American Apparel Inc.’s shares rose 15 cents, or 28.7 percent, to 68 cents as U.S. retail stocks returned to winning form.
The S&P 500 Retailing Industry Group rose 0.4 percent to 890.01, slightly better than the Dow Jones Industrial Average’s 0.3 percent advance to 16,867.51 but not quite up to the 0.5 percent pick-up registered by the S&P 500, which ended the day at 1,959.53.
The largest gain by far among the retail, fashion and beauty issues tracked by WWD came from American Apparel as ousted founder Dov Charney, who retained 27.2 percent of the company’s shares, filed for arbitration in his dispute with the firm. The rise essentially erased the 14-cent decline in shares on Tuesday.
Christopher & Banks Corp. logged the second biggest gain among the WWD sample, rising 9.8 percent to $9.04, while Hanesbrands Inc. shares added 9.2 percent, to close at $96.72, after disclosing that it had reached an agreement to acquire DBApparel, the French underwear firm.
Declines included Cache Inc.’s 3.2 percent drop to $1.53 and Movado Group Inc.’s 3 percent decline to $41.92.
European stock markets closed on a down note on Wednesday, with the CAC 40 in Paris leading the retreat.
The French market slipped 1.3 percent to 4,460.60, followed by the FTSE 100 in London and the FTSE MIB in Milan, which both fell 0.8 percent to 6,733.62 and 21,469.10, respectively. The DAX in Frankfurt dipped 0.7 percent to 9,867.75.
Retail and luxury stocks were mostly down, with exceptions including Carrefour SA, up 2 percent to 26.88 euros; Mulberry Group, up 1.7 percent to 7.38 pounds; Metro AG, 1.5 percent to 31.67 euros and Moncler, 1.4 percent to 12.10 euros.
Among the stocks that fell the most were Gemfields, 3.9 percent to 49 pence; Boohoo.com, 2.3 percent to 44 pence; Asos.com, 2.1 percent to 28.42 pounds; Koovs, 1.8 percent to 1.40 pounds, and Marks & Spencer Group, 1.8 percent to 4.26 pounds.
The euro traded at $1.36 against the U.S. dollar while the pound fetched $1.70 and the Swiss franc equaled $1.12.
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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)
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24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews