Retail stocks outperformed on Wall Street, which received a small boost from Japan’s efforts to break a cycle of slow growth with an increase in spending.
The S&P 500 Retailing Industry Group rose 1 percent, or 7.42 points, to 729.47, and Dow Jones Industrial Average increased 0.4 percent, or 55.76 points, to 14,606.11. Best Buy Co. led the retail index higher, gaining 16.1 percent to $25.13 after the retailer agreed to carve out some of its space for Samsung.
The day’s fashion industry gainers included Jos. A. Bank Clothiers Inc., up 8 percent to $43.49; Quiksilver Inc., 4.9 percent to $6.45; J.C. Penney Co. Inc., 4.5 percent to $15.08, and Chico's FAS Inc., 3.4 percent to $17.73.
The Bank of Japan launched a major surprise stimulus package aimed at pushing inflation to 2 percent after years of deflation and slow growth.
The bank has vowed to increase its purchase of government bonds by 50 trillion yen, or $535.85 billion, per year. The move, by the bank’s new governor Haruhiko Kuroda, pushed the Nikkei 225 up 2.2 percent to close at 12,634.54.
The dollar and the euro rose more than 3 percent against the yen on Thursday after the announcement. The yen traded at $0.01 against the dollar and was worth 0.008 euros.
The euro traded at $1.28 against the dollar while the pound fetched $1.51 and the Swiss franc went for $1.05.
European stock markets edged down at the close of trading, as central banks in the region kept interest rates on ice and decided against more economic stimulus measures.
The FTSE 100 in London was down 1.2 percent to 6,344.12, as the CAC 40 in Paris fell 0.8 percent to 3,726.16, the DAX in Frankfurt declined 0.7 percent to 7,817.39 and the FTSE MIB in Milan slipped 0.3 percent to 15,154.02.
Retail and luxury stocks were also down, with the day’s biggest decliners including Brunello Cucinelli, which fell 2.5 percent to 16.35 euros; Compagnie Financière Richemont, 3.2 percent to 73.45 Swiss francs; Yoox, 2.5 percent to 14.45 euros; and L’Oreal, 2.5 percent to 124.10 euros.
Both the European Central Bank and the Bank of England kept their base interest rates stable, at 0.75 percent and at 0.5 percent, respectively. The Bank of England decided not to continue its quantitative easing stimulus plan, amid projections that the country will avoid a triple-dip recession.
“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