Concerns about Chinese bank liquidity drove down stocks in Europe Monday while U.S. equities were able to escape the most severe selling pressures.
Down more than 2 percent at midday, the S&P 500 Retail Industry Group finished the day off 1 percent, or 7.35 points, at 765.56, running parallel to the Dow Jones Industrial Average and S&P 500, which respectively dropped 0.9 percent to 14,659.56 and 1.2 percent to 1,573.09.
Goldman Sachs Group cut its growth forecast for China amid concern banks in the world’s second-largest economy are facing a cash crunch with the prospects for government intervention uncertain at best.
Among fashion and retail stocks in the U.S., decliners outpaced gainers more thanfour to one. Among those advancing was Saks Inc., up 0.8 percent to $13.49 following WWD’s disclosure early Monday of Hudson Bay Co.’s interest in the department store group. The biggest gain among those advancing came from Revlon Inc., up 11.3 percent to $21.76.
Among those underperforming the U.S. retail market in general were Abercrombie & Fitch Co., down 5.4 percent to $43.46; L Brands Inc., down 4.3 percent to $49.29; The Jones Group Inc., down 3.7 percent to $13.38, and Ann Inc., down 3.6 percent to $30.91.
Reacting to the situation in China, which drove the Hang Seng Index in Hong Kong down 2.2 percent to 19,813.98, European stocks fell for a fifth consecutive trading day, erasingtheir gains for the year. The FTSE 100 in London dropped 2.1 percent to 6,029.10, Paris’ CAC 40 slipped 1.7 percent to 3,595.62 and Frankfurt’s DAX contracted 1.2 percent to 7,692.45, while the FTSE MIB in Milan shrank 0.9 percent to 15,112.38.
The euro traded at $1.31 against the dollar, the pound was worth$1.51, while the Swiss franc fetched $1.07.
Retail and luxury stocks suffered similar losses, with the day’s biggest sell-offs including Gemfields, down 5.3 percent to 0.22 pounds; Asos.com, 4 percent to 38.87 pounds; Compagnie Financière Richemont, 3.3 percent to 76.80 Swiss francs, and Ferragamo, 2.8 percent to 22.05 euros.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)