U.S. retail stocks gained ground today despite an unexpected drop in consumer confidence this month.
The S&P 500 Retailing Industry Group rose 0.6 percent, or 4.59 points, to 725.32, as the Dow Jones Industrial Average gained 0.8 percent, or 111.90 points, to 14,559.65.
Among the gainers were American Apparel Inc., up 12.9 percent to $2.37; Movado Group Inc., 5.1 percent to $33.95; Avon Products Inc., 4.2 percent to $20.84, and Amazon.com Inc., 1.7 percent to $260.31.
“The recent sequester [budget cut] has created uncertainty regarding the economic outlook and as a result, consumers are less confident,” said Lynn Franco, director of economic indicators at The Conference Board.
Investors continued to push the market up in both the U.S. and Europe, even though there are lingering concerns about the contentious bailout for Cyprus this week. The country secured 10billion euros, or $12.96 billion, to stave off bankruptcy, but people with bank accounts in the small island nation had to foot some of that bill.
Paris’ CAC 40 gained 0.6 percent to 3,748.64, as London’s FTSE 100 rose 0.3 percent to 6,399.37 and Frankfurt’s DAX inched up 0.1 percent to 7,879.67.
Milan’s FTSE MIB headed in the other direction, falling 1 percent to 15,495.92.Fashion and luxury stocks were most on the rise. The gainers included Mulberry Group, up 2.2 percent to 10.25 pounds; Burberry Group, 1.5 percent to 13.37 pounds; LVMH Moët Hennessy Louis Vuitton, 1.3 percent to 131.30 euros; Kering (formerly PPR), 1.1 percent to 172.35 euros; Salvatore Ferragamo, 0.9 percent to 21.55 euros, and Hermès International, 0.6 percent to 267.25 euros.
The euro traded at $1.29 against the dollar while the pound fetched $1.52.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion