WSJ : A Sky-High Penthouse at the World’s Tallest Residential Tower? Try a Membe

A Sky-High Penthouse at the World’s Tallest Residential Tower? Try a Members-Only Club Instead.
On the 100th floor of New York’s Central Park Tower, developer Gary Barnett is getting ready to open an exclusive club with a ballroom, a restaurant, bar and a cigar and cognac lounge

FT : Bridgewater vs Europe

Bridgewater vs Europe
Ray has radically ramped up his bets against European stocks again

Just as European markets were starting looking a little green again, the world’s biggest hedge fund appears to be turning gloomy about the continent. Really gloomy.

Ray Dalio’s Bridgewater Associates is pretty bearish on the global economy, and has already positioned itself for a sell-off in US Treasuries, US equities and corporate bonds on both sides of the Atlantic.

Now, having been relatively quiet over the past two years in European equity shorts, the $151bn-in-assets firm has popped up with 18 new disclosed short positions in European stocks, according to data group Breakout Point. As of Wednesday’s close these bets were worth around €5.6bn, according to the research company.

Such big positions are “complete outliers” in terms of size of bets taken against European stocks, says Breakout Point founder Ivan Cosovic. The only comparable flurries of shorts bets in the past have also been put on by Bridgewater.

“Both [bets] were well timed,” Cosovic adds. The first was in the opening quarter of a choppy 2018 for stocks, and the second at the start of the coronavirus pandemic in March 2020. (Although that did not stop 2020 being a miserable year for the hedge fund giant, when it lost around $12.1bn, according to LCH Investments)

FTAV should stress that it’s unclear whether Bridgewater’s bet is an outright short or a hedge against another positions. With data like this it is often like looking at a complex map through the bottom of a coke bottle, and Bridgewater did not respond to a request for comment.

But these short positions are hefty and numerous, and certainly look like a broad bet against Europe?

Bridgwater’s new European short positions are in — deep breath — BNP Paribas, Vinci, Schneider Electric, Air Liquide and Total in France, Bayer, Munchener Re, Allianz, Vonovia, Infineon, Deutsche Börse and BASF in Germany, Iberdrola, Banco Bilbao and Banco Santander in Spain, ASML and ING in the Netherlands and Intesa Sanpaolo in Italy. All were taken at or just above the 0.5 per cent disclosure threshold.

Last week the FT reported how Bridgewater is betting against corporate debt, with co-CIO Greg Jensen arguing that inflation is going to be WAY stickier than economists and the market predict. Jensen argues that if the Federal Reserve seriously tries to tame inflation “they may tighten in a very strong way, which would then crack the economy and probably crack the weaker [companies] in the economy”.

Volatility in US stocks was being driven by the ending of the Fed’s quantitative easing programme, he said. This meant other investors were stepping in to buy bonds in place of the Fed, and in so doing were selling other positions such as stocks.

Bridgewater’s bearishness echoes that of a number of other high-profile hedge fund managers, including BlackRock’s Alister Hibbert and Lansdowne Partners’ Peter Davies, who have recently been cautious even after a large sell-offs in stocks this year.

And inflation staying higher for longer than the markets expects is a view shared by Kenneth Tropin, founder of Graham Capital and one of the pioneers of macro investing, who recently told the FT that investors were underestimating how long it would take for inflation to fall back to target.

If successful, Bridgewater’s bet will add to an already-successful 2022 for the firm, even as many investors are suffering painful losses: so far it has chalked up a 26.2 per cent gain in its flagship Pure Alpha fund this year.

FT : Germans told to conserve energy as Russia cuts gas flows to Europe

Germans told to conserve energy as Russia cuts gas flows to Europe
Deputy chancellor warns of ‘serious’ situation as Italy, Austria and Slovakia report more supply reductions

The German government has issued an appeal for citizens in the EU’s biggest economy to conserve energy as Russia cuts gas supplies to ever more European countries.

Germany’s deputy chancellor Robert Habeck said the situation was “serious” and that “now is the time” for companies and ordinary citizens to save energy and store gas. “Every kilowatt hour helps in this situation,” he said in a video appeal published on Twitter on Thursday.

Russia’s state-controlled gas exporter Gazprom has cut flows through the Nord Stream pipeline, which runs under the Baltic Sea to Germany, by 60 per cent in recent days, citing technical problems. But Germany has said the move is political, amid escalating tensions between Moscow and the west over Russia’s invasion of Ukraine.

