Major indices on both sides of the Atlantic registered gains today on signs of rising consumer sentiment.
With volume light on the day before Thanksgiving, the S&P 500 Retailing Industry Group gained 0.5 percent to 930, outpacing the gains of 0.2 and 0.3 percent, respectively, logged by the Dow Jones Industrial Average and S&P 500, which ended the day at 16,097.33 and 1,807.23.
Investors felt optimistic after data showed consumer sentiment in the U.S. and Germany on the upswing. After The Conference Board Tuesday reported that its Consumer Confidence Index fell to its lowest level since April, the Thomson Reuters/University of Michigan U.S. consumer sentiment index rose to 75.1 in November from 73.2 in October. Nuremberg-based research company GfK AG projected that German consumer confidence will climb to 7.4 in December from a revised 7.1 this month.
Among U.S. fashion, beauty and retail issues tracked by WWD, advancers outnumbered decliners by about a two-to-one margin.
The largest descent of the day came from Tilly’s Inc., shares of which dropped 24.4 percent to $12 following its disclosure late Tuesday that it expected comparable sales to decline in the fourth quarter, with earnings coming in well below year-ago levels and analysts’ estimates.
Other teen retailers joined in the sell-off. Shares of Zumiez Inc. dropped 5.4 percent to $27.89, Delia’s Inc. was off 4.6 percent to $1.24 and Pacific Sunwear of California Inc. declined 3.3 percent to $2.90. American Apparel Inc. and Aéropostale Inc. were down 2.5 and 1.9 percent on the day, to $1.17 and $9.84, respectively.
One day after The Men’s Wearhouse Inc. made its offer to acquire Jos. A. BankClothier’s Inc. for more than $1.5 billion, shares of MW rallied 2 percent, to $51.61 and Bank’s added 1.1 percent to close at $56.88, $1.68 above the price offered by MW.
With theofficial start of the holiday season just ahead, J.C. Penney Co. Inc. received a vote of investor confidence. Its shares led all others in the WWD sample with a 7.7 point rise to $10.08. Other notable increases came from Tumi Holdings(2.6 percent to $24), The Bon-Ton Stores Inc. (2.6 percent to $18.07), Vince Holding Corp. (2.4 percent to $29.70) and Abercrombie & Fitch Co. (2.2 percent to $34.37).
Europe’s markets also closed on a high. The FTSE MIB in Milan led the way, rising 0.8 percent to 18,924.79, while the DAX in Frankfurt was up 0.7percent to 9,351.13, Paris’ CAC 40 gained 0.4 percent to 4,293.06 and London’s FTSE 100 advanced 0.2 percent to 6,649.47.
The euro traded at $1.35 against the dollar and the pound was worth $1.62.
Retail and luxury stocks echoed the positive outlook and closed the day mostly up. The day’s strongest gainers included Brunello Cucinelli, up 4 percent to 24.97 euros; Burberry, 2.6 percent to 15.27 pounds, andTod’s, 1.5 percent to 124.80 euros.
Among the few issues that dropped were Mulberry, down 3.8 percent to 10.09 pounds; Ferragamo, 1.3 percent to 28.77 euros, and Asos.com, 1.1 percent to 57.41 pounds.
U.S. markets will be closed Thursday for Thanksgiving and reopen with an abbreviated session on Friday.
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)