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.
Donatella Versace will receive the International Award at the 2018 @cfda awards, which were announced tonight. Tap link in bio for a list of all the nominees and honorees. #wwdnews #wwdfashion (📷: @rahirezvanistudio )
The 2018 @cfda Awards nominees are out! @virgilabloh for @off____white for is nominated for Womenswear Designer of the Year. Tap link in bio for all the nominees. #wwdnews #wwdfashion ( 📷: @simonelezzi)
@chanelofficial is suing high-end vintage retailer @whatgoesaroundnyc for trademark infringement, a move that could cost the retailer millions. The French fashion house claims that it’s not only unintentionally sold counterfeit goods on occasion, but that it’s “gone out of its way to create an association with Chanel,” which does not exist. Read Chanel’s statement on WWD.com #wwdnews (@aitorrosasphoto)
Exclusive: Guillaume Henry has left @ninaricci, the fashion house said on Thursday. “After three years of mutually gratifying creative collaboration, Nina Ricci and Guillaume Henry have together decided that the designer will depart the house after the presentation of the fall-winter 2018-19 collection,” Ricci said in a statement. Get all the details on WWD.com #wwdfashion (📷: @aitorrosasphoto)
“When Bella enters a room all heads turn,” said @peterphilipsmakeup, creative and image director for @diormakeup. Last night, the two celebrated the product launch of Dior’s Lacquer Plump in Los Angeles with other celebs like @parisjackson, @winnieharlow and more. Head to WWD.com to see the rest of the photos from the night (📷: @chelsealaurenla) #wwdeye
“These shirts are an art form, it’s about getting the message out to as many people as you can. It breaks down the pretentiousness of the art gallery,” says Kumasi Sadiki, cofounder of @ebayontheblock, a store that sells merchandise by New York artists who are shifting their attention to clothes as a wearable medium. Pictured here is a design by artist @joegarvey_, one of the first to spearhead this movement. Head to WWD.com to read @mistywhitesidell full story on how their designs have become merch for the underground elite #wwdfashion
@netaporter is dedicating a part of its website – called the Fine Jewelry and Watch Destination – to highlight its high-end jewelry. The hub will feature products on the site, as well as incorporate styling advice and educational content about high-priced jewelry items. Get more details on WWD.com. #wwdaccessories
For “The Cher Show,” an upcoming musical based on @cher’s life and career, @bobmackie is once again collaborating with the singer in designing the costumes. For decades, Mackie has designed glitzy stage costumes and red carpet looks for the 71-year-old Grammy winner. Pictured here is a sketch of some of the pieces in the wardrobe of the musical, which is set to debut in Chicago on June 12 before making its way to Broadway #wwdeye