Germany’s biggest power supply company RWE reported reduced gas flows on Thursday. Italy’s supplies were reduced by 15 per cent on Wednesday and Italian energy company Eni said the shortfall had worsened on Thursday, while Slovakia reported a 30 per cent reduction in flows. Meanwhile, Austrian energy company OMV said it had been informed by Gazprom that delivery volumes would be cut.

The Russian supply curbs came as the leaders of Germany, Italy and France visited Kyiv on Thursday in a show of support for Ukraine’s government almost four months into the war.

EU politicians have accused Russia of effectively weaponising its role as one of the world’s largest oil and gas producers, while European sanctions following the invasion have raised fears of further retaliatory cuts by Russia.

European gas prices, already running close to record levels, have soared more than 70 per cent this week in response to the latest restrictions in supply, reaching €146 per megawatt hour on Wednesday — a gain of almost 30 per cent on the day.

Gazprom has blamed the reduction in gas flows to Germany on technical issues with the Nord Stream pipeline after pumping equipment, supplied by Germany’s Siemens Energy, was held up by Canadian sanctions following repairs at its factory in Montreal. Only about 67mn cubic metres of gas are now being pumped through Nord Stream — 40 per cent of its technical capacity.

Russia’s envoy to the EU, Vladimir Chizhov, warned on Thursday that further problems with the repairs could lead to a complete shutdown of the pipeline, with devastating consequences for Germany.

“One should be asking Siemens why they had to send turbines to Canada for repairs,” Chizhov told Ria Novosti news agency. “When all those turbines go to Canada for maintenance, it could stop. I think it will be a catastrophe for Germany.”

Gazprom’s chair Alexei Miller said on Thursday there was “no solution” to the problem with Nord Stream’s turbines as the Canadian plant is the only one that can repair the Siemens Energy turbines.

Canada said it could not return the turbines because it was the only country that had introduced sanctions against Gazprom, he added.

Nearly all of its other turbines were close to requiring maintenance, “but we can’t send them to Canada”, Miller said, speaking at the St Petersburg International Economic Forum. He added that Siemens Energy was trying to find a solution to the problem.

Miller said rising gas prices had offset the blow of a double-digit decrease in Gazprom’s exports to Europe and Turkey. “Prices have grown . . . several times. So excuse me but if I said we are not mad at anyone, I wouldn’t be lying.”

Habeck said Berlin had been aware Canada’s sanctions might affect the maintenance schedules for Nord Stream’s compressor stations but that this was only likely to become a problem in the autumn.

The technical reasons cited by Gazprom were just a “pretext” and the cut in flows was a “political action”, he added. “[Russian president Vladimir] Putin is doing what we always feared he would do from the start. He is reducing the volume of gas, not at one fell swoop but gradually.” 

Sergiy Makogon, chief executive of Ukraine’s state-owned gas transmission network, said on Thursday: “The Kremlin [has] decided to continue escalation and blackmailing of the EU.”

Russia could compensate for lower volumes going through Nord Stream by increasing gas supplies via Ukraine and Poland, he said, but “they do not have [the] will” to do so.

Meanwhile, Eni said in a statement that Gazprom’s gas delivery shortfall had worsened. The company said it had requested additional supplies to be delivered on Thursday to compensate for the cut the previous day. But Gazprom said it would deliver only 65 per cent of Eni’s request, or about 32mn cubic metres — far short of the amount needed to recover lost volumes.

Eni said Gazprom had blamed the shortfall on problems at its Portovaya plant, which feeds Nord Stream.

In Austria, which imports about 80 per cent of its gas from Russia, OMV said that despite reduced flows, demand could be covered using existing stores and supplies from the spot market, thanks to reduced consumption during the current heatwave. “The supply of our clients is ensured,” the company added.

However, analysts warned that while immediate gas supplies could be met, filling storage ahead of peak winter demand would be much more difficult if Russian supplies continued to fall.

