- SLIM UPS SAKS STAKE: Billionaire Carlos Slim Helú said in a Securities and Exchange Commission filing Wednesday that his stake in Saks Inc. was 9.4 percent, which compares with a 7.9 percent holding reported earlier this month. Last month, Jennison Associates LLC, an affiliate of Prudential Financial Inc., said in an SEC filing that it amassed a 10.9 percent stake in Saks, up from a 7.9 percent stake in the company. Marsico Capital Management reported to the SEC last Friday that, by the end of January, it had upped its stake in the retailer to 16.4 percent. The fund held 10.4 percent of Saks a year earlier.
- RETAIL FALLS: The S&P Retail Index dropped 2.8 percent to 395.26 Thursday after Federal Reserve Chairman Ben Bernanke said the economy will continue to be sluggish. The Dow Jones Industrial Average shed 1.4 percent to 12,376.98, while the broader S&P 500 sank 1.3 percent to 1,348.86. Liz Claiborne Inc. and Jones Apparel Group Inc. made the New York Stock Exchange's list of biggest decliners, falling 18.4 percent and 9.9 percent, respectively. Liz Claiborne closed at $18.31, while Jones ended the day at $15.45. Other notable decliners included Ann Taylor Stores, which closed down 5.4 percent to $24.44; Charming Shoppes Inc., sliding 8.1 percent to $4.32, and Citi Trends Inc., which plummeted 12 percent to $15.03.
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.
@beyonce chose a custom gown by @falgunishanepeacockindia for mother @mstinalawson 's second annual Wearable Art Gala last night. The gown, which took 10 days to make, was inspired by Nubian warrior queen Amanishakheto. Reporting by @hernameislex . #wwdeye 👑 🐝#beyonce
After dressing @justintimberlake for his Super Bowl halftime performance last month, @stellamccartney has designed the star’s "Man of the Woods" tour wardrobe. Timberlake will be wearing a mix of pieces from McCartney’s fall men's collection as well as custom designs and items from his own closet. #wwdfashion