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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)