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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty