U.S. retail stocks closed at another all-time high Monday as the major indices retreated slightly from their recent record-setting closing levels.
On the slowest trading day of the year, the S&P 500 Retailing Industry Group eked out a 0.1 percent pickup, to end the day at 851.10 following Friday’s 850.40 close.
The Dow Jones Industrial Average and S&P 500 stepped back 0.3 and 0.2 percent, respectively, to 15,612.13 and 1,707.14. Like the retail index, the Nasdaq was up 0.1 percent, to 3,692.95 on strong gains from both Facebook and Apple.
The strongest jump among fashion and beauty stocks came from Revlon Inc., up 6.8 percent to $26.16 following the firm’s $660 million acquisition of The Colomer Group and last week’s strong report on second-quarter earnings. The beauty firm hit a new 52-week high of $26.58 in midday trading.
Substantial gains also came from Christopher & Banks Corp., up 3.7 percent to $7, and Perry Ellis International Inc., up 2.5 percent to $20.73. At the other end of the market, Fossil Group Inc. fell 6 percent to $107.42 following Barclays downgrading of the stock to “underweight” from “equal weight.” The company is scheduled to report second-quarter financial results Tuesday morning.
Europe’s markets were little changed at the close of trading, with most indexes slightly down. The FTSE 100 in London dropped 0.4 percent to 6,619.58, despite data showing that services output grew more than forecast in July, Milan’s FTSE MIB slipped 0.2 percent to 16,753.19, Frankfurt’s DAX lost 0.1 percent to 8,398.38, while Paris’ CAC 40 was slightly up by 0.1 percent to 4,049.97.
The pound traded at $1.51 against the dollar, the euro was worth $1.31 and the Swiss franc fetched $1.07.
Retail and luxury stocks were mostly up, with the day’s strongest gainers including Yoox, up 6.5 percent to 24.50 euros; Asos, 4.3 percent to 49.86 pounds, and The Swatch Group, 1.6 percent to 99.85 Swiss francs.
Among the stocks losing ground were Safilo, down 3.3percent to 14.28 euros; Marks & Spencer, 1.1 percent to 4.83 pounds, and Compagnie Financière Richemont, 0.9 percent to 92.15 Swiss francs.
@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
@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)