Daily LInks
1. UK retail sales growth fails to keep pace with soaring inflation: Consumer spending in July stronger than before pandemic but sector warns of “incredibly difficult period.” – Read More on the FT
2. Wealthy Chinese Selling Their Luxury Items for Quick Cash Amid Economic Downturn: The luxury brands will be hard to sell this year. “People have no money to spend because of the impact of the ongoing pandemic measures.” Plus, China’s COVID lockdown policies resulted in supply chain disruptions, affecting luxury sales and foreign trade lines. – Read More on Epoch Times
3. This entrepreneur is betting the future of retail runs on the blockchain and discord: Itsuki Daito is offering a web3 twist on brick-and-mortar retail: a store owned and operated by a decentralized autonomous organization. – Read More on Bloomberg
4. Ralph Lauren, Capri ride wave of inflation-resistant luxury demand: “High-income consumers are shopping in a way that is different from other times of inflation. Their priority is to shop for events they are returning to now after coming out of lockdowns and this is putting luxury goods companies in a good place.” – Read More on Yahoo
5. Michael Kors-owner beats quarterly estimates on resilient luxury demand: Rising inflation has had little impact on middle- and high-income households who have been happily spending on designer labels, having built up substantial savings during the pandemic. – Read More on Reuters
