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.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
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