INFLATION WORRIES MARKETS: Higher energy prices had investors fretting Tuesday that the increase in fuel costs would translate into higher operating costs for companies, which would cut into corporate profits. As a result, the Nasdaq shed 23 points to close at 2,310.35, or 0.98 percent, while the S&P 500 lost 10.03 points, or 0.77 percent, closing at 1,286.57. The S&P Retail Index finished the day down 3.8 points, or 0.8 percent to 471.01. The Dow Jones Industrial Average lost 52 points in trading, closing the day at 11,089.63, down 0.46 percent.
RETAIL VENTURES RESTATES: Retail Ventures said on Tuesday that it will have to restate certain financial statements due to errors in connection with deferred tax account balances. The company said management and its audit committee earlier this month concluded that the accounting for deferred tax account balances was incorrect in certain financial statements. The company said it will restate financial statements for each of the three years ended Jan. 29, 2005, Jan. 31, 2004 and Feb. 1, 2003, and the interim unaudited condensed consolidated financial statements filed in the quarterly reports, or Form 10-Q, with the Securities and Exchange Commission, for the periods ended Oct. 29, 2005, July 30, 2005 and April 30, 2005.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“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