Stocks received a powerful lift when Federal Reserve chair Janet Yellen said the Fed still saw the need to support the economy and would continue to do so.
Her comments during a conference in Chicago propelled stocks to gains, with both the Dow Jones Industrial Average and S&P 500 adding 0.8 percent to end the month and the quarter at 16,457.66 and 1,872.34, respectively.
Retail shares rose less dramatically as the S&P 500 Retailing Industry Group logged a 0.3 percent advance to end Monday’s trading session at 889.97, 5 percent below its starting point in March and 5.3 percent below the Dec. 31 close.
Specialty retailers attracted most of the largest gains among the sample of fashion, retail and beauty equities tracked by WWD. Cache Inc. shares were up 5.8 percent to $3.29 and American Apparel Inc. gained 5.1 percent to 50 cents. Stein Mart Inc. was up 4 percent to $14.01 while two California-based teen retailers in the midst of turnaround efforts, The Wet Seal Inc. and Pacific Sunwear of California Inc., had matching 3.9 percent increases to close at $1.32 and $2.97, respectively.
Shares of Coldwater Creek Inc. lost 76.1 percent of their value, closing at 16 cents, as reports of a possible voluntary Chapter 11 bankruptcy filing gained in volume. Before Monday’s sharp decline, their 52-week low had been 65 cents, reached on Friday.
J.C. Penney Co. Inc. shares were off 2.4 percent to $8.62 while the Birks Group Inc. and Movado Group Inc. logged 1.8 percent declines to close at $1.08 and $45.55, respectively.
European markets traveled in different directions. The FTSE MIB in Milan rose 0.7 percent to 21,655.01, while the FTSE 100 in London gained 0.2 percent to 6,598.37. But the Frankfurt’s DAX fell 0.3 percent to 9,555.91 and the CAC 40 in Paris lost 0.5 percent to 4,391.50.
A number of British stocks rose, including French Connection, which kicked off the week with a 9.4 percent increase to 70 pence; Debenhams, up 3.1 percent to 80 pence; Gemfields, which rose 4.9 percent to 37 pence, and Asos.com, up 2.5 percent to 51.49 pounds. Online retailer Boohoo.com gained 0.7 percent to 51 pence after reporting in a trading update Monday morning that its net revenues gained 62 percent to 109 million pounds, or $172 million, in the year ended Feb. 28.
Those stocks in the sector that fell in the day’s trading included Next, down 1.5 percent to 66 pounds; Safilo Group, which dropped 2.4 percent to 15.33 pounds, and Koovs, which tumbled 10.1 percent to 1.62 pounds.
The euro traded for $1.38 against the U.S. dollar while the pound changed hands for $1.66.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast