U.S. retail stocks were outpacing the market in midafternoon trading on Wall Street, where it was generally business as usual even as the effects of winter storm Nemo began to be felt in New York.
The S&P 500 Retailing Industry Group was up 0.7 percent, or 4.77 points, to 703.90, as the market approached the final hour of trading. The sector was comfortably outperforming the Dow Jones Industrial Average, which was up 0.3 percent, or 44.27 points, to 13,988.32.
Both retail stocks and the market overall are near their all-time highs, in part because the economy is projected to steadily improve even though it was unexpectedly weak in the fourth quarter when a cut in military spending weighed on GDP.
The gainers in the fashion industry included Guess Inc., up 3.8 percent to $28; Quiksilver Inc., 2.4 percent to $6.78; Columbia Sportswear Co., 2 percent to $50.53, and Iconix Brand Group, Inc. 1.4 percent to $24.03.
In Europe, stocks rallied, led by the Italian and French markets.
The FTSE MIB in Milan and the CAC 40 in Paris were both up 1.4 percent, to 16,630.50 and to 3,649.50, respectively. The DAX in Frankfurt advanced 0.8 percent to 7,652.14 and the FTSE 100 in London rose 0.6 percent to 6,263.93.
The euro traded at $1.35 against the dollar, while the pound traded at $1.57 and the Swiss franc traded at $1.10.
Retail and luxury stocks were mostly on the upswing, with the day’s biggest gainers including Safilo Group, up 9.4 percent to 8.60 euros; Hugo Boss, ahead 2.2 percent to 88.51 euros after reporting record sales and earnings in 2012; Brunello Cucinelli, up 3 percent to 15.20 euros, and Burberry Group, ahead 2.1 percent to 13.65 pounds.
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