Wider second-quarter losses at Saks Inc., the attendant sell-off in the company’s shares and weakness at other retailers just added to the market’s woes Tuesday. Continued troubles among financial firms, signs of renewed inflation pressures and an 11 percent drop in housing starts from June to July all conspired to push the Dow Jones Industrial Average down 1.1 percent, or 130.84 points, to 11,348.55, as the broader S&P 500 dipped 0.9 percent, or 11.91 points, to 1,266.69. The S&P Retail Index fell a steeper 2.7 percent, or 10.62 points, to 383.12 points.
The impact of one of the worst consumer economies in a generation is coming into sharper focus with second-quarter results, and it seems to have hit department stores particularly hard. Saks isn’t the only stock falling out of investors’ favor. Other decliners for the day included Macy’s, Dillard’s, Bon-Ton and J.C. Penney, which last week reported a 35.7 percent drop in second-quarter earnings as well as plans to adjust some of the product and pricing of its American Living brand made by Polo Ralph Lauren.
For the most part, vendors were unable to dodge the downturn with Perry Ellis International, Phillips-Van Heusen, Kenneth Cole Productions, Jones Apparel Group and Polo Ralph Lauren all losing market capitalization. On the other side of the pond, shares of Marks & Spencer fell 6.1 percent while Hermès was off 5.8 percent.
A new Joan Rivers coffee table book, titled “Joan Rivers Confidential,” gives readers never-before-seen photos and letters of the late comedian throughout her life. “Because of her drive to always be fresh, she kept records of every appearance, every performance, all the jokes that were used on TV, all the clothes that were worn,” said Rivers’ daughter Melissa. Here, Rivers poses at the “Tonight Show” in Tracy Mills in 1985. Read more about the book and see more photos at WWD.com. #wwdeye
After a career at New York hot spots like Narcissa, Dovetail and Nix, @chefjfraser has expanded to the West Village with The Loyal, a modernized take on an American brasserie. “And as I’ve gone through my career I’ve felt some departure from that kind of simple, straightforward [cooking]. This is meant to take on the idea of ‘what if the American brasserie was invented today?’” #wwdeye (📷: @chinseephoto)
@bellahadid and @lilyaldridge at @bulgariofficial’s celebration on Friday night, toasting the brand's new Peter Marino-designed flagship on Fifth Avenue. The two-part event included a cocktail party at the store followed by a dinner at a mystery location — the Met Cloisters. #wwdeye
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews