Shares of Kate Spade & Co. dropped 25.4 percent to $29 as investors put concerns about the company’s margins over satisfaction with its reduced second-quarter loss.
The pullback in Kate Spade stock, centered on liquidations of its Kate Spade Saturday inventory and their negative impact on gross margin, was by far the largest move by any of the 100 equities on the WWD Global Stock Tracker, which declined 0.2 percent to 98.04 for the day.
Other upscale handbag firms had declines, including a 3.2 percent drop for Michael Kors Holdings Ltd., to $77.44, and a 0.6 percent contraction at Coach Inc., to $35.98.
Among other declines was a 4 percent drop for Sears Holdings Corp. to $36.13, a 3.3 percent decline for G-III Apparel Group to $80.03 and a 2.7 percent descent for American Apparel Inc. to 91 cents.
After the U.S. markets closed, American Apparel filed a report with the Securities and Exchange Commission showing that its estimated loss for the second quarter ended June 30 declined to $15 million from a year-ago loss of $38 million while sales were flat at $162 million. The Los Angeles-based company said it was unable to file its quarterly report, or Form 10-Q, on time because of recent changes in the composition of its board.
The strongest gain among tracker stocks came from Pandora A/S, up 8.3 percent to 413 Danish kroner, or $74.15 at current exchange, following its 53.6 percent advance in second-quarter profits and upward revision of its full-year guidance.
Shares of Luen Thai Holdings Ltd. were up 3.3 percent to 2.17 Hong Kong dollars, or 28 cents, followed by Anta Sports Products Ltd., up 2.8 percent to 14.86 Hong Kong dollars, or $1.92, and Inter Parfums Inc., up 2.6 percent to $28.55.
With the results for the day, the WWD Global Stock Tracker has gained in 12 sessions and declined in 13 since its July 8 rollout.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast