Retail stocks bore the brunt of the burden Wednesday as both retail sales and oil supplies came in below expectations. The news sent all major indices down, but none more than the Standard & Poor’s Retail Index, which ended the day with a 2.4 percent decline to 385.06, more than twice the drop of the Dow Jones Industrial Average, which was off 0.9 percent to 11,532.96. By far the biggest percentage fall on the New York Stock Exchange came from Tween Brands Inc., which late Tuesday reported a far-larger-than-expected loss for its second quarter and a plan to convert its Limited Too stores to the younger, more moderately priced Justice nameplate. Shares were off
46.2 percent to $8.01, or $4.59 below their previous 52-week low. While Macy’s Inc. shares managed a 1.9 percent increase, to $20.66, despite the department store group’s lower second-quarter profits, investors took a dimmer view of Liz Claiborne Inc.’s loss for the period, sending shares down 11.6 percent to $13.18. A double-digit decline was also registered by Christopher & Banks Corp. (off 11.7 percent to $9.10) after J.P. Morgan Chase & Co. downgraded the stock to “neutral” from “overweight.” European issues were generally lower Wednesday as well, with Marks and Spencer Group plc declining 10.1 percent to 266.25 pence, or $5.07 at current exchange, in London trading.
Editor’s note: European stocks are quoted in the currency of their principal exchanges. Shares on the London Stock Exchange are quote in pence, Richemont and The Swatch Group are quoted in Swiss francs and Hennes & Mauritz is quoted in Swedish kronor. All other European stocks are in euros.
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.
@beyonce chose a custom gown by @falgunishanepeacockindia for mother @mstinalawson 's second annual Wearable Art Gala last night. The gown, which took 10 days to make, was inspired by Nubian warrior queen Amanishakheto. Reporting by @hernameislex . #wwdeye 👑 🐝#beyonce
After dressing @justintimberlake for his Super Bowl halftime performance last month, @stellamccartney has designed the star’s "Man of the Woods" tour wardrobe. Timberlake will be wearing a mix of pieces from McCartney’s fall men's collection as well as custom designs and items from his own closet. #wwdfashion