NEW YORK — Rather than igniting a new market boom, Facebook Inc.’s much-touted initial public offering fizzled Friday, leaving investors right where they were before the hubbub — mired in worries over Europe’s economy and political morass.
Shares of the social media company closed up just 23 cents to $38.23 — having risen to as high as $45 in midday trading. That gives the company a market capitalization of $105.63 billion. There were hopes that a rising Facebook would help other new economy companies, but shares of Amazon.com Inc. fell 2.1 percent to $213.85 and eBay Inc. sank 1.7 percent to $38.36.
The S&P Retail Index declined 0.6 percent, or 3.58 points, to 590.78 as the Dow Jones Industrial Average declined 0.6 percent, or 73.11 points, to 12,369.38. European markets also declined, with London’s FTSE 100 leading the way down with a drop of 1.3 percent to 5,267.62
Running countertrend were three companies that weighed in with first-quarter results. Shares of Pacific Sunwear of California Inc. gained 9.3 percent to $1.29 after its losses narrowed; Aéropostale Inc. rose 4.4 percent to $18.49 despite a 34.5 percent profit drop, and Ann Inc. rose 3.2 percent to $26.68 after topping analyst earnings expectations.
For Facebook chief executive officer Mark Zuckerberg, the IPO might well be an “out of the frying pan and into the fire” moment. The intense buildup to the offering is over, but the scrutiny and second guessing that all public companies enjoy is just beginning. A few fashion industry titans weighed in with some advice on how Zuckerberg might handle all the new attention.
“To Mark Zuckerberg: Congratulations, well done!” said Leonard Lauder, chairman emeritus of the Estée Lauder Cos. Inc. “Just remember: When looking at all the other people in your space that nothing stays golden forever. Start thinking about tomorrow today.”
Michael Kors added, “Don’t pay attention to fashion naysayers, Mr. Zuckerberg! I wore black crewnecks, black jackets and jeans before my IPO and I continue to do so after. It’s your talent, vision and performance that people are interested in.”
Donna Karan had a slightly different take: “He doesn’t need our advice — he should advise us. Really, though, there are so many things that need help in this world, and he can help, and help us, make the big changes.”
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)