Sophia PanychAfter a long and busy week we’re ready to pack up our ludicrously capacious bags and head into the weekend (and prepare ourselves for a new episode of Succession on Sunday). In this morning’s need-to-know news, we’ve got the news that Alibaba Group is undergoing a major restructure, Forma Brands (the parent company of Morphe) has been cleared for acquisition after declaring bankruptcy in January, and Iceland’s Blue Lagoon Skincare shares their US expansion strategy. And while it feels like every other day another company announces its foray into GPT-4, one AI ethics group wants us all to take a collective pause. The group is urging the US government to step in and ban additional commercial deployment of the GPT model until its effects on consumers have been further investigated. Even more surprising? OpenAI co-founder Elon Musk is one of the experts who agrees with this cautiousness. Read all these stories and more in the links below.
Consumer Spending Report to Show Whether Strength Continued in February. At 8:30 am Eastern time, the Commerce Department will release February figures on household spending, income and saving, alongside the Federal Reserve’s preferred inflation gauge. (Wall Street Journal)
What Alibaba Group’s Big Breakup Means for Retail and Luxury. The conglomerate is splitting into six entities, which is the largest restructuring the company has gone through in its 24-year history. (Luxury Daily)
Court Approves Forma Brands Sale. After filing for bankruptcy in January, the beleaguered business has now received the greenlight to be acquired by lenders. (WWD)
TikTok’s Uncertain Future: The Issues Marketers Should (and Shouldn’t) Fret Over. Marketers have lots of unanswered questions following the testimony of TikTok CEO Shou Chew before Congress. Digiday tries to unpack those questions, looking at the probabilities and likely outcomes of them all. (Digiday)
Blue Lagoon Iceland Skincare Makes Inroads Into US Retail. The privately held company is focused on expanding its presence into the US market, both in store and online. (Beauty Independent)
Backlash Is Growing Against GPT-4, and One AI Ethics Group Wants the FTC to Step In. The Center for AI and Digital Policy has declared GTP-4 to be a “risk to public safety” and is urging the government to investigate its maker for endangering consumers — also arguing for a six-month pause on progress of the technology (Fast Company).
The Met Rolled Out the Orange Carpet to Welcome Sulwhasoo to NYC. To celebrate its partnership with the Met, the Korean luxury skin-care brand transformed the Temple of Dendur into an exclusive club full of celebrities and beauty VIPs. (Daily Front Row)
