Following the major indices, retail shares extended their rally to a fourth day Friday, racking up a 14.8 percent gain for the week as the broader stock market rebounded from 11-year lows.
The S&P Retail Index advanced 1.4 percent, or 3.63 points, on Friday to 262.69 in the week’s final trading session, outpacing the Dow Jones Industrial Average, which rose 0.8 percent, or 53.92 points, to 7,223.98. Despite the recent turnaround, retail shares still have lost 35.3 percent of their value over the last six months as the Dow fell 36.8 percent.
Investors were mollified last week by relatively decent retail sales in February — down a seasonally adjusted 0.1 percent from the preceding month — and news that major banks started 2009 with several profitable months. But the global recession, tense economic relations with trading partners such as China and untested stimulus and bailout plans from Washington mean the markets will likely remain in flux for some time.
Among the biggest retail winners in Friday’s trading was American Apparel Inc., which saw its stock shoot up 67.8 percent to $2.50 after private equity firm Lion Capital injected $80 million into the business. Charming Shoppes Inc. also saw gains, up 19.5 percent to 98 cents.
“I’ve struggled my whole life to find a bathing suit that fits me that doesn’t look like a maternity bra. I’m proud of the line because it’s an accurate representation of me rather than me putting on someone else’s clothes,” says @atlantabean of her swimwear collaboration with @piaarrobio, LPA X ATL. The two decided on a swimwear collab and increased the industry standard size for the pieces. Read more about the line — and our interview with de Cadenet Taylor and Arrobio — on WWD.com #wwdfashion
Exclusive: Cate Blanchett has been named the first global beauty ambassador for @armanibeauty. Blanchett has been the face of the brand’s Sì fragrance franchise since 2013, and is now representing all of the label’s beauty categories including makeup and skin care. #wwdbeauty (📷: @zefashioninsider)
“From concept to creation, my goal was to create beautiful pieces, with a variety of sizes, all at affordable prices,” said @joansmalls of the swimwear and intimate apparel she designed for @smartandsexysocial. The collection includes neon laced bras, sheer bodysuits and swimwear separates. The intimates collection will launch in July, while the swimwear collection will be available for purchase on Tuesday at select @walmart stores, walmart.com and smartandsexy.com. #wwdfashion