Specialty stores sustained the worst damage as retail stocks took another beating Monday, their fifth day of decline in the last six sessions.The Standard & Poor’s Retail Index closed at 239.98, off 6.6 points, or 2.7 percent. The drop was slightly greater than the major indices. The Dow Jones Industrial Average lost 223.73 points, or 2.6 percent, and the S&P 500 was down 22.54 points, also 2.6 percent, to 850.75.The continuing wave of lower third-quarter results, and reduced fourth-quarter expectations among retailers, contributed to the downward motion, which followed Target Corp.’s disclosure of a 23.8 percent decline in third-quarter profits. Citigroup’s announcement of 52,000 job cuts and an analyst downgrade of Alcoa Inc. also pushed equities toward the red.Of the dozen worst performing stocks tracked daily by WWD, four were specialty stores, with the biggest decline from Coldwater Creek Inc., down 18.5 percent to $1.28. Charming Shoppes Inc., Eddie Bauer Holdings Inc. and Abercrombie & Fitch Co. took hits of 16.5, 14 and 13.4 percent, respectively.European markets closed lower. In Paris, the CAC 40 was off 109.44 points, or 3.3 percent, to 3,182.03. In London, the FTSE 100 closed off 100.81 points, or 2.4 percent, at 4,132.16. In Milan, shares of Safilo Group SpA lost almost 30 percent of their value, falling 0.23 euros to 0.55 euros, or 69 cents at current exchange, after Friday’s report of lower earnings and sales in the first nine months of the year. IT Holding SpA’s stock was down 9.7 percent to 0.20 euros, or 25 cents, but, in Frankfurt, Escada AG was up 15.3 percent to 4.61 euros, or $5.81. Results in Asia were mixed, with Tokyo’s Nikkei 225 advancing 60.19 points, or 0.7 percent, to 8,522.58, and the Hang Seng Index in Hong Kong retreating 13.13 points, or 0.1 percent, to 13,529.53.
Exclusive: @dsquared2 signs fragrance licensing agreement with Euroitalia, with the first effort of the new partnership being unveiled in September. The brand will launch two scents – one for men and one for women – in Italy. Read our interview with designer Dean and Dan Caten on WWD.com. #wwdbeauty #wwdnews (📷: @zefashioninsider)
@louisvuitton has officially renewed Nicolas Ghesquière’s contract as artistic director of women's collections. "I am very pleased to open the next chapter of the story I started with Louis Vuitton almost 5 years ago," said Ghesquière, who first signed on to design the French luxury brand's women's line in 2013. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @giovanni_giannoni_photo)
“I learned then and there that I had to figure out a way in life to maintain and preserve my sense of pride when I felt good about what I did or what I represented or created,” said @saintrecords on how being bullied for wearing capri pants inspired her to be the artist she is today. Knowles was at the 70th Parsons Benefit last night where she outbid the room for a Dapper Dan customized @gucci experience. #wwdeye (📷: @lexieblacklock)
“There’s this amazing braintrust of people who know the whole universe so well. So we talked to them and they gave us more input,” said actor Alden Ehrenreich on playing the young Han Solo in “Solo: A Star Wars Story.” The cast was at NYC’s SVA Theatre last night for an advanced screening of the film, which hits theaters this week. #wwdeye #starwars #hansolo (📷: @aurorarosedecrosta)
@asaprocky spent nearly two hours in a Plexiglas box Sunday night at @sothebys putting himself through a series of “tests” to demonstrate the process of completing his new album called “Testing.” Get all the details and see all the pictures on WWD.com. #wwdeye
“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)