U.S. retail stocks weighed on the market today, but most of the downward pressure came from companies outside the apparel industry including Best Buy Co. Inc. and Lowe’s Cos. Inc.
The S&P Retail Index was down 0.9 percent, or 5.56 points to 638.93 in the final minutes of trading, as the Dow Jones Industrial Average was off just 3.64 points to 13,271.56.
Shares of Best Buy fell 10.3 percent to $18.19 after the company named a new chief executive officer — Hubert Joly, a media, technology and service sector turnaround specialist who led the restructuring of Vivendi’s video game business. The retailer also said Sunday that founder, shareholder and suitor Richard Schultz declined an opportunity to conduct due diligence related to his effort to take over the ailing electronics chain. Lowe’s declined 6.1 percent to $26.27 after the company’s quarterly earnings disappointed Wall Street.
In fashion, the decliners included Bebe Stores Inc., down 9.4 percent to $5.68 after president Emilia Fabricant resigned Friday; Tumi Holdings Inc., 5 percent to $21.58; Sears Holdings Corp., 3.7 percent to $57.30; Lululemon Athletica Inc., 2.8 percent to $61.44, and Coach Inc., 2.5 percent to $56.05.
Investors in Europe were initially buoyed by reports over the weekend suggesting the European Central Bank was planning to cap Spain and Italy’s borrowing costs by buying those countries' bonds.
However, the central bank and Germany’s Bundesbank later distanced themselves from those rumors.The Bundesbank said it “remains of the opinion that…government bond purchases by the Eurosystem should be viewed critically and entail…substantial stability policy risks.”
Milan’s FTSE MIB finished down 1 percent to 14,971.88, while London’s FTSE 100 dipped 0.5 percent to 5,824.37, Paris’ CAC 40 fell 0.2 percent to 3,480.58 and Frankfurt’s DAX closed down 0.1 percent to 7,033.68.
Among those losing ground were Marcolin, down 1.8 percent to 4.28 euros; Hermès, 1.2 percent to 222 euros, and Inditex, 1 percent to 86.21 euros. The euro traded at $1.23.
Exclusive: Nicola Formichetti is parting ways with @diesel after nearly four years. Formichetti, who served as Lady Gaga’s stylist in 2009, joined Diesel in 2013 as creative and artistic director. His first show debuted in Venice with a show held at the Venetian Arsenal. #wwdfashion #wwdnews
The polo shirt - an icon of preppy style - is roaring back into fashion in many creative guises, like this A-line polyester top from @carven, worn with @31philliplim cotton and elastane pants. Designers stretched a fashion classic into all kinds of new permutations this season. See how @mayteallende styled the preppy trend on WWD.com #wwdfashion (📸 : Kinya)
(Market Editors: @andrew_shang and @elmercer, Makeup: @amandawilsonmakeup using @fentybeauty, Hair: @gonn24, Model: @bara_holotova at @women360mgmt)
“I do like period [projects] a lot because I like creating those worlds, a world that is different from today," costume designer Mark Bridges said about the '50s British couture featured in @phantomthread. Bridges created the overall aesthetic and individual fashion looks for the film, which stars Daniel Day-Lewis, Lesley Manville and Vicky Krieps. Pictured here is a gown he designed for Krieps who plays Alma – the love interest of Day-Lewis' character, Reynolds Woodcock. #wwdfashion
@prada is embracing the holiday season with a series of short movies about the art of gift-giving. "The Postman's Gifts", which was directed by American filmmaker Autumn de Wilde, focuses on the brand's signature Prada Galleria bag and features Elijah Wood as the postman. In the first two episodes, Wood's delivers the iconic bag to @emmaroberts, who plays herself as a movie star, and Sasha Frolova. #wwdfashion
“I think I never met the person while we were working,” Vicky Krieps said of Daniel Day-Lewis, who she plays the love interest of in “Phantom Thread.” Day-Lewis remained perennially in character, so much so that she feels she’s just meeting him now. “It’s interesting to see how different he is in real life to the character,” Krieps said. WWD sat down with the 34-year-old actress to talk about her new role in the period film, which brings the fifties’ gender dynamics into the mix. Read more on WWD.com. #wwdeye (📷: @lexieblacklock)
@gucci has expanded its “Places” project to include six new cities. The initiative, which was first unveiled in July, aims to invite people to explore inspirational locations for the brand. On the list is the Biblioteca Angelica library in Rome pictured here. See the other five new venues on WWD.com. #wwdfashion (📷: @massimo_listri_official)
#ad From tools to lashes, WWD rounded up wellness and beauty products guaranteed to take your skin care and makeup routines to the next level in 2018. Follow along as @laceandleatherbyelyse, @ashnfashn and @elleisalwayshere experiment with these products on their Instagram profiles and blogs. #NewYearBetterYou
Blogger @camilacoelho is one of the fastest growing beauty influencers around the world. The bilingual blogger has worked with brands like @revolve Beauty, @dior, @louisvuitton and more and has an Earned Media Value of $34,338,441, according to @tribedynamics. But Coelho isn’t the only influencer making a major impact — head to WWD.com to see the other fastest-growing influencers in six key global markets. #beautyfridays (📷: @zefashioninsider)