Retail in talks for rights of beauty retailer Sephora: Reliance Retail, run by Indian billionaire Mukesh Ambani’s conglomerate Reliance Industries Ltd is in advanced talks to get the rights for beauty retailer Sephora in India. – Read More on Reuters

4. The ‘good news is they will be regulated,’ Harvard fellow says of watchdog crackdown on BNPL lenders: The CFPB identified “several areas of risk of consumer harm” and said the industry will be subject to the same oversight as credit card companies. – Read More on CNBC

5. How TikTok became an e-commerce juggernaut in China: Since it requires livestream e-commerce transactions to be completed on the platform, this all forms a “closed loop,” where the user never strays from the app. It’s the ideal flywheel, and the envy of platform companies everywhere. – Read More on Rest of World