Retail stocks rose 1.5 percent Thursday, making up most of the ground lost in three consecutive days of declines.
The S&P Retail Index ran up 6.08 points to 407.27 and outpaced the Dow Jones Industrial Average, which advanced 0.7 percent, or 68.78 points, to 10,405.83. The Hang Seng Index fell 0.2 percent in Hong Kong as the FTSE 100 rose 0.8 percent in London and the CAC 40 perked up 1.1 percent in Paris.
U.S. consumer stocks rallied despite a Labor Department report showing a 17,000 rise in jobless claims last week while economists were expecting a milder increase of 3,000.
Shares of The Warnaco Group Inc. rose 1.4 percent to $42.62 after Standard & Poor’s said it was considering an upgrade for the firm’s credit rating. Warnaco is currently rated “BB-plus” and an upgrade would get the company’s debt out of junk bond territory.
“Warnaco’s operating performance has been good despite the recession and weak retail environment, and credit metrics have remained stronger than the rating,” said S&P.
After the markets closed, Hanesbrands Inc. said its recent debt refinancing would allow it to make “bolt-on acquisitions” in the $200 million to $300 million range, as opposed to previous covenants that limited acquisitions to $100 million annually. S&P removed the company from CreditWatch negative, raised the rating on its unsecured debt to “B-plus” from “B” and gave its new notes a “B-plus” rating.
Shares of CIT Group Inc. rose 13.7 percent Thursday as they commenced trading on the New York Stock Exchange on the same day the firm exited bankruptcy court proceedings. Shares of the financial services firm, which trades under the same CIT ticker symbol used before its bankruptcy, closed at $28.99, up from when trading began earlier in the day at $25.50. CIT filed a prepackaged bankruptcy on Nov. 1, and received Manhattan bankruptcy court approval of its plan of reorganization on Tuesday.
@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