Retail shares climbed back from session lows on Friday, but still finished the week with a double-digit dropoff.
The Standard & Poor’s Retail Index closed out the week at 247.04, 11.1 percent below last Friday’s level and 3.7 percent under Thursday’s 256.53 finish. It’s also 47 percent below the 52-week high of 466.38 hit last Oct. 29.
In the first half hour of trading Friday, the index hit a new 52-week low of 241.36 before rallying modestly in the late morning.
The decline in retail stocks for the week by far outstripped declines for the period in the Dow Jones Industrial Average (5.3 percent) and the S&P 500 (6.8 percent). However, they were modest in comparison to selloffs in Asia, where the Nikkei 225 was off 12 percent for the week after a 9.6 percent drop on Friday. Hong Kong’s Hang Seng Index plummeted 13.3 percent during the week after Friday’s 8.3 percent swoon.
In Europe, London’s FTSE 100 dropped 5 percent on Friday, putting its decline for the week at 4.4 percent. The CAC 40 in Paris fell 3.5 percent to put its slide for the week at 4.1 percent.
Among the largest declines for the week were Dillard’s 51.8 percent contraction and, following Friday’s downward revision of guidance and word that Moody’s Investors Services was reviewing it for a possible downgrade, Liz Claiborne’s 33 percent erosion.
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