U.S. retail stocks gained 0.6 percent today, surpassing the broader markets, which moved up slightly as investors pondered the outcome of Tuesday’s presidential election.
The S&P 500 Retailing Industry Group gained 3.98 points to 654.88, as the Dow Jones Industrial Average increased a lesser 0.2 percent, or 19.28 points, to 13,112.44.
Fashion’s strongest stocks included Aéropostale Inc., up 6.9 percent to $14.19; Movado Group Inc., 5.9 percent to $33.38; Express Inc., 4.6 percent to $11.73; Abercrombie & Fitch Co., 3.9 percent to $34.07; Tumi Holdings Inc., 3.6 percent to $22.50, and Nordstrom Inc., 2 percent to $57.62.
In Europe, investors were cautious ahead of the U.S. elections as well as key legislative votes in Greece. The Greek parliament is expected to vote on structural reforms Wednesday, with a further vote on Sunday on a 2013 austerity budget. The results of these votes will determine whether Greece will receive more financial aid from lenders.
The FTSE MIB in Milan was down 1.4 percent to 15,544.40, followed by the CAC 40 in Paris, which dropped 1.3 percent to 3,448.50. The FTSE 100 in London fell 0.5 percent to 5,839.06 following news that HSBC posted a 52 percent drop in third quarter net income. Frankfurt’s DAX dipped by 0.5 percent to 7,326.47.
Retail and luxury stocks were mostly down.
The day’s biggest decliners included Asos.com, down 2.8 percent to 22.82 pounds; Inditex, 2.3 percent to 100 euros; PPR, 2 percent to 135.05 euros; and L’Oreal, 1.9 percent to 98.56 euros. Among the companies bucking the trend were Hermès International, up 1.7 percent to 222.70 euros; Unilever, 0.7 percent to 28.77, and Tod’s, which was also up, by 0.5 percent to 93.65 euros. The euro traded at $1.28 versus the dollar and the pound traded at $1.60.
Breaking: @cushnieetochs’ co-founders @carlycushnie and @ochsmichelle are parting ways. After a 10-year run, Ochs is leaving the brand. Get the full story on WWD.com – link in bio. #wwdnews #wwdfashion
@maybelline’s Kanako Takase had snow bunnies in mind when creating the beauty look for @philipppleininternational. Playing off of the bedazzled snowboards in the collection, Takase mixed two highlighters together for a luminous sheen. #wwdbeauty #nyfw (📷: @jilliansollazzo)
“There’s a huge gap between the old way of doing things and today. It takes the youth to help evolve that. You have to count on the kids today to help lead you into the future. A lot of these retailers are stuck in the past. Communication is the biggest thing,” said @ronniefieg of @kith on the youth’s role in retail. On Monday night, Jeff Staple moderated a keynote session with Fieg and @syresmith at Assembly - a series of workshops, talks and keynotes addressing topics or issues in the apparel industry. Head to WWD.com to read more advice from Fieg and what Smith thinks of his dad @willsmith’s Instagram account and sustainability (📷: @weston.wells)
@joansmalls closed the @michaelkors fall 2018 show in black sequined pants and a varsity T printed with 19 on the front and 81 on the back. 1981 – the year Kors went into business. #wwdfashion #nfyw (📷: @giovanni_giannoni_photo)
“You think your life is going to be a certain way, and nothing you thought would happen ends up happening. Never in my wildest dreams did I think I’d be designing clothes and working with Mickey Drexler, and building something I’m deeply proud of,” said Jenna Lyons. Nine months after leaving @jcrew, Lyons is exploring the meaning of happiness. Read the interview, where Lyons talks about reinvention and more on WWD.com – link in bio. #wwdfashion (📷: Farrell) #jennalyons #jcrew