NEW YORK — Retail stock prices gained ground for a second straight week as falling oil prices, a brighter jobs picture, stronger same-store sales in October and the reelection of President Bush inspired Wall Street to invest in the...
NEW YORK — Retail stock prices gained ground for a second straight week as falling oil prices, a brighter jobs picture, stronger same-store sales in October and the reelection of President Bush inspired Wall Street to invest in the sector.
In turn, the WWD Composite Stock Index ended last week up 4.7 percent to 1170.19. The index outpaced the S&P 500, which jumped 3.2 percent to 1166.17.
Interestingly, one of the strongest retail performers last week didn’t gain on an improving consumer spending outlook. Instead, shares of the retailer Sears Roebuck & Co. swelled on its real estate position.
In Friday trading, Sears surged after real estate investment trust Vornado Reality Trust disclosed in a Form 10-Q filing with the Securities and Exchange Commission that it owns a 4.3 percent stake in Sears common stock, which it called an “economic interest.” Shares of Sears were subsequently upgraded by Goldman Sachs.
Vornado said it acquired 7.9 million Sears common shares in August and September through a series of privately negotiated transactions with an unnamed financial institution. It then purchased a call option and simultaneously sold a put option at the same strike price on Sears shares with a weighted-average strike price of $39.82 a share, or about $315.2 million.
Based on the Nov. 4 closing price of Sears shares at $37.18, the market value of the 7.9 million shares underlying the option agreements was about $294.4 million.
Shares of Sears closed Friday up 31.1 percent to $45.88 from the prior week’s $35.
“Vornado’s ultimate intentions remain unclear, but if it does seek to extract value via an asset maximization strategy, Sears’ share price performance is likely to be dictated by factors that are difficult for fundamental retail analysts to forecast,” said Goldman Sachs analyst George Strachan in a Friday research report in which he upgraded shares of Sears to in-line from underperform.
“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