The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Shares of Gap and Carter's climbed on Wednesday after executives spoke at Goldman Sachs Global Retailing Conference, a sign investors expect the spotty apparel industry to improve.
Gap Chief Executive Officer Art Peck said at the conference that leading indicators are positive for his company's namesake chain. The Old Navy division also has "gotten back on track," Peck said.
“We feel the business is back to a place where it is gaining share,” he said at the event.
Shares of San Francisco-based Gap rose 1.5 percent, marking their first gain in more than a week. The company has been hammered by weak August results and a fire at its distribution centre in Fishkill, New York. The stock remains down 3.7 percent for the year.
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Carter’s also climbed after its CEO made upbeat remarks at the Goldman Sachs conference. Shares of the children’s apparel retailer jumped 3.8 percent to $97.19, their biggest one-day increase since February.
Other retailers also rallied on Wednesday. At shoe discounter DSW Inc., shares rose 3.8 percent to $25.06, their biggest gain since July. Sally Beauty Holdings Inc. gained 3.9 percent to $28.76, the most in more than a month.
By Nick Turner; editors: Nick Turner & Kevin Orland.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.