☕️ Good morning, friends,

China’s online fashion retailers have had enough of the “buy, wear, return” trend.

As the Double 11 shopping festival kicks off, many fashion brands are now attaching A4-sized tags to their clothes. Hard to miss — but who knows, maybe they’ll become fashion accessories themselves. What do you think?

Background: In China, return rates reach up to 80%. Many shoppers order outfits just for photos or events — and send them back later, often covered in perfume or cat hair.

• Highlights: Goldman Sachs reports that U.S. investors are pouring into Japanese tech and AI stocks at levels not seen since the Abenomics years. The Nikkei is up about 30% since the start of the year, surpassing the S&P 500.

• Stocks in focus: Popmart fell more than 5.5% on Friday to its lowest level since May, triggered by a backlash following a viral livestream clip.

TOP BIT

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The Details

⚠️ Crisis in October: …