In the broader market, the S&P 500 Retailing Industry Group fell 0.8 percent, or 6.12 points, to 787.51, as the Dow Jones Industrial Average dropped 0.8 percent, or 116.57 points, to 15,122.02. Stocks are still near their all-time highs, but investors are worrying over when the Federal Reserve will deem the economy strong enough for it to tighten up monetary policy, raising interest rates.
Among the other decliners were Fifth & Pacific Cos. Inc., down 3.1 percent to $21.23; J.C. Penney Co. Inc., 3.1 percent to $18.12; Amazon.com Inc., 2.2 percent to $274.78, and Saks Inc., 2.2 percent to $14.44.
Markets were also in retreat in Europe, with the FTSE MIB in Milan leading the way.
The Italian market sank 1.6 percent to 16,286.60, followed by the CAC 40 in Paris, which was down 1.4 percent to 3,810.56. The DAX in Frankfurt fell 1 percent to 8,222.46 and the FTSE 100 in London declined 0.9 percent to 6,340.08.
The euro traded at $1.32 against the dollar, while the pound fetched $1.55 and the Swiss franc equaled $1.07.
Retail and luxury stocks were mostly down with the market. The day’s biggest decliners included Burberry Group, down 4.8 percent to 13.58 pounds; Mulberry Group, 3.8 percent to 9.42 pounds; Safilo Group, 4 percent to 14.97 euros, and Yoox, 3.8 percent to 16.65 euros.
Europe’s markets started the day on a sour note after the Bank of Japan said it would not rely on more stimulus measures to boost the economy.
And a case on the legality of the European Central Bank’s bond-buying program began today in Germany’s top court. The ECB measures have provided a boost to euro zone countries struggling with soaring interest rates, but those who brought the case argue that it’s tantamount to the European Union giving aid to troubled nations through an indirect route.
@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