Daily LInks
1. Boohoo Found Negligent in Review of Suppliers’ Labor Issues: “Growth and profit were prioritized to the extent that the company lost sight of other issues,” Levitt wrote in the report. “There were a series of warnings and red flags, both from inside and outside the company, which Boohoo ignored. By the time they began to take notice, it was too late.” – Read More on Bloomberg
2. RELATED READ: Labor Abuse Reports Cut Boohoo’s Share Price in Half, Why Hasn’t H&M Suffered the Same Fate?Dull as it may sound, H&M’s embrace of HRDD enabled the company to address the incident quickly and lent it credibility at a difficult moment. By comparison, Boohoo’s approach to human rights has long been criticized by NGOs, and the retailer was slammed by investors as having an inadequate response to the exploitation claims. – Read More on TFL
3. In Paris, a fashion eco-system on edge as shows disappear: From Monday, 85 brands will showcase womenswear looks during Paris Fashion Week. Only 19 – among them Chanel and LVMH owned Christian Dior and Louis Vuitton – are pressing ahead with socially-distanced front rows. – Read More on Reuters
4. For Engagement Rings, Are Natural Diamonds on the Way Out? A new crop of jewelry makers using lab-grown and recycled diamonds, as well as recycled metals, appeal to millennials and other customers who like knowing exactly where their purchases come from. And for millennials, in particular, who are notorious for prioritizing experiences over things, the price tag might be the biggest selling point of all. – Read More on WSJ
5. RETRO READ: With a Rise in Lab-Grown Diamonds, Questions of Value, Disclosure Are Hot Topics. “If the natural diamond industry can differentiate its stones from lab-grown diamonds (perhaps positioning lab-grown diamonds as fashion jewelry rather than luxury items), the effect on natural diamond demand by 2030 will be limited up to 5 percent to 10 percent in value terms.” – Read More on TFL
6. How Chinese professional shoppers, or daigou, operate – by buying luxury goods for less overseas and shipping them for customers in China: Travel disruptions caused by the pandemic have been a blow to professional shoppers, especially the small-time operators who rely on making frequent buying trips abroad. Daigou companies are faring better, as they can depend on their connections with duty-free stores to ship products to Hong Kong or China. – Read More on SCMP
