U.S. stocks ended the day on a down note in part due to geopolitical concerns following an agreement between the U.S. and the European Union on working together on tougher sanctions on Russia.
The Dow Jones Industrial Average slipped 0.6 percent to 16,268.99, while the S&P 500 Retailing Industry Group fell 1.3 percent to 887.18.
The top gainer was Movado Group Inc., which rose 10.2 percent to $46.31. The company posted fourth quarter results that beat Wall Street's earnings per share estimate by 16 cents, and it provided fiscal year 2015 guidance above expectations.
Other top gainers included The Wet Seal Inc., up 4.5 percent to $1.16, and PVH Corp., which rose 3.6 percent to $121.43.
The biggest loser was American Apparel Inc., dropping 13.9 percent to 51 cents. The company, which has an April 15 deadline in which it faces possible delisting on the NYSE MKT exchange, priced the shares for its public offering at 50 cents each. The company said Tuesday it would offer $30.5 million in common stock to the public to access capital and give it some breathing room. It reached an agreement Tuesday with its lender, Capital One Business Credit Corp., for a waiver of certain obligations under its credit facility provided the lender receives at least $25 million from the net proceeds of the offering by April 15. The offering is set to close around March 31.
Also losing ground was Christopher & Banks Corp., down 8.6 percent to $5.83, and New York & Co. Inc., down 6.6 percent to $4.25.
Overseas, the European stock markets closed on a high note, with Milan’s FTSE MIB leading the way.
The Italian market advanced 1.4 percent to 21,108.15, followed by the DAX in Frankfurt, 1.2 percent to 9,448.58 and the CAC 40 in Paris, 0.9 percent to 4,385.15. The FTSE 100 in London was broadly flat at 6,605.30.
The euro traded at $1.38, while the pound fetched $1.65 and the Swiss franc equaled $1.13.
Retail and luxury stocks were mostly on the uptick, with the day’s biggest gainers including Tod’s SpA, 3.4 percent to 95.10 euros; Safilo Group, 4.4 percent to 15.40 euros; Ferragamo, 4.6 percent to 21.44 euros; and Kering, 3.4 percent to 149.10 euros.
Among the stocks that lost the most ground were Ted Baker, 3.4 percent to 22.42 pounds; Koovs, 2.2 percent to 1.81 pounds; and Mulberry Group, 1.4 percent to 7.04 pounds.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion