GDP’S FOURTH-QUARTER FALL: The Commerce Department on Thursday released another confirmation of the slowed economy and consumer caution. In the fourth quarter of last year, money spent on all goods and services grew at an annual rate of 0.7...
GDP’S FOURTH-QUARTER FALL: The Commerce Department on Thursday released another confirmation of the slowed economy and consumer caution. In the fourth quarter of last year, money spent on all goods and services grew at an annual rate of 0.7 percent, as measured by the gross domestic product. The slim increase for the quarter followed a relatively strong 4 percent rate in the third quarter. The end-of-year anemic growth was the weakest showing since the economy dipped 0.3 percent in the third quarter of 2001, the first recession in a decade. Although the economy ended 2002 on a low note, for the year, the economy grew 2.4 percent, a marked improvement over the weak 0.3 percent increase for 2001.
IF YOU PAY THEM, THEY WILL COME: Despite its dearth of goods in-store and tough finances, starting Sunday, Kmart will woo shoppers with $150 coupon savings books, offered at all of its customer service desks, and in 5 million newspaper inserts. There’s a catch: The coupons can only be used at the roughly 1,500 Kmart stores that are remaining open. But that’s precisely the point of Kmart’s new marketing program, "Savings Are Here To Stay" — it’s a bid to lead consumers to the chain’s ongoing locations. The first of Kmart’s 318 planned closings began Thursday, in a process that will continue through March 31. Starting around March 10, shoppers at stores staying open can enter a drawing to win one of 20 Kmart cash cards worth $500. And between Sunday and March 10, customers at stores slated to be closed will receive Register Reward Receipts with purchases of $10 or more. They will be good for savings of up to $12 on transactions of $100 or more made at stores staying open.
THAT’S ONE DRUNKNMUNKY: Norman and Bruce Weisfeld, investors in the Fubu and Willie Esco brands, have partnered with Daymond John, founder and chief executive officer of Fubu, in the purchase of Nine Dots LLC, the holding company for the Los Angeles-based streetwear firm DrunknMunky. Founded in 1999 by Peter Kim, DrunknMunky has become known for it’s graphic logo T-shirts and street apparel. "The purchase was to ensure that the brand stays in tact. We aren’t planning to change anything," said Bernt Ullmann, global brand manager for Coogi and international brand manager for Fubu and Nine Dots LLC. "It is a young, aspiring brand that needed some backing." This is the second major purchase for the Weisfeld brothers in recent months. The Weisfelds also purchased the Coogi brand in November with Jimmy Khezrie, owner of the Jimmy Jazz retail chain.
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