Retail shares dropped 2.8 percent Friday and nearly 12 percent for the week as sighs of relief about the passage and signing of the economic bailout bill were drowned out by concerns about job losses and the ongoing credit crisis.
Stocks headed upward early Friday in anticipation of a rescue deal but began their descent as lawmakers took up the legislation in the early afternoon. The Standard & Poor’s Retail Index initially rose 2.1 percent but fell throughout the second half of the day, landing at 331.88, 2.8 percent below its Thursday close and 11.7 percent below last Friday’s final tally.
The Dow Jones Industrial Average followed a similar trajectory, rising 3 percent in the morning before ending the day at 10,325.70, down 157.47 points or 1.5 percent. Its decline for the week was 817.43 points, or 7.3 percent.
Declines might have been even steeper without the bailout package’s success after the Labor Department reported that the U.S. economy suffered a larger than expected loss of 159,000 jobs in September, its largest downturn in more than five years.
Among the stores underperforming the retail index were Dillard’s, down 8.9 percent to $11.06; Pacific Sunwear, down 8.8 percent to $5.70; Urban Outfitters, down 8.4 percent to $26.55; American Eagle Outfitters, down 8.3 percent to $13.63; Stein Mart, down 8.2 percent to $3.47; Nordstrom, down 7 percent to $23.62, and Saks, down 6 percent to $8.05.
Vendors’ declines were generally smaller, although G-III Apparel Group, Oxford Industries, Perry Ellis International and Polo Ralph Lauren had declines of more than 5 percent for the day.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)