Concerns about the financial sector, and even about the continuing decline in crude oil prices, on Tuesday dampened the market rally that was ignited by the government bailout of Fannie Mae and Freddie Mac. Major indices dropped more than 2 percent on Tuesday. With Lehman Brothers Holdings down 45 percent on fears that the bank might be running out of financing options, the Dow Jones Industrial Average shed 280 points, or 2.4 percent, to end the session at 11,230.73. The Standard & Poor’s 500 Index dropped 3.4 percent, while the S&P Retail Index declined a slightly more manageable 3.2 percent. Among retailers hard hit by the markets’ retreat were Retail Ventures, down 9.8 percent after reporting weaker second-quarter earnings late Monday; Dillard’s, down 9.3 percent; Tween Brands, down 7.9 percent, and American Apparel, down 7.3 percent. Talbots’ shares registered a 4.6 percent advance for the day, and Mothers Work and Christopher & Banks had gains of 4 and 3.1 percent, respectively. European stocks also fell back, with Inditex Group, down 6.6 percent, taking the worst hit. Other declines were smaller, and a few firms — Tod’s (up 4.3 percent), Burberry (up 2 percent) and IT Holding (up 1.6 percent) among them — managed to break into positive territory.
* Editor’s note: European stocks are quoted in the currency of their principal exchanges. Shares on the London Stock Exchange are quoted 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.
Yesterday, the Parisian fashion house @azzaro_official cut the ribbon on a temeporary retrospective at the wing of the Musée des Arts Décoratifs in Paris. The exhibition, which shows the lasting influence of the brand’s founder Loris Azzaro, is titled “Azzaro, Fifty Sparkling Years” and presents 50 looks. In it’s ’70s heyday, fans of the brand included Jane Birkin, pictured here, Raquel Welch, Brigitte Bardot and more. See more photos on WWD.com #wwdfashion
@trinaturk and @macys Inc International Concepts line are linking up on a collection for summer — filled with accessories, swimwear and shoes. The collection will also include a Mr Turk men’s line, both of which are the designer’s first entry into a more accessibly priced area. “It’s very world-traveler, gypset-inspired,” said Turk. The Trina Turk x INC line will launch on May 15th. #wwdfashion
Assouline is paying homage to the late Azzedine Alaïa with a reprint of "Alaïa Livre de Collection.” The book is comprised of photographs of the designer's summer 1992 runway show with models Christy Turlington Burns, Naomi Campbell and Tyra Banks, pictured here at right. #wwdfashion #alaia #tyrabanks
Fall 2018 accessories take on a painterly hue, with Nebulas Blue among Pantone’s top 10 colors of the season. (📸: @jonghyupstudio ; editor: @twallz21 ; stylist and set designer: @haideefindlaylevin ) #wwdaccessories
@americanapparelusa is relaunching the brand outside of the U.S. today, opening its online store to more than 200 countries. The company is also contemplating a return to brick-and-mortar, though details have not been confirmed. In tandem with the expanded distribution is a recasting of a social media ad campagn, called “Back to Basics,” pictured here, with a focus on diversity and a cast of models above the age of 21. Read more on WWD.com #wwdnews #wwdfashion
Exclusive: @britneyspears is continuing to expand her brand. The pop icon, who appears in @kenzo ’s latest campaign, is partnering with Epic Rights to launch a line of branded merchandise. Read @hernameislex ‘s story, link in bio. #wwdnews #britneyspears
The Duchess of Cambridge channeled Princess Diana’s look upon giving birth to Prince Harry, when she and the Duke of Cambridge departed the hospital with the new baby Prince this afternoon in London. #wwdeye #princeofcambridge
The new Prince of Cambridge has arrived! The Duke and Duchess of Cambridge posed with the 8-pound newborn. She wore a look from one of her go-to designers, @jennypackham. Tap link in bio for more. #wwdeye #princeofcambridge