Retail stocks and the U.S. market ended the week on a down note, although investors in Europe were more upbeat.
The S&P Retail Index fell 0.4 percent, or 2.89 points, to 662.77 today, as the Dow Jones Industrial Average slipped 0.1 percent, or 17.46 points, to 13,579.47.
The decliners included Abercrombie & Fitch Co., down 4.7 percent to $36.88; Coach Inc., 4.1 percent to $56.62; Aéropostale Inc., 2.9 percent to $13.95, and Guess Inc., 2.6 percent to $26.45.
Shares of Michael Kors Holdings Ltd., bucked the trend and jumped 9.3 percent to $57.35 after the company boosted its earnings per share guidance for the second quarter to 38 cents to 40 cents from the 33 cents to 35 cents previously anticipated.
European stock markets were generally on the rise and investors were encouraged by a report in the Financial Times that European Union authorities are working behind the scenes to pave the way for a new Spanish rescue program and unlimited bond buying by the European Central Bank. Milan’s FTSE MIB gained the most, rising 1 percent to 15,991.10, while the DAX in Frankfurt climbed 0.8 percent to 7,451.62. The CAC 40 in Paris was up 0.6 percent to 3,520.72.
London’s FTSE 100, which is outside of the euro currency bloc, was the outlier and slipped 0.03 percent to 5,852.62.
The day’s gainers included Inditex, which climbed to 2.5 percent to 99.38 euros, and Carrefour, which advanced 1.1 percent to 17.42 euros. Both Yoox and Safilo grew 1.3 percent, to 10.16 euros and 5.95 euros, respectively.
Losing ground were Mulberry, which slid 2.8 percent to 12.67 pounds, and LVMH Moët Hennessy Louis Vuitton, 1.2 percent to 122.55 euros.
The euro traded at $1.30 against the dollar, while the pound traded at $1.62 and the Swiss franc traded at $1.07.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion