A strong quarterly performance by Tiffany & Co. and The Men’s Wearhouse Inc.’s bid for Jos. A. Bank Clothiers Inc. helped to energize retail stocks today.
The S&P 500 Retailing Industry Group gained ground for the second straight day, rising 0.7 percent to 925, as the Dow Jones Industrial Average and S&P 500 advanced a fraction to 16,072.80 and 1,802.75, respectively. The Nasdaq broke through the 4,000 mark for the first time in over a decade, closing up 23.18 at 4,017.75.
Among retail, fashion and beauty stocks tracked by WWD, Bank registered the largest advance, picking up 11.3 percent to $56.29 after Men’s Wearhouse Inc. offered to acquire it for $55 a share, or about $1.54 billion. Men’s Wearhouse, which had been pursued by Bank until earlier this month, saw its shares rise 7.5 percent to $50.60.
Tiffany & Co. parlayed better-than-expected third-quarter earnings and an upbeat forecast for the fourth quarter into an 8.7 percent rise in its shares, to $88.02. However, Movado Group Inc. saw its shares descend 4.1 percent, to $44.54, when it maintained its full-year guidance despite strong sales growth in the third quarter.
In Europe, stock markets edged down at the close.
The FTSE 100 in London lost the most ground, falling 0.9 percent to 6,636.22, followed by the CAC 40 in Paris, 0.6 percent to 4,277.57. The DAX in Frankfurt and the FTSE MIB in Milan were both down 0.1 percent to 9,290.07 and to 18,774.27 respectively.
The euro traded at $1.35, while the pound fetched $1.62, and the Swiss franc equaled $1.10.
Retail and luxury stocks put on a mixed show, with the day’s biggest gainers including Geox, up 8.1 percent to 2.48 euros; Mulberry Group, 3.3 percent to 10.48 pounds; Safilo Group, 1.2 percent to 18.19 euros, and Ferragamo, 2 percent to 29.14 euros.
Among the stocks that lost the most ground were Gemfields, 6.7 percent to 0.35 pounds; Hugo Boss, 2.3 percent to 96.92 euros, and Marks & Spencer Group, 1.6 percent to 4.91 pounds.
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
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)