Global market indices lost ground Thursday, with trading sessions ending the day down.
Asian markets were all down. The Nikkei 225 in Tokyo was down 1.4 percent to 11,309.13, while the Hang Seng Index in Hong Kong fell 1.7 percent to 22,906.67.
The European markets followed, with the FTSE MIB in Milan leading the downturn.
The Italian market sank 3.1 percent to 16,009.55, while the CAC 40 in Paris fell 2.3 percent to 3,624.80 and the DAX in Frankfurt declined 1.9 percent to 7,583.57. The FTSE 100 in London retreated 1.6 percent to 6,291.54.
The day began on a downbeat note: Earlier on Thursday, the Purchasing Managers’ Index (PMI) data in the euro zone was lower than expected for the month of February. PMI is a monthly index of the manufacturing and service sectors, and a key indicator of a region’s economic health.
Retail and luxury stocks were mostly down, with the day’s biggest fallers including Ferragamo, which dropped 3.1 percent to 20.77 euros; Yoox, which was down 3 percent to 14.04 euros, and PPR, which fell 3.6 percent to 168.30 euros.
In the U.S., the Dow Jones Industrial Average was down 0.3 percent to 13,880.62, while the S&P Retailing Industry Group fell 0.8 percent to 693.78.
Among the retailers that lost ground, Zale Corp. fell 8.7 percent to $3.99. The company earlier in the day reported second-quarter results in which net earnings for the three months ended Jan. 31 rose 42.9 percent to $41.2 million, or $1.02 a diluted share, on a 1.1 percent revenues gain to $670.8 million. However, while holiday profits were better than expected, the company said February same-store sales are down by a “midsingle-digit” percentage due in part to the East Coast blizzard at the start of the month and the impact of higher payroll taxes on consumers.
HSN Inc., which also posted earnings earlier in the day, fell 7.7 percent to $53.43. While the firm posted a higher fourth-quarter profit compared with a year ago, its earnings per share of $1 fell short of Wall Street’s consensus estimate of $1.01.
One retail stock that gained ground was J.C. Penney Co., Inc., rising 6.7 percent to $21.55. The company reports fourth-quarter results on Wednesday.
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)
The @cfda has shifted the dates of #NYFW, with Men’s showing on February 5 through February 7, and Women’s will directly follow, running from February 8 through 14. The preliminary schedule will be released on the CFDA’s web site in the next few days, but Mark Beckham, VP of marketing for the CFDA, revealed that @rafsimons will be back to close the men’s-specific part of the week with a show on February 7 #wwdfashion (📷: Kelly Taub)
@ferragamo is introducing a new space dedicated to the development of women’s and men’s leather good samples. The laboratory, which is created eco-friendly materials and designed to reduce the environmental impact of the manufacturing processes, will allow the company to expand its accessories offering through traditional artisanal approaches. #wwdfashion (📷: @aitorrosasphoto)
How does a “regular, degular, schmegular” girl from the Bronx, N.Y., become a Grammy-nominated artist with a certified platinum record in less than a year? Call it the @iamcardib come up. The 25-year-old has become a musical sensation, and the fashion world is taking note. “If I could describe her style I would say drama. She’s really into the dramatics,” says Cardi B’s stylist @kollincarter. See how Carter styles her bold and out there looks with the link in bio. #wwdfashion
“There is no formula. There is no guideline. I can watch Ted Talks all day, but there is no one who can advise me on exactly what it is I should be doing,” said @ronniefieg, CEO of @kith, in an interview with WWD’s @ariahughes at the brand’s new SoHo office in Manhattan. Head to WWD.com to see how Fieg went from hanging out in shoe stockrooms at 13 to building his own business. #wwdfashion (📷: @weston.wells)
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion