- DOW DROPS: Stocks fell sharply Wednesday as oil prices soared and investors anticipated mediocre same-store sales results, which are released today. The Dow Jones Industrial Average lost more than 200 points, closing at 12,814.35, while the broader S&P 500 sank 1.8 percent to 1,392.57. The S&P Retail Index slid 1.6 percent to end at 402.63. Among the largest retail declines, shares of Limited Brands Inc. fell 2.4 percent to $17.62, Pacific Sunwear of California Inc. declined 4 percent to $12.37 and Macy's Inc. declined 2.6 percent to close at $24.73.
- ANOTHER ESCADA BIDDER?: Tchibo Holding's Michael Herz is considering taking a stake in Escada, according to a report in German financial daily Handelsblatt. Herz is said to have been granted access to Escada's books after having talks with major Escada shareholder Rustam Aksenenko. The newspaper said Herz, like the global equity firm Apax — which officially broke off negotiations with Escada in March — is also eyeing former Hugo Boss chief executive Bruno Sälzer as Escada's new head. Herz is a co-owner of Maxinvest International Inc., which owns the coffee roaster and retailer Tchibo as well as a major stake in Beiersdorf. The German paper said Escada and the Herz family declined to comment.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"