Retail shares bounced back on Tuesday, but managed to erase less than half of Monday’s record-setting decline. The Standard & Poor’s Retail Index ended the day at 247.45, up 9.11 points, or 3.8 percent, following Monday’s 9.3 percent nosedive, the largest percentage decline since it was reset in June 2000. The retail index finished on a stronger note than the Dow Jones Industrial Average (up 3.3 percent to 8,419.09) but behind the S&P 500 (up 4 percent to 848.81). While not the heart-stopper experienced on Monday, the session on Tuesday qualified as a nail-biter, as early afternoon gains were eradicated on the Dow, and nearly on the S&P Retail Index as well, only to rebound in the final hour of trading. The retail index ended just a hair down from its high for the day of 247.68. Wild fluctuations have become the norm on Wall Street in recent months as investors anticipate or react to news developments, engage in short-term profit-taking or seek to limit their losses. The second biggest advancer among the stocks tracked by WWD was specialty retailer Charming Shoppes Inc., whose shares rose 28.3 percent to $1.27, despite a downgrade from Standard & Poor’s. The debt watchdog cut Charming Shoppes’ corporate credit rating to “B-minus” from “B” and the rating on the company’s senior unsecured debt to “CCC-plus” from “B-minus.” The rating outlook is stable. A “CCC” rating indicates the debt is “currently vulnerable to nonpayment” and that the issuer is dependent on favorable business and economic conditions to meet its obligations, according to S&P’s rating scale. “The downgrade is based on continued weak operating trends, which resulted in a sharp deterioration of credit metrics,” said Jackie Oberoi, S&P credit analyst. S&P also said merchandising missteps and “inadequate levels of new fashion” have hurt the Bensalem, Pa.-based retailer. Last week, the company reported third-quarter losses of $93 million on a 7.8 percent drop in sales and unveiled additional store closures and plans to restructure operations.
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