Retail stocks fell today and shares of Wal-Mart Stores Inc. weighed on the Dow Jones Industrial Average after J.P. Morgan downgraded the discounter’s stock to neutral from overweight. J.P. Morgan analyst Christopher Horvers said Wal-Mart improved last year, having added more stockkeeping units to its stores and “successfully returning to price/assortment leadership after wandering off the path.” But the analyst noted, “With the low-hanging fruit behind them and considering the company’s massive size and the pressures from the payroll tax increase, we believe [comparable-store sales] have peaked/will plateau following three straight years of acceleration.” Shares of Wal-Mart declined 1.2 percent to $69.63, weighing on the Dow, which fell 0.9 percent, or 129.71, to 13,880.08. The S&P 500 Retailing Industry Group fell 1.2 percent, or 8.36 points, to 691.92. The day’s decliners included The Jones Group Inc., down 5 percent to $11.54; Guess Inc., 4.8 percent to $25.95; The Bon-Ton Stores Inc., 4.4 percent to $12.53; Tiffany & Co., 4 percent to $62.17, and J.C. Penney Co. Inc., 2.7 percent to $19.34. Both retail stocks and market overall are still near their all-time highs. In Europe, markets took a tumble, falling to their lowest level in three months amid political drama in Spain and Italy and more general concerns over the euro zone. The FTSE MIB led the way, dropping 4.5 percent to 16,539.00, followed by the CAC 40 in Paris, which retreated three percent to 3,659.91. The DAX in Frankfurt fell 2.5 percent to 7,638.23 and the FTSE 100 in London contracted 1.6 percent to 6,246.84. The euro was trading at $1.36 against the dollar, the pound was valued at $1.57 and the Swiss franc fetched $1.10. Retail and luxury stocks were mostly down, with those losing the most ground including LVMH Moët Hennessy Louis Vuitton, down 4.2 percent to 134 euros; L’Oréal, 3 percent to 108.60 euros; Safilo, 2.8 percent to 7.93 euros, and PPR, 1.5 percent to 161.05 euros. Going against the predominant downward trend was The Swatch Group, which rose 4.3 percent to 92.95 Swiss francs, after reporting that full-year 2012 net profits jumped 26 percent, and that 2013 would bring more growth.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim