Daily LInks
1. At a crossroads: New York’s status as a global fashion capital. But although New York City has played a prominent role in shaping the global fashion industry, fashion companies there are now experiencing sharp declines in revenues, employment, and international reach. – Read More on McKinsey
2. Brand Watch: Calls grow for regulation as fashion firms resist calls to disclose their carbon footprint. Such opacity undermines the credibility of the 117 fashion brands that currently have carbon reduction plans certified by the Science Based Targets initiative, say critics. – Read More on Reuters
3. To recession-proof luxury fashion brands, combine data with the human touch. Luxury brands may not be as insulated as they might think, and it’s crucial to be proactive about cultivating resilience in the face of potential economic downturns. – Read More on Fast Co.
4. RELATED READ: How Do You Sell Luxury Amid Economic Uncertainty? You Ditch the Logos. Prior down turns show that consumers were not eschewing luxury, but were rejecting ostentatious displays and favoring “tried-and-true stalwarts,” instead. – Read More on TFL
5. Making Omnichannel Work for Luxury Retail. Companies should set a timeline for taking over third-party channels, consolidate retail and wholesale leadership roles, move toward consignment sales, adopt a franchise model, and practice staff secondment to third-party stores. – Read More on Harvard Business Review
6. Perfume offers a new ‘lipstick effect’ in the luxury slowdown. Attentive investors with a good nose for business have sniffed out a trend. More and more people, it seems, are wearing fragrance. – Read More on the Financial Times
