NEW YORK — Buying just may be coming back into fashion.
Apparel retailers and manufacturers were part of the markets’ stampede Monday, even though Wal-Mart and Target reported below-plan sales for last week. The Dow Jones Industrial Average, posting the third-largest point gain in its history, shot up 447.49 points, or 5.4 percent, to 8.711.88. Last Wednesday the Dow jumped 488.95 points, or 6.4 percent. Since last Tuesday’s close of 7,702.34, the Blue Chips have rebounded 13.1 percent. Still, the index is off 5.7 percent so far this month.
The Standard & Poor’s retail index advanced 12.84 points, or 4.6 percent, to end the day at 289.78.
Specialty stores posted the most impressive gains, outshining the overall markets and other retailers. Those seeing more robust advances in their share prices included Urban Outfitters charging up, $3.53, or 13.8 percent, to $29.10; Ann Taylor, $2.75, or 11.2 percent, to $27.30; Burlington Coat Factory, $2.11, or 11.3 percent, to $20.81; Chico’s, $3.59, or 11.1 percent, to $36.09; Pacific Sunwear, $1.81, or 9.5 percent, to $20.90; Gap, $1.05, or 8.6 percent, to $13.25; Buckle, $1.89, or 8.1 percent, to $25.24; Talbots, $2.31, or 7.8 percent, to $31.82; American Eagle, $1.31, or 7.5 percent, to $18.76; and Abercrombie & Fitch, $1.70, or 7.1 percent, to $25.60.
Department stores brightening during the week’s first trading session included Nordstrom, up $1.44, or 7.8 percent, to $19.85; Saks, 75 cents, or 7 percent, to $11.42; Dillard’s $1.66, or 7 percent, to $25.41; May Co., $1.85, or 6.3 percent, to $31.11; and J.C. Penney, $1.07, or 6.1 percent, to $18.62. In the discount world, shares of Target climbed $2.29, or 6.9 percent, to $35.29, while Wal-Mart saw a $1.35, or 2.8 percent, increase, to close at $49.53.
Vendors seeing the strongest gains in the price of their shares were LVMH, up 92 cents, or 11.3 percent, to $9.10; Coach, $2.82, or 12.9 percent, to $24.72; Jones Apparel, $2.26, or 7.1 percent, to $34.26; and Polo Ralph Lauren, $1, or 5 percent, to $20.90.The S&P 500 jumped 46.12 points, or 5.4 percent, to 898.96, while the Nasdaq pushed ahead 73.13 points, or 5.8 percent, to 1,335.25. European financial markets were also strong Monday, posting across-the-board increases. Shares in the UK FTSE 100 jumped a collective 4.6 percent, or 186.10 points, to close at 4,202.70.
Workers struck several Wal-Mart stores in Germany last Friday and Saturday, though no stores were closed. The strike was instigated by Ver.di, Germany’s service union, which is trying to pressure Wal-Mart to join the German Employer’s Federation, which the union negotiates with on salaries and other issues on behalf of retail workers. Ver.di said Monday that it would continue to call for strikes at Wal-Mart stores in Germany, at as of yet unspecified dates, until Wal-Mart joins the Federation. There are 95 Wal-Marts in Germany.
Sales for the overall company slid below plan last week, though Wal-Mart said it would still hit the lower end of its July comparable-store sales plan for a 5 to 7 percent uptick. On a recorded call, the firm attributed some of the weakness to strong year-ago sales driven by the distribution of income tax rebate checks.
J.C. Penney said its department stores should comp down 2 to 4 percent in July, in line with its original expectations. Last week, Penney’s said it was tracking toward a 2 percent decline. Federated Department Stores Inc. continues to expect its same-store sales to be flat to slightly down in July, and Target said comps in its discount stores came in below plan due to weakness in its men’s wear and gardening areas.
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“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