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.
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