Shares of American Apparel Inc. outperformed among fashion stocks today, rising 6.7 percent after the ouster of founder and chief executive officer Dov Charney.
After three consecutive days of advances, the S&P 500 Retailing Industry Group closed out the day’s trading session with a drop of 0.7 percent to 887.96. The index failed to follow the leads of the Dow Jones Industrial Average and S&P 500, which were both up 0.1 percent, to 16,921.46 and 1,959.48, respectively.
American Apparel shares were up 4 cents to 68 cents and traded at as high as 78 cents during the day. The company faces a myriad of financial challenges, including a potential default triggered by Charney’s dismissal. In the past year, shares have traded as high as $2.09, on July 29, and as low as 46 cents, on April 8.
Among fashion, retail and beauty equities tracked by WWD, the largest decline belonged to Coach Inc., off 8.9 percent to $35.69 after it outlined plans for store closures and a fine-tuning of its outlet model. Other declines were modest in comparison, led by Zumiez Inc.’s 2.7 percent drop to $27.03 and American Eagle Outfitters Inc.’s 2.4 percent pullback to $11.50.
On the plus side of the ledger, Lands’ End Inc. and its former parent, Sears Holdings Corp., registered the largest gains of the day following American Apparel’s, with Lands’ End up 5.9 percent to $34.87 and Sears ahead 3.6 percent to $40.98.
European markets ended the day much as they started it – on the uptick.
The FTSE MIB in Milan led the way, closing up 0.9 percent to 22,216.63, followed by the CAC 40 in Paris and the DAX in Frankfurt, both of which were up 0.7 percent to 4,563.04 and to 10,004.00, respectively. The FTSE 100 in London advanced 0.4 percent to 6,808.11.
Retail and luxury stocks were mostly up, with the day’s biggest risers including Mulberry Group, 2.2 percent to 7.45 pounds; Safilo Group, 2.5 percent to 15.94 euros; Geox, 2.2 percent to 2.72 euros, and Gemfields, 5.1 percent to 52 pence.
Among the stocks that lost the most ground were Aeffe, down 3.7 percent to 1.32 euros; French Connection Group, 1.5 percent to 64 pence, and Yoox Group, 1.3 percent to 19.48 euros.
The euro traded at $1.36 against the U.S. dollar, while the pound fetched $1.70 and the Swiss franc equaled $1.11.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews