U.S. retail shares enjoyed their first positive day of the new year today as major indices in the U.S. and Europe logged increases.
The S&P 500 Retailing Industry Group progressed 0.4 percent to 931.08 after opening 2014 with three consecutive declines. The Dow Jones Industrial Average and S&P 500 both were up 0.6 percent, to 16,530.94 and 1,837.88, respectively.
Markets were energized by news of a lower trade deficit in November, spurred by increases in exports. Apparel and textile imports were up 5.2 percent for the month, according to the U.S. Commerce Department’s Office of Textiles and Apparel.
Among U.S. retail, fashion and beauty issues tracked by WWD, American Apparel Inc. registered the largest increase for the day, gaining 6.7 percent to $1.43. The stock has seen a nice run and increased 38.8 percent since hitting its recent low of $1.03 on Dec. 16. Zale Corp. registered the second-largest gain of the day, with shares up 3.7 percent to $15.96.
On the other side of the breakeven line, shares of Michael Kors Holdings Ltd. fell 3.8 percent to $78.94 after Citigroup analyst Oliver Chen downgraded the stock to “neutral” from “buy” based on what he viewed as a fair valuation following a “60 percent stock run in 2013.”
Shares of Twitter Inc. continued their recent roller-coaster ride with a decline of 7.3 percent to $61.46. J.C. Penney Co. Inc. was off 5.5 percent to $8.19.
One day after launching a hostile takeover bid for rival Jos. A. Bank Clothiers Inc., shares of The Men’s Wearhouse Inc. declined 0.2 percent to $51.56 while Bank’s surrendered 2.1 percent to close at $55.70. In a tender offer directed at Bank’s shareholders, Men’s Wearhouse boosted its bid to $57.50 a share, or about $1.61 billion.
In Europe, markets were buoyant following word of a larger-than-expected decline in German unemployment from the nation’s Federal Labor Agency.
Milan’s FTSE MIB led the region's charge with a 1.2 percent climb to 19,468.75 with Frankfurt’s DAX and Paris’s CAC 40 generating 0.8 percent increases to end the trading day at 9,506.20 and 4,262.68, respectively. In London, the FTSE 100 was up 0.4 percent to 6,755.45.
Aeffe shares rose 6.8 percent to 0.90 euros while French Connection Group was up 4.5 percent to 36.59 euros, followed closely by Italia Independent Group, up 4 percent to 41 euros.
Shares of Moncler declined 2.6 percent to 15.40 euros while Swatch Group’s were off 2.3 percent to 98.85 Swiss francs.
The euro traded for $1.36 against the U.S. dollar and the Swiss franc for $1.10.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
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