Wall Street snapped a 10-day winning streak today as the Dow Jones Industrial Average slipped 0.2 percent, or 25.03 points, to 14,514.11.
Retail stocks fell harder and the S&P 500 Retailing Industry Group declined 0.8 percent, or 5.83 points, to 719.88. Both retail stocks and the Dow have repeatedly set new all-time highs over the past two weeks. Markets have been fueled by low interest rates and a somewhat steadier economic outlook.
Among the decliners were Aéropostale Inc., down 5.2 percent to $13.75; Lululemon Athletica Inc., down 2.8 percent to $68.48; The Estée Lauder Companies Inc., 2.6 percent to $63.34, and Tumi Holdings Inc., 2.4 percent to $23.69.
European stock markets closed on a flat note, at the end of a particularly bullish week. The CAC 40 in Paris fell 0.7 percent to 3,844.03, followed by the FTSE 100 in London, which was down 0.6 percent to 6,489.65, and the FTSE MIB in Milan, which edged down 0.4 percent to 16,061.15. The DAX in Frankfurt fell 0.2 percent to 8,042.85.
The euro traded at $1.30 against the dollar while the pound traded at $1.50 and the Swiss franc traded at $1.05.
Retail and luxury stocks put on a mixed show, with the day’s biggest gainers including Ferragamo, which advanced 2.3 percent to 21.36 euros, and Metro AG, which rose 1 percent to 21.80 euros.
Losing ground were LVMH Moët Hennessy Louis Vuitton, which fell 1 percent to 134.20 euros; Safilo Group,which sank 1.6 percent to 10 euros; Mulberry Group, which retreated 1.8 percent to 12.52 pounds; and Hugo Boss, which was down 3.9 percent to 85.48 euros.
Eurozone finance ministers went into a second day of talks in Brussels on Friday to discuss a bailout for bankrupt Cyprus, although no deal had been reached by the time markets closed.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast