A strong quarterly performance by Tiffany & Co. and The Men’s Wearhouse Inc.’s bid for Jos. A. Bank Clothiers Inc. helped to energize retail stocks today.The S&P 500 Retailing Industry Group gained ground for the second straight day, rising 0.7 percent to 925, as the Dow Jones Industrial Average and S&P 500 advanced a fraction to 16,072.80 and 1,802.75, respectively. The Nasdaq broke through the 4,000 mark for the first time in over a decade, closing up 23.18 at 4,017.75.Among retail, fashion and beauty stocks tracked by WWD, Bank registered the largest advance, picking up 11.3 percent to $56.29 after Men’s Wearhouse Inc. offered to acquire it for $55 a share, or about $1.54 billion. Men’s Wearhouse, which had been pursued by Bank until earlier this month, saw its shares rise 7.5 percent to $50.60.Tiffany & Co. parlayed better-than-expected third-quarter earnings and an upbeat forecast for the fourth quarter into an 8.7 percent rise in its shares, to $88.02. However, Movado Group Inc. saw its shares descend 4.1 percent, to $44.54, when it maintained its full-year guidance despite strong sales growth in the third quarter.In Europe, stock markets edged down at the close.The FTSE 100 in London lost the most ground, falling 0.9 percent to 6,636.22, followed by the CAC 40 in Paris, 0.6 percent to 4,277.57. The DAX in Frankfurt and the FTSE MIB in Milan were both down 0.1 percent to 9,290.07 and to 18,774.27 respectively.The euro traded at $1.35, while the pound fetched $1.62, and the Swiss franc equaled $1.10.Retail and luxury stocks put on a mixed show, with the day’s biggest gainers including Geox, up 8.1 percent to 2.48 euros; Mulberry Group, 3.3 percent to 10.48 pounds; Safilo Group, 1.2 percent to 18.19 euros, and Ferragamo, 2 percent to 29.14 euros.Among the stocks that lost the most ground were Gemfields, 6.7 percent to 0.35 pounds; Hugo Boss, 2.3 percent to 96.92 euros, and Marks & Spencer Group, 1.6 percent to 4.91 pounds.
Exclusive: @longchamp is planning to stage its first official runway show at New York Fashion Week this fall. The French leather goods firm has expanded into ready-to-wear as part of its repositioning as a lifestyle brand. The show, scheduled for September 8, will also cap the brand’s 70th anniversary celebration. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @dominiquemaitre)
The Duke and Duchess of Sussex undertook their first overseas engagement as a married couple in Dublin. The trip included multiple events and outfits changes, including this black dress by @emiliawickstead that Meghan Markle wore for a party at the British Ambassador’s home. #wwdfashion #royals
At 20 years old – and with an estimated net worth of $900 million - @kyliejenner is the youngest person to ever make @forbes’ annual list of America’s Richest #SelfMadeWomen. “It’s incredible to be recognized for something I’m so passionate about, and I’m really grateful for that. I’ve always loved makeup and worked really hard to bring the first lip kit to the market,” said Jenner on founding @kyliecosmetics. See who else is on the list on WWD.com. #wwdnews #wwdbeauty (📷: @rainerhosch)
“The collection is inspired by Tulum and the Mayan Riviera – its laid-back luxury, life of cabanas, untouched coastline, natural habitats, exotic cocktails and jungle parties with renowned DJs,” said Matteo Maniatty, creative director and cofounder of @descendantofthieves, on the brand’s inspiration for its latest collection. See more designer sketches and inspirations on WWD.com. #wwdfashion #nyfwmens #nyfw
@riccardotisci17 is releasing a limited-edition capsule collection as part of his anticipated runway debut for @burberry in September. Delivered in a series of instant drops, this is the second Burberry capsule collection announced since Friday, when Tisci broke the news on his collaboration with @viviennewestwood. Get all the details on WWD.com. #wwdfashion #wwdnews
“It’s like a Cinderella story. You get a little fake, you get a little real, you put it together and voilà,” said legendary rapper Slick Rick, who helped pioneer the merge of luxury and streetwear. WWD’s @ariahughes spoke to @therulernyc about his jewelry collection, his collaboration with @bally and how the industry has evolved – link in bio. (📷: @kristaschlueter)
@ragandbone and @eminem are teaming up on a special capsule collection of streetwear pieces. Sold at a one-day pop-up in London’s Soho on Friday, the collection features three different T-shirt designs and a hoodie. The capsule is set to kick off the rest of Eminem’s shows in his European Revival Tour, which ends on Sunday. Get all the details on WWD.com. #wwdfashion