Retail stocks shrugged off the bankruptcy of middle-market lender CIT Group Inc. and kicked off November with a 0.9 percent rise as the U.S. manufacturing industry showed signs of recovery.
The S&P Retail Index inched up 3.28 points Monday to 383.67 as the Dow Jones Industrial Average advanced 0.8 percent, or 76.71 points, to 9,789.44.
The Institute for Supply Management’s index of manufacturing activity rose to 55.7 in October from 52.6 in September — the third straight month of expansion for factories as both production and employment showed significant gains.
“It appears that inventories are balanced and that manufacturing is in a sustainable recovery mode,” said Norbert Ore, chairman of the institute’s manufacturing business survey committee.
Employment in the sector improved in October after 18 months of decline.
A sustained strengthening in the job market would be a welcome sign that the tentative recovery is being felt more broadly. Economists expect the government to report a rise in the unemployment rate to 9.9 percent on Friday and don’t anticipate a reversal in that trend until next year.
Retail gainers included Gap Inc., up 2.2 percent to $21.80; Limited Brands Inc., 1.7 percent to $17.89, and Tiffany & Co., 1.1 percent to $39.71.
Shares of Revlon Inc. increased 19.5 percent to $10.07, continuing their rise after the company posted better third-quarter profits from continuing operations last week. On Monday, Moody’s Investors Service upgraded the company’s corporate family rating to “B2” from “B3.” Its speculative grade liquidity rating rose to “SGL-2” from “SGL-3” and its outlook is stable.
“While competitive activity for mass market cosmetics remains very high, Revlon’s improved cost structure and debt profile should provide the company with sufficient financial flexibility needed to sustain market share in its core global brands while generating acceptable levels of profitability through ongoing investments in new product development,” said Janice Hofferber, Moody’s debt analyst.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty