U.S. retail stocks joined major U.S. and European indices today in a broad sell-off that followed Tuesday night’s budget deal.
The S&P Retailing Industry Group dropped 0.6 percent to 915.91 while the Dow Jones Industrial Average and S&P 500, respectively, tracked down 0.8 and 1.1 percent, to 15,843.53 and 1,782.22, respectively. The S&P 500 surrendered the 1,800 level today, as the Dow did the 16,000 milestone on Tuesday.
The budget agreement Tuesday was seen as adding to the likelihood that the Federal Reserve would decelerate its bond-buying program. The Federal Reserve Open Market Committee begins a two-day meeting on Tuesday.
Among U.S. fashion, retail and beauty stocks tracked by WWD, issues in decline outnumbered those gaining ground by a roughly two-to-one margin. Quiksilver Inc. and Coldwater Creek Inc. both dropped 5.5 percent, to $7.53 and 84 cents, respectively, with Avon Products Inc. down 4.4 percent to $17.03 after it disclosed it would cut about 650 jobs and stop the implementation of an order management system.
The healthiest gain came from Burlington Stores Inc., up 8.3 percent to $28.07. That gain nearly erased the stock's decline from Tuesday, when Burlington gave weak fourth-quarter sales guidance.
In Europe, markets also took a step back.
FTSE MIB in Milan led the way with a 1.4 percent decline to 17,973.96. The DAX in Frankfurt contracted 0.4 percent to 9,077.11, and the FTSE 100 in London decreased 0.2 percent to 6,507.72. The CAC 40 in Paris fell 0.1 percent to 4,086.86.
The euro traded at $1.38 against the U.S. dollar, while the pound fetched $1.64, and the Swiss franc equaled $1.12.
Retail and luxury stocks were mostly down, with a few exceptions including Marks & Spencer Group, which advanced 1.5 percent to 4.66 pounds; Geox, 1.6 percent to 2.66 euros; and Asos.com, 1.8 percent to 60.29 pounds.
Among the day’s biggest descents came from Mulberry Group, down 2.1 percent to 9.99 pounds; Safilo Group, 1.7 percent to 17.23 euros, and Brunello Cucinelli, 1.2 percent to 24.87 euros.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast