On Aug. 17, Chinese president Xi Jinping took aim at China’s ultra-rich during a meeting of the Chinese Communist Party’s Central Committee for Financial and Economic Affairs. He emphasized the need for “common prosperity” while promoting development, moving the committee to outline a plan to regulate and redistribute excessive wealth.
Amazon is set to open a number of large new stores, similar in some ways to department stores, furthering the e-commerce giant’s expansion into the world of physical retail.
Throughout 2020, when the pandemic pushed shoppers online in giant numbers, Walmart’s e-commerce sales soared. The US retailer worked fast to adjust, developing software and capabilities to serve customers across its stores and digital channels that it’s now selling to other retailers.
On Amazon’s marketplace, where independent merchants collectively sell billions of dollars in goods, Chinese sellers have become a powerful force, in part due to Amazon’s heavy recruitment of them in recent years.
Imagine this: You’re browsing online and find two different shirts you like. One is from a company you believe to have good business practices. The exact criteria don’t matter so much for this hypothetical, but let’s say it tries to use more sustainable materials and only sources from factories where workers are paid decent wages.
Adidas, which has owned Reebok since 2006, announced today it is selling the company to Authentic Brands Group (ABG) for up to €2.1 billion ($2.5 billion).
The RealReal, Poshmark, and ThredUp are among the biggest companies to find success bringing sales of used fashion out of the thrift shop and putting them online. In the past few years, they’ve all grown substantially, buoyed by a surge in secondhand shopping. In 2019, The RealReal went public, and the other two followed this year.
On Sunday (Aug. 8), Greta Thunberg appeared on the inaugural cover of Vogue Scandinavia. The same day, she was calling out fast fashion’s impact on the environment to millions of her followers on social media.
Even Levi’s is buying yoga pants now.
Rihanna has joined the exclusive ranks of the world’s billionaires. The singer’s worth now stands at $1.7 billion, according to an estimate from Forbes. Despite her fame as a performer, it’s her makeup line, Fenty Beauty, that makes up the majority of that fortune—about $1.4 billion of it, to be exact.
A big challenge for a company that’s been around as long as Louis Vuitton—founded by its namesake in Paris in 1854 and today the biggest brand in luxury group LVMH—is that it needs to keep introducing itself to new generations. If it wants to stick around another 150 years, it needs to build relationships with the young shoppers who will grow into future customers, and not just focus on its current clients.
Hidefumi Hommyo got an unusual start in the sneaker business. A native of Japan who became acquainted with the US while studying at Temple University in Philadelphia, Hommyo realized sneakers that were rare in Japan could be found easily, and cheaply, in the US. He made trips up and down the east coast in the mid-1990s, scouring basements and garages for shoes such as the original Nike Air Jordan 1 from 1985 or the Nike Air Force 1 from 1982. He would buy them for just $15 or $20 a pair, he recalled on a podcast last year, and sell them for $400 at his stores in Japan, where streetwear and sneaker fandom were starting to take off.
Amazon is known for selling a huge range of stuff like books, TVs, diapers, and more, but a growing share of its sales fall into what the company calls “services.”
Walmart, the world’s largest retailer, is making some of the same technology it created to power its business available to small- and medium-sized retailers.
At just 13 years old, Momiji Nishiya has become the first female Olympian to win gold in skateboarding, making her Japan’s youngest gold medalist ever.
Robinhood seems to pride itself on doing things a little differently.
Skateboarding has its first-ever Olympic gold medal.
At the opening ceremony of the Tokyo Olympics, athletes from around the world entered the stadium to a particularly Japanese soundtrack: a medley of themes from popular video games.
Five or so years ago, Crocs had a reputation in the US of being footwear for chefs, healthcare workers, and kids—groups who are on their feet all day, often in messy situations, with more pressing concerns than how they look. At the time, previously “uncool” shoes such as Birkenstocks were gaining ground in fashion, but Crocs were generally left out of the running, allowing Scottish designer Christopher Kane to shock critics by sending embellished Crocs down the runway.
At the opening and closing ceremonies of the Tokyo Olympics, the eyes of the world will be on the athletes—and their clothes.
LVMH, the French luxury conglomerate whose portfolio of brands ranges from Louis Vuitton to Moët to Tiffany, is giving American designer Virgil Abloh license to get creative across its businesses.
An outbreak of Covid-19 in Vietnam in industrial centers such as Ho Chi Minh City is threatening to disrupt Nike’s global supply chain.
If you spend any time shopping for high-end fashion online, you may have already bought something from Farfetch, which bills itself as the world’s largest digital marketplace for luxury. The site carries clothes from a huge library of labels—more than 3,500, it says—including big names like Gucci, Prada, and Saint Laurent, and niche designers like Budapest-based Nanushka.
