Ending strings of four consecutive losing weeks, U.S. retail stocks rose 1.7 percent last week and the Dow Jones Industrial Average advanced 0.9 percent.
The S&P Retail Index inched up 0.04 percent, or 0.14 points Friday, to 399.50. Of 172 publicly held firms tracked by WWD, 123 had increases for the week versus 39 with decreases and 10 that were unchanged.
The Dow dipped 0.4 percent, or 44.05 points Friday, to 10,099.14. The Dow started off the week with its first close below 10,000 since November as investors fretted that Greece’s debt woes could spread elsewhere. European leaders stepped forward Thursday and said they would “take determined and coordinated action, if needed, to safeguard financial stability in the euro area as a whole.”
And Europe remained in focus on Friday as the euro area turned in only a 0.1 percent rise in fourth-quarter gross domestic product, less than the 0.3 percent bump economists anticipated.
Still, it was an up week for European markets. The FTSE 100 rose 1.6 percent to 5,142.45 in London and the CAC 40 advanced 1 percent to 3,599.07 in Paris.
In China, the country’s financial institutions learned Friday they would have to keep more funds on reserve in the People’s Bank of China. It was the second 0.5 percentage point boost to the reserve deposit ratio from the central bank this year.
Such an increase is expected to have a cooling impact on the country’s economy since financial firms have less to lend out as reserve requirements rise.
In Asia last week, investors pushed the Nikkei 225 up 0.4 percent to 10,092.19 in Tokyo, the Hang Seng Index ahead 3.1 percent to 20,268.69 in Hong Kong and the SSE Composite Index up 2.7 percent to 3,018.12 in Shanghai.
In the U.S., Marsico Capital Management LLC reported to the Securities and Exchange Commission that it boosted its stake in Polo Ralph Lauren Corp. to 3.1 million shares, or 5.6 percent of those outstanding, as of Dec. 31, up from 2.5 million on Sept. 30. The additional shares lifted Marsico’s stake in the firm above 5 percent, necessitating a regulatory filing with the SEC.
At the end of last year, Marsico also held positions in Nordstrom Inc., Kohl’s Corp., J. Crew Group Inc., Nike Inc. and Under Armour Inc. in its $41.73 billion portfolio, according to its Form 13F-HR filing last week.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews