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.
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