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 — Retail stocks rebounded on Wednesday amid signs of strong consumer spending during the holiday season, sending a key benchmark up the most in eight years.
The S&P 500 Retailing Index climbed 5.6 percent, reaching its session high in the final hour of trading, and seeing its biggest one-day gain since the spring of 2010. That came after Amazon posted record holiday spending and Mastercard said department stores’ online sales were up more than 10 percent from last year. Among the biggest gainers, aside from Amazon, which added 7.5 percent, were Kohl’s, which gained as much as 8.7 percent, and Dollar General, which rose 6 percent.
The broader S&P 500 Consumer Discretionary Index surged as much as 4.6 percent, making it the best performing among 11 main groups in