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.
“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
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye