Retail stocks gained ground at the close on Wall Street today, fighting back from a midday decline that came on the heels of a weaker-than-expected take on consumer confidence. The preliminary January reading of the Thomson Reuters/University of Michigan’s index of consumer sentiment showed a decline to 71.3 from 72.9 the month before. Economists expected the gauge of sentiment to rise to 74. The confidence index now stands at its lowest level since December 2011. “Americans are noticing that their paychecks are smaller, and debt ceiling fatigue is starting to kick-in,” said Chris Christopher, U.S. economist at forecasting firm IHS Global Insight, in an analysis. “Discretionary consumer spending is likely to suffer since a smaller paycheck, and falling consumer confidence will bring caution into play at the mall.” The drop in sentiment didn’t have a lasting impact on the market. The S&P Retailing Industry Group began the session by hitting a new all-time high of 685 and then fell into a funk before rebounding. As trading settled, the index was up 0.4 percent, or 2.49 points, to 684.40. The Dow Jones Industrial Average inched up 0.4 percent, or 53.68 points, to 13,649.70. U.S. markets are at or near multi-year highs. Among the day’s fashion gainers were Movado Group Inc., 9.3 percent to $37.17; Tumi Holdings Inc., 5.6 percent to $23.78; J.C. Penney Co. Inc., 4 percent to $18.87; The Bon-Ton Stores Inc., 3.1 percent to $13.82, and Express Inc., 3.1 percent to $18.16. In Europe, stocks were generally down outside of London, where the FTSE 100 gained 0.4 percent to 6,154.41. Frankfurt’s DAX fell 0.4 percent to 7,702.23, as Milan’s FTSE MIB decreased 0.2 percent to 17,554.13 and Paris’ CAC 40 slipped 0.1 percent to 3,0741.58. The decliners included Mulberry Group, down 2 percent to 12.50 pounds; Luxottica Group, 0.8 percent to 33.12 euros; ASOS.com, 0.7 percent to 26.82 pounds, and LVMH Moët Hennessy Louis Vuitton, 0.5 percent to 141.45 euros. The pound traded at $1.59 against the dollar, while the euro went for $1.33. The New York Stock Exchange will be closed Monday in observance of the Martin Luther King, Jr. Day holiday.
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)
"In order for Shudu to wear garments, she needs to be able to put them on, just like you would in the real world. You have to digitize the outfits," said Cameron-James Wilson on dressing 3-D model @shudu.gram for her WWD photoshoot with @itsclo3d. #wwdfashion (📸: @cjw.photo)
“Shudu is a digital supermodel, a very glamour and amazing woman. But she’s 3-D,” says Cameron-James Wilson, a fashion photographer and the creature of @shudu.gram. Here, Shudu wears @cushnieetochs for her debut fashion editorial. #wwdfashion (📷: @cjw.photo)
“It is the fierce female performances that came before me that made be able to clearly identify for myself what it was that I wanted to do, what kind of artist I wanted to be, what kind of films I wanted to make,” said @brielarson at the Women in Film Crystal + Lucy Awards. See more pictures from the event on WWD.com. #wwdeye (📷: Matt Baron)