>>> Europe : Brokers Upgrades & Downgrades - 16th of June 2022 V2(+)

>>> Up
* Boeing Raised to Buy at Citi; PT $209
* Centrica Raised to Add at AlphaValue/Baader
* Dustin Raised to Hold at Handelsbanken
* Euronext Raised to Overweight at JPMorgan; PT 101 euros
* Hochschild Mining Raised to Buy at Peel Hunt; PT 135 pence
* Keywords Studios Raised to Buy at Peel Hunt; PT 3,000 pence
* Suedzucker Raised to Hold at M.M. Warburg; PT 13.90 euros (+)
* Victrex Raised to Overweight at Barclays; PT 2,200 pence

>>> Down
* Atos PT Cut to 13 euros from 24 euros at Bryan Garnier (+)
* Colruyt Cut to Hold at Kepler Cheuvreux; PT 29 euros
* Colruyt PT Cut to 25 euros from 29 euros at Barclays (+)
* Fresnillo Cut to Add at Peel Hunt; PT 875 pence
* Ipsen PT Cut to 80 euros from 90 euros at Morgan Stanley
* Nike PT Cut to $159 from $192 at Morgan Stanley
* Synthomer Cut to Equal-Weight at Barclays; PT 323 pence

>>> Initiation
* ADDvise Group Rated New Buy at Pareto Securities; PT 10 kronor (+)
* Calliditas Therapeutics Rated New Buy at Kepler Cheuvreux (+)
* Weibo ADRs Rated New Buy at GF Securities; PT $36.42
* Wilmington Rated New Buy at Investec; PT 370 pence (+)

>>> Call
* Asos PT Lowered at Berenberg as Outlook Cut Raises Questions (+)
* Boeing Upgraded at Citi on Assumption Problems Can Be Resolved
* Centrica Upgraded at AlphaValue on Positive Market Dynamics
* Colruyt Cut to Hold at Kepler Amid Further Margin Pressure (+)
* Halma Results ‘Overshadowed’ by CEO Retirement, Jefferies Says (+)
* Ipsen Gets New Street-Low PT at Morgan Stanley on ‘Challenges’
* Rexel Margin Guidance Upgrade Better Than Expected, Citi Says (+)

Business Of Fashion : Why Chanel Is Opening Private Boutiques

Why Chanel Is Opening Private Boutiques
BoF’s luxury editor Robert Williams offers insight into the surprising news that the mega-label plans to open stores dedicated to serving top customers.

Background:
As traffic to stores soars, Chanel’s chief financial officer Philippe Blondiaux said the brand plans to open dedicated boutiques for top-spending clients starting in key Asian cities. It’s a strategy that emphasises the importance of big spenders to the in-demand French luxury brand’s future amid whispers of an impending recession — but one that risks alienating first-time and occasional shoppers who are still dropping upwards of $10,000 for bags.

“Brands like Chanel, they’ve lived through lots of cycles of boom and bust in the economy … When there’s an economic crisis, they need to be ready to have a real focus on repeat business,” said BoF’s luxury editor Robert Williams.

Key Insights:
  • Chanel sells many items in-store only, and limits locations to the most luxurious places in the world’s most luxurious cities — operating just around 250 stores compared with Louis Vuitton’s over 400 doors.
  • Chanel is not the first brand to open special stores for private clients; Brunello Cucinelli deployed a similar concept last December. Other brands like Zegna have dedicated spaces in-store for special items.
  • In 2021, the company’s profits have tripled and revenue jumped 50 percent year over year.
  • The brand’s growth in fashion, watches and jewellery last year was driven by its decision to raise prices and a flood of new clients and first-time buyers to luxury.
  • In addition to focusing on its physical footprint, Chanel is pushing its beauty business, which has been historically driven by department stores and beauty retailers like Sephora and Marionnaud, toward majority direct-to-consumer.

Business Of Fashion : The Hunt for Activewear’s Next Big Category

The Hunt for Activewear’s Next Big Category
Luxury brands and startups are betting on the growth of pickleball, padel, rugby, boxing and skiing to inspire a new appetite for sportswear.

KEY INSIGHTS
  • Sports like pickleball, padel and skiing are seeing record participation. Pickleball drew in 4.8 million US players last year, while the US ski industry saw a record 61 million visits.
  • Retailers are seeing a growing appetite for sports apparel. Farfetch’s skiwear assortment grew 192 percent in 2022 while Asos has seen a 10 percent annual increase of rugby products.
  • Start-ups are centring product lines around these sports in hopes of capitalising on the growing interest, like Civile with pickleball and Halfdays with skiing.

People used to wear old sweats to yoga classes. Then came Lululemon.
When it first emerged on the market two decades ago, the activewear giant gained traction by focussing on yoga, then a niche, untapped sport. Now, it’s a $6 billion empire that’s expanded beyond yoga to create apparel and accessories for sports like running, swimming and tennis, too.
Lululemon’s trajectory has become a model for activewear upstarts that hope to compete with the likes of Nike and Adidas by catering to a sport that’s gaining momentum and hasn’t yet been claimed by bigger companies. Gymshark, for instance, has done this with strength training, while Nobull made its mark in the CrossFit community. After two years of a global pandemic creating new recreational habits, activewear labels big and small have been eager to identify the next big sport — and swoop in with accompanying gear.
Some brands, like Rhone and Palmes Society, are expanding on already-popular sports like golf and tennis. But others are finding opportunities in still-niche sports that don’t have associated established apparel giants yet.

BoF spoke with brands, retailers and sports industry experts to identify where they see the next big activewear opportunities.

Pickleball
The fastest-growing sport in the US, according to the Sports & Fitness Industry Association (SFIA), is pickleball, a combination of tennis, badminton and ping pong. Created in the 1960s, it’s played on a smaller court than tennis and has historically attracted an older demographic since it requires less endurance. It soared during the pandemic, drawing 4.8 million players in the US last year, per SFIA, up from 3.5 million in 2019.
“The sport is getting younger and it has a lot of youthful energy in it,” said Lauren Mallon, Fila’s senior director of marketing and strategic partnerships of tennis and pickleball. The brand has been creating pickleball apparel in varied colours and patterns.
There are 267 percent more pickleball products in stock now versus last year, according to Edited. The William Sonoma-owned Mark and Graham and K Swiss brands now sell an assortment of pickleball bags while Frances Valentine, Ssense and Anthropologie offer patterned rackets.
Pickleball apparel is similar to tennis gear, but entrepreneurs like Aubri Steele, who launched pickleball label Civile last year, see an opportunity in designing specifically for “picklers.” Civile sells muscle tanks, mini skirts, leggings and visors branded with a green, Supreme-like logo, and slogan puns like “don’t be a dink” (a finesse shot in the game).
“You can wear the same pair of leggings for 85 percent of what you do, but it’s about tribe mentality,” said Steele. “Pickleball people tend to be wholly consumed by the sport and are very proud to be a part of the community.”
Mallon said there’s also an opportunity with pickleball-specific footwear since “you are on your toes a lot … with quick, fast, lateral movements.” Fila, Nike and Asics have all started selling pickleball sneakers.
Fila's pickleball sneakers worn by pickleball professional player Lucy Kovalova. (Lucy Kovalova)
Racket sports are gathering steam across the globe. Padel, a squash-like racket sport popular in South America and the Middle East, is growing fast in England and Italy. These sports, popular at private clubs, attract a gear-inclined audience, said Tom Cove, SFIA president and chief executive.

“It’s health or tennis clubs that people generally do want nicer … performance outfits,” he said. “If there’s a tournament at a club or in a local neighbourhood, that drives players to want to be … perceived as real competitors.”

Skiing
While brands like the North Face and Moncler have long served ski enthusiasts, the world of luxury ski wear is expanding as interest in the sport climbs. Last winter, the US ski industry saw a record 61 million visits, according to the National Ski Areas Association, while in Europe, sales at Swiss ski resorts were up 37 percent.
Skiing has long been considered a sport for the wealthy and avid skiers are known to spend heavily on gear. But with the sport welcoming many first-timers who hope to look stylish for Instagram, consumers want more fashion-forward choices. Sales of men’s skiwear were up 30 percent last year at MatchesFashion, said Damien Paul, the site’s head of menswear. Farfetch’s assortment of skiwear grew 192 percent in 2022, according to data from Edited, while Mytheresa’s new skiwear arrivals grew 32 percent.
Louis Vuitton's skiwear collection, LV, launched in 2021. (Carlijn Jacobs)
“As the retro look is back, ski suits performed very well for us, especially those in feminine silhouettes and in flattering block colours,” said Lea Cranfield, chief buying and merchandising officer at Net-a-Porter.
This past winter saw skiwear collaborations between the likes of Balmain and Rossignol; Prada and the Aspen Skiing Company, which owns several Colorado ski resorts; and Jil Sander and Arc’teryx. Louis Vuitton also debuted its first ski collection, LV Ski, selling puffer jackets, leggings and boots. Upstart brands like Halfdays and Italic have launched ski accessories and apparel that are more inclusive with price points and marketing messages.
Industry experts say the opportunity in skiwear extends beyond products for the slopes. Heritage skiwear brand Fusalp, which sees about $40 million in annual sales and received an investment from Chanel heir David Wertheimer last month, is expanding its apparel offering to include silhouettes that “can be worn in the city,” said Sophie Lacoste Dournel, Fusalp owner and board member.
Looks from heritage ski brand Fusalp. (Courtesy)
At Net-a-Porter, customers snapped up wool jumpsuits from We Norwegians and turtlenecks from Perfect Moment, for “lounging around the chalet,” added Cranfield.
“Customers are looking for … an outfit for après and an outfit for travel, as well as accessories to complete each look,” she said.

Rugby
Rugby has long been considered a predominantly male game, favoured by private schools and elite universities. But in recent years, the sport’s governing bodies have made efforts to reach new audiences and make rugby more accessible.
The US now has the largest population of rugby enthusiasts, with 45 million active fans, according to a report from governing group World Rugby and Nielsen. The US is set to host the prestigious Rugby World Cup tournament for men in 2031 and women in 2033, games sure to up the sports’ stateside popularity. Patrick Ouyi, director of Le Coq Sportif, a French activewear company that makes rugby performance apparel, said the US is a “big focus” for the brand.
Rugby is also a high-growth category for Castore, a UK-based activewear start-up. Increasing demand for rugby products was a factor in the brand surpassing £100 million ($125 million) in revenue last year, according to co-founder Tom Beahon.
Rugby shirts from apparel brand Rowing Blazers. (Courtesy)
Plenty of shoppers are also buying rugby apparel without any intention of playing the sport. Shirt drops by Supreme, Palace and Jacquemus often sell out and these stores have brought a cool factor to the sport. Asos has seen a 10 percent annual increase in rugby products like polos and sweatshirts, according to Edited. And at the New York-based Rowing Blazers, rugby styles have picked up significantly since the pandemic, said Jack Carlson, the former Olympic rower and archaeologist who founded Rowing Blazers in 2018.
“We think rugby absolutely will have a residual apparel brand impact going forward because it has this continental flair, European branding that ... people appreciate as both cool and stylish,” said SFIA’s Cove.

Boxing
After gyms closed during the pandemic, boxing saw a resurgence, thanks to the popularity of short, intense fitness classes. Studios like 1Rebel in the UK and Australia, and Rumble in the US have cult followings and have been opening more studios over the past year, where they sell their apparel.
The rise of YouTube boxing, with social media stars like Jake Paul and KSI committing to professional boxing careers, has also attracted younger generations to the sport, while “fight night” charity events and “white collar” boxing tournaments have renewed interest in older, corporate settings, added SFIA’s Cove.
Free People's boxing collection with Everlast. (Courtesy)
Brands across the pricing spectrum are unveiling their own takes on boxing gear. Lululemon sells men’s and women’s boxing training wraps and Alo Yoga sells an assortment of boxing gear too. In May, Urban Outfitters-owned womenswear label Free People released a collection featuring bright pink boxing gloves and a $200 satin boxing robe in collaboration with boxing equipment manufacturer Everlast. Celine, Dolce & Gabbana and JW Anderson sell boxing-style shorts and in February, Miu Miu released a $1,550 boxing gloves and backpack set as part of a sports capsule.
Still, brands know there’s a possibility that boxing — or any emerging sport — may not grow enough to become the next major activewear category. At 1Rebel, apparel drives only just over 5 percent of its revenue, said marketing director Adam Wagner, but it’s also expanding to more general athleisure items, designed to be worn in and out of the boxing studio.
“Athleisure apparel ... supports the overall lifestyle of people who come to our gym classes,” said Angus Doyne-Ditmas, head of retail at 1Rebel.

>>> Stoxx 600 Pre-Market Indications

  • Rexel (E7V TH) +5.5%
    • Rexel Margin Guidance Upgrade Better Than Expected, Citi Says
  • Nibe (NJB TH) +1.2%
  • Commerzbank (CBK TH) +0.9%
  • Airbus (AIR TH) +0.9%
    • Airbus Looks Set to Win A350 Deal From Tata-Owned Air India (2)
  • BNP Paribas (BNP TH) +0.8%
  • Deutsche Bank (DBK TH) +0.7%
  • GBL (EAI TH) +0.7%
  • Just Eat Takeaway (T5W TH) +0.6%
  • LVMH (MOH TH) +0.6%
  • E.On (EOAN TH) +0.6%
  • Shell (R6C0 TH) -0.5%
  • Inditex (IXD1 TH) -0.5%
  • Rheinmetall (RHM TH) -0.7%
  • Philips (PHI1 TH) -0.8%
  • Veolia (VVD TH) -0.9%
    • Veolia Tells UK CMA It Plans to Sell Suez UK Waste Business
  • Zalando (ZAL TH) -1%
  • TUI (TUI1 TH) -1.2%
  • BAT (BMT TH) -1.3%
  • Diageo (GUI TH) -2%
  • Atos (AXI TH) -2.3%

>>> TradeGate Pre-Market Indications

DAX:
  • HelloFresh (HFG TH) +1.6%
  • Fresenius SE (FRE TH) +1.2%
  • E.On (EOAN TH) +0.9%
  • Deutsche Bank (DBK TH) +0.9%
  • Airbus (AIR TH) +0.8%
  • Zalando (ZAL TH) -0.6%
MDAX:
  • Commerzbank (CBK TH) +1.2%
  • TeamViewer (TMV TH) +1.2%
  • Grand City Properties (GYC TH) +1.2%
  • TAG Immobilien (TEG TH) +1.1%
  • Aixtron (AIXA TH) +0.8%
  • Siemens Energy (ENR TH) +0.5%
    • Aker Solutions, Siemens Energy, Doosan Babcock Get Feed Contract
SDAX:
  • flatexDEGIRO (FTK TH) +1.9%
  • Heidelberger Druck (HDD TH) +1.4%
  • Encavis (ECV TH) +1.2%
  • PVA TePla (TPE TH) +1.1%
  • SAF-Holland SE (SFQ TH) +0.6%

WWD : Can Biotech Evade Higg’s Fiber Sustainability Score Controversy?

Can Biotech Evade Higg’s Fiber Sustainability Score Controversy?
Criticism of material sustainability scores continues in fashion with added nuance amid innovative strides.

Controversy around material sustainability scores has stoked recent criticism with Higg once again at the center.

Following a New York Times article published this week — alleging big fashion has buoyed big plastic and maintained biases against natural fibers — Amina Razvi, chief executive officer of Sustainable Apparel Coalition (which Higg used to be part of before becoming a separate tech company producing the Higg Index) issued a statement on LinkedIn.

“Stating that the Higg [Material Sustainability Index] favors synthetic materials over natural ones is incorrect,” she wrote. “It does not favor synthetic over natural fibers, and it was not designed to compare the two. The purpose of the MSI is to show designers and developers where environmental hot spots are in the production of a material, by breaking down impact categories such as Greenhouse Gas Emissions. The SAC’s communication guidelines for brands specifically prohibit brands from making comparisons across material types.”

Razvi assured that product designers and life cycle assessment, or LCA, experts use the dataset to make “more informed decisions” but not as a “generalized measure” of sustainability. She also addressed the Higg Index’s involvement in incoming policy under the European Union’s Circular Economy Action Plan, among other initiatives, saying the intent to use Higg as a benchmark is “incorrect.”

However, the SAC’s website says otherwise: “In support of future circular policies initiated by the European Commission, the SAC has been engaged by the Commission to facilitate a collaborative, multistakeholder secretariat, whose task is to develop Global Apparel and Footwear (PEFCR) which will serve as a policy standard for apparel and footwear products in the EU.”

PEFCR stands for Product Environmental Footprint Category Rules, and along with Organization Environmental Footprint Sector Rules, the rules are among the methods by which fashion is to transition to greener standards. Acting as technical secretariat to the Commission, The Policy Hub was launched by the SAC in collaboration with the Federation of the European Sporting Goods Industry and Global Fashion Agenda.

But where natural fibers are pitted against petrochemical-derived synthetics with the available data, the biotech firms driving the next wave of material innovation (many of which, although buzzy for their mushroom, kombucha or pineapple origins, are not free of plastic) are remaining largely cautious to free up their data.

From Bolt Threads to Pangaia, players are still working on definitive LCAs for their latest proprietary materials. And commercial releases, such as Bolt Thread’s Mylo innovation — arriving in Stella McCartney’s “Frayme Mylo” handbag this July, or Everlane’s Bio-Tex handbag line arriving fall 2022 — still have shoppers holding their breaths.

At a press tour of biotech start-up Modern Meadow’s New Jersey testing facility on Wednesday (where an early glimpse at Everlane’s Bio-Tex line was given), David Williamson, chief science and technology officer at Modern Meadow, told WWD how the firm is handling its own LCA data amid the continued tension and relatively threadbare data landscape.

Asked whether the LCA is or would be included in the Higg MSI, Williamson said: “No, it’s broader….So, our LCA actually goes beyond just what you’d see in the Higg Index. We did a cradle-to-gate LCA of our material all the way until the brand uses it. It’s much more extensive than what you’d get out of the Higg Index because it’s tied to the construction and the production processes.”