FOOT LOCKER STUMBLE: Foot Locker Inc. shares tumbled 6.4 percent to $23.65 Tuesday on the New York Stock Exchange after the retailer cut its profit outlook for the second quarter, citing sales declines in Europe. The firm expects profits of 27 cents to 29 cents a share in the quarter, below its earlier guidance of 32 cents to 35 cents a share. Foot Locker's sales for the period ended July 30 fell by high single digits at its European stores, which offset gains in the U.S., Canada and the Asia-Pacific region. Overall sales for the second quarter rose 3 percent to $1.31 billion from $1.27 billion, while same-store sales edged up 1.3 percent.
LAWSUIT AGAINST AVON: A shareholder has filed a lawsuit against Avon Products Inc., seeking class-action status, alleging the firm improperly concealed problems it faced in its overseas businesses. The complaint was filed on July 29 in Manhattan federal court on behalf of investors who purchased Avon common stock between April 8 and July 18, 2005. The complaint alleged that the cosmetics maker knew there was resistance to its expansion efforts in China and Russia and that revenue growth in Central and Eastern Europe was slowing down from forecasted levels. The suit charged the company deliberately deceived the market when it issued a number of positive statements about its performance. In a statement the company attributed the results to a decline in business in China and lower-than-anticipated growth in Central and Eastern Europe.
THAI FASHION SPOTLIGHT: The first Bangkok Fashion Week will take place Aug. 17-21 at the Queen Sirikit National Convention Center and adjacent Benjakitti Park. Activities include fashion shows by international and Thai designers; exhibition and designer showcases; a Jewelry Gala Night, and a Trade Fair for 150 brands. Participating companies and designers are from the textile and garment, gems and jewelry, and leather goods industries.
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