Retail stocks continued their march upward, rising 0.6 percent Tuesday and hitting a new 52-week high.
The S&P Retail Index increased 2.58 points to 460.45 and at one point rose as high as 460.97. The Dow Jones Industrial Average lost 3.56 points to close at 10,969.99. Blue Chip stocks flirted briefly with 11,000, a mark they temporarily surpassed Monday, but couldn’t sustain the momentum to break through.
International markets were mostly on the rise, with the FTSE 100 ahead 0.6 percent to 5,780.35 in London, the CAC 40 up 0.5 percent to 4,053.94 in Paris, the SSE Composite Index rising 0.02 percent to 3,158.68 in Shanghai and the Hang Seng Index advancing 1.4 percent to 21,537.00 in Hong Kong. Running counter to trend, the Nikkei 225 slipped 0.5 percent to 11,282.32 in Tokyo.
• Seventh Time the Talbots’ Charm?: The Talbots Inc. extended the deadline on a warrant exchange offer for a seventh time Tuesday. As of the previous deadline on Monday, 87.5 percent of the warrants issued when BPW Acquisition Corp. went public had been tendered. Ninety percent of the warrants need to be submitted for Talbots’ merger with BPW to be completed.
Trudy Sullivan, Talbots’ president and chief executive officer, tried to rally support for the plan.
“I would like to strongly urge all BPW warrantholders who have not already tendered, to tender into the exchange offer before today’s 6 p.m. deadline in order to permit this important transaction to proceed,” said Sullivan Tuesday. “I am aware that the vast majority of BPW warrantholders have been consistently supportive of this transaction since the commencement of the exchange offer, and I would like to express my sincere appreciation to all such holders.”
Shares of Talbots fell 3.7 percent to $13.21.
• Off-price Paying Dividends: The TJX Cos. Inc. boosted its quarterly dividend by 25 percent to 15 cents a share, payable June 3 to shareholders of record as of May 13.
“In addition to the dividend increase, we continue to expect to repurchase between $900 million and $1 billion of TJX stock in 2010,” said Carol Meyrowitz, president and ceo, noting the firm’s cash flow allowed such paybacks to shareholders. The company also expects to end this year with more than $1 billion in cash.
Shares of the off-pricer inched up 0.8 percent to $44.70.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast