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.
Assouline is paying homage to the late Azzedine Alaïa with a reprint of "Alaïa Livre de Collection.” The book is comprised of photographs of the designer's summer 1992 runway show with models Christy Turlington Burns, Naomi Campbell and Tyra Banks, pictured here at right. #wwdfashion #alaia #tyrabanks
Fall 2018 accessories take on a painterly hue, with Nebulas Blue among Pantone’s top 10 colors of the season. (📸: @jonghyupstudio ; editor: @twallz21 ; stylist and set designer: @haideefindlaylevin ) #wwdaccessories
@americanapparelusa is relaunching the brand outside of the U.S. today, opening its online store to more than 200 countries. The company is also contemplating a return to brick-and-mortar, though details have not been confirmed. In tandem with the expanded distribution is a recasting of a social media ad campagn, called “Back to Basics,” pictured here, with a focus on diversity and a cast of models above the age of 21. Read more on WWD.com #wwdnews #wwdfashion
Exclusive: @britneyspears is continuing to expand her brand. The pop icon, who appears in @kenzo ’s latest campaign, is partnering with Epic Rights to launch a line of branded merchandise. Read @hernameislex ‘s story, link in bio. #wwdnews #britneyspears
The Duchess of Cambridge channeled Princess Diana’s look upon giving birth to Prince Harry, when she and the Duke of Cambridge departed the hospital with the new baby Prince this afternoon in London. #wwdeye #princeofcambridge
The new Prince of Cambridge has arrived! The Duke and Duchess of Cambridge posed with the 8-pound newborn. She wore a look from one of her go-to designers, @jennypackham. Tap link in bio for more. #wwdeye #princeofcambridge
Jewelry label @alisonlou has made a name for itself with fine jewelry that speaks to the Millennial market. Now @twallz21 reports that the label is bringing those playful ideas to a new affordable line of lucite hoops with the launch of Loucite by Alison Lou. Here’s a look from the line modeled by @emrata. #wwdaccessories
@sarahjessicaparker and @gilt are teaming up on a bridal ready-to-wear line. Tomorrow, Parker will launch SJP by Sarah Jessica Parker Bridal — and as part of the launch, Gilt will offer 15 exclusive styles from the SJP by Sarah Jessica Parker footwear collection that were designed to complement the new line. Made out of 10 styles, the line is designed for a variety of occasions, from bridal showers to receptions. Get more details on WWD.com #wwdfashion