Anxiety about corporate earnings sent major indices on both sides of the Atlantic down today, with retail stocks taking a particularly hard hit.Retail stocks marked their second worst day of the year as the S&P 500 Retailing Industry Group dropped 2.9 percent to 854.86, approaching the 3 percent dropoff suffered on April 10. That erased gains earlier in the week, leaving the index down 1.5 percent for the week and off 9 percent for the year.Declines were less severe for the Dow Jones Industrial Average which, at 16,361.46, was off 0.9 percent for the day and 0.3 percent for the week, and the S&P 500, down 0.8 percent to 1,863.40 to drop it just below breakeven for the week with a decline of less than 0.1 percent.For the year, the Dow is off 1.3 percent while the S&P 500 is holding onto a 0.8 percent gain.Among the dozen U.S.-based fashion, retail and beauty stocks in the “plus” column for the day were Hanesbrands Inc., up 4.7 percent to $78.94, and VF Corp., up 2.2 percent to $61.44. Both firms reported better-than-expected first-quarter earnings and raised full-year guidance, with Hanesbrands reporting late Thursday and VF early Friday.Shares of The Wet Seal Inc. had the largest percentage increase for the day among equities tracked by WWD. The stock rose 5 percent to $1.25 after the firm said it would shutter its Arden B division and focus on its Wet Seal nameplate.Declines were more numerous and larger. Delta Apparel Inc. shares shed 11.9 percent to $14.74 after it reported a second-quarter loss.Investors in new technology also companies saw their investments pared. Amazon.com Inc. and Twitter Inc. sold off 9.9 and 7.2 percent, respectively, to $303.83 and $41.61, while Facebook Inc. was off 5.2 percent to $10.97.In Europe, stock markets were down for the day but yielded mixed results for the week.Milan’s FTSE MIB sank 1.7 percent to 21,441.57, followed by the DAX in Frankfurt, which fell 1.5 percent to 9,401.55. The CAC 40 in Paris dipped 0.8 percent to 4,443.63 while the FTSE 100 in London was down 0.3 percent to 6,685.69.For the week, the FTSE 100 was up 0.9 percent and the CAC 400 up 0.3 percent. The FTSE MIB contracted 0.8 percent and the DAX 0.1 percent. On a year-to-date basis, the FTSE MIB remains up 13 percent and the CAC 40 ahead 3.4 percent, while the DAX is down 1.6 percent and the FTSE 100 off 0.9 percent.Retail and luxury stocks were mostly down, with a few exceptions. Kering advanced 3.7 percent to 159 euros following the news Thursday that it was re-jigging its management team, while Mulberry Group was up 3.1 percent to 7.25 pounds, and Safilo Group rose 1.2 percent to 15.53 euros.Among the stocks that lost the most ground were Asos.com, down 2.4 percent to 44.24 pounds; Metro AG, 2.4 percent to 28.15 euros; Koovs, 3.3 percent to 1.75 pounds, and Yoox Group, 3.8 percent to 25.34 euros.Against the U.S. dollar, the euro traded at $1.38, while the pound fetched $1.68 and the Swiss franc was quoted at $1.13.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim