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.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
“I was making the guacamole when my scout saw me,” says model @stuckinteenage on being discovered just six months ago while working at @chipotlemexicangrill. Since then Williams has signed with @dnamodels, walked in her first show at @calvinklein and landed on the cover of @vogueitalia – a high point of any model’s career. To read @lisajlockwood’s full interview with the model on her experiences thus far, head to WWD.com – link in bio. (📷: George Chinsee)
“I love the idea of dialogue, period. It’s where I’ve always gotten my inspiration from: hearing other women speak, their journeys and their paths,” said @hereisgina, who delivered the keynote speech during @sxsw for @createcultivate in partnership with @fossil. For her two panels, Rodriguez chose female empowering, female-led and female entrepreneurs to focus on. Head to WWD.com to read more about her thoughts on Time’s Up, growing up in a family of women and why we “need a girls’ club.” #wwdeye #sxsw (📷: @jgreenery)
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.