NEW YORK — The WWD Composite Stock Index retreated for the fifth consecutive week, ticking down 0.4 percent to 1,062.67 from 1,066.69 last week amid a general market malaise and sustained competition from stocks in other sectors of the...
NEW YORK — The WWD Composite Stock Index retreated for the fifth consecutive week, ticking down 0.4 percent to 1,062.67 from 1,066.69 last week amid a general market malaise and sustained competition from stocks in other sectors of the economy.
The S&P 500 also fell for the fifth week in a row, dipping 1 percent to 1,101.39 from 1,112.81 a week ago.
Hot Topic Inc. was the biggest loser as its shares plunged 19.2 percent to $15.56 from $19.26 last week. The sell-off followed Hot Topic’s report that same-store sales for July will drop 6 to 8 percent. Additionally, the trendy teen retailer lowered its sales and earnings forecast for the rest of the year, blaming problems incorporating preppy styles into its women’s and men’s fashions. Hot Topic’s stock now has lost more than 45 percent of its value since Jan. 2.
Also losing ground was May Department Stores Co., which saw its shares fall 2.9 percent to $25.25 from $26 a week ago. Investors likely took into account a downgrade of the company’s long-term corporate credit rating from Moody’s Investors Service and Standard & Poor’s Ratings Services. The ratings agencies cited the impairment to May’s credit quality that will result from its planned debt-financed acquisition of Marshall Field’s.
Perry Ellis International is in talks to hire designer Patrick Robinson from its better sportswear licensee, Public Clothing Co., and to launch its own women’s collection business, but investors were unimpressed. Perry Ellis’ stock dropped 7.9 percent to $23.01 from $24.98 last week. Perhaps investors remembered that the first time Perry Ellis tried to make its own high-end women’s sportswear collection in 1993, the line was discontinued after dismal retail reaction to the infamous “grunge” collections of Marc Jacobs.
In a rare bright spot, Charlotte Russe Holding Inc.’s stock advanced 1.6 percent to $20.44 from $20.11 a week ago, bolstered by third-quarter earnings that soared 98.8 percent to $5.5 million on a sales gain of 24.1 percent to $133 million. Same-store sales improved 7.1 percent.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion