Shares of American Eagle Outfitters Inc. plunged on Friday, reaching the lowest level in six years after the teen retailer was downgraded on news that Susan P. McGalla, president and chief merchandising officer, will not renew her contract with the company.Coming off Thursday's stock meltdown, most retail shares continued to slide and the Dow Jones Industrial Average almost reached bear market territory, down just under 20 percent from its October 2007 high. The S&P Retail Index fell 0.5 percent to 359.56. The Dow dropped 0.9 percent to 11,346.51 and the broader S&P 500 declined 0.4 percent to 1,278.38. American Eagle Outfitters was among the New York Stock Exchange's biggest decliners, plunging 14.4 percent to $13.53. The previous 52-week low was $15.45. The retailer was downgraded by Oppenheimer to "perform" from "outperform." In a research note, Roxanne Meyer, retail analyst at the firm, cited McGalla's departure, fashion misses and the weak economy as the catalysts for the downgrade.McGalla's contract expires on Jan. 31, 2009. The company will conduct a search for a new chief merchandising officer.Macy's Inc. and Christopher & Banks Corp. reached 52-week lows in intraday trading. Macy's fell to $18.94 before recovering to gain 0.3 percent to $19.53. Christopher & Banks reached $6.74 and closed at $7, down 20.6 percent. The previous 52-week low was $7.65. The company on Thursday reported a weak second-quarter earnings outlook. J. Crew Group dropped 2 percent to $32.67, American Apparel Inc. fell 6.6 percent to $6.35 and Guess Inc. dropped 2.8 percent to $37.75. Women's retailers were down, as Chico's FAS Inc. fell 1.2 percent to $5.69, The Talbots Inc. sank 4 percent to $12.09 and Coldwater Creek Inc. declined 6.1 percent to $5.43. Among high-end retailers, Saks Inc. declined 0.5 percent to $11.45, and Nordstrom Inc. decreased 1.8 percent to $31.07. On the upside, J.C. Penney Co. Inc. increased 2.4 percent to $36.83, Kohl's Corp. grew 2.1 percent to $41.38 and Sears Holdings Corp. gained 4.5 percent to $77.73. In the men's sector, Casual Male Retail Group plunged 9.1 percent to $3.49, reaching its lowest point since March 2003.
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)
"In order for Shudu to wear garments, she needs to be able to put them on, just like you would in the real world. You have to digitize the outfits," said Cameron-James Wilson on dressing 3-D model @shudu.gram for her WWD photoshoot with @itsclo3d. #wwdfashion (📸: @cjw.photo)
“Shudu is a digital supermodel, a very glamour and amazing woman. But she’s 3-D,” says Cameron-James Wilson, a fashion photographer and the creature of @shudu.gram. Here, Shudu wears @cushnieetochs for her debut fashion editorial. #wwdfashion (📷: @cjw.photo)
“It is the fierce female performances that came before me that made be able to clearly identify for myself what it was that I wanted to do, what kind of artist I wanted to be, what kind of films I wanted to make,” said @brielarson at the Women in Film Crystal + Lucy Awards. See more pictures from the event on WWD.com. #wwdeye (📷: Matt Baron)