Retail stocks failed to extend their winning streak to a fifth day Monday and fell 2.7 percent, giving back some of the gains from last week’s rally. The S&P Retail Index spent part of the day in positive territory, but gave up afternoon gains to end down 7.09 points to 255.60. The Dow Jones Industrial Average dipped 0.1 percent, or 7.01 points, to 7,216.97. Retail shares jumped 14.8 percent last week, joining in a broader market rally backed by news that Citigroup, Bank of America and J.P. Morgan Chase & Co. each turned a profit in January and February. Concerns over banks and the credit markets continue, though. And the financial headlines turned negative again as insurer American International Group Inc. was battered for planning about $450 million in bonuses, even though taxpayers now own 80 percent of the firm after it received government bailout funds. For some, the run-up, however welcomed, seemed a bit too good to be true. “Last week we set up the possibility for further losses in stock prices before we finally get to a bottom that might be meaningful for investors,” said Paul Nolte, director of investments at Hinsdale Associates in an analysis before the market opened Monday. “We just don’t believe that ‘the’ bottom arrived. We would like to see higher prices, but remain concerned that the rush to call ‘the bottom’ may well be premature. As a result, we may pull back further on equity holdings expecting lower prices in the weeks ahead.” Most segments of retailing were hit in Monday’s declines, including department stores, discounters, off-pricers and specialty stores. Activist investor William Ackman’s proxy fight to put five new faces, including his own, on Target Corp.’s board did not boost the company’s stock, which slid 3.8 percent to $28.83. And the news that Tommy Millner was named president and chief executive officer of outdoor retailer Cabela’s Inc. failed to inspire investors, who traded shares of the firm down 10.7 percent to $7.75. Also among those losing ground were Stein Mart Inc., down 10.3 percent to $1.30; Bebe Stores Inc., 6 percent to $4.90; Charlotte Russe Holding Inc., 6 percent to $6.17; J. Crew Group, 5.9 percent to $10.71; The Talbots Inc., 5.9 percent to $2.88; Chico’s FAS Inc., 5.7 percent to $4.84; Macy’s Inc., 5 percent to $7.91; Sears Holdings Corp., 4.6 percent to $38.18, and The Bon-Ton Stores Inc., 4.5 percent to $1.28.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim