Retail stocks fell today as the early read on third-quarter corporate results underscored worries surrounding a weakening economic outlook.
The S&P 500 Retailing Industry Group fell 1.2 percent, or 7.71 points, to 651.84, as the Dow Jones Industrial Average declined 1 percent, or 128.40 points, to 13,345.13.
The decliners included Coach Inc., down 3.6 percent to $53; Express Inc., 3.5 percent to $11.10; Tilly's Inc., 3.4 percent to $16.66; Amazon.com Inc., 2.4 percent to $244.99, and Tumi Holdings Inc., 2.3 percent to $22.46.
Late Tuesday, corporate giant Alcoa posted third-quarter losses and reduced its forecast for global aluminum demand. That helped spook investors who were already jittery after the International Monetary Fund cut its project for global economic growth this year to 3.3 percent this week, down from the 3.5 percent it previously expected.
Investors were also gloomy in Europe.
London’s FSTE 100 sank 0.6 percent to 5,776.71 while Paris’ CAC 40 fell 0.5 percent to 3,365.87. Milan’s FTSE MIB and Frankfurt’s DAX were both down 0.4 percent, to 15,440.63 and to 7,205.23, respectively.
Retail and luxury stocks were mixed with the day’s biggest climbers including PPR, which was up 2.5 percent to 128.20 euros; Ferragamo, 2.4 percent to 16.96 euros; Yoox, 2 percent to 10.79 euros, and Carrefour, 1.8 percent to 15.99 euros.
Among the stocks that lost ground were Marks & Spencer Group, down 1.8 percent to 3.74 pounds; Brunello Cucinelli, 1.2 percent to 14.40 euros, and Safilo Group, 2.3 percent to 6.16 euros. The euro traded at $1.29 versus the dollar while the pound traded at $1.60.
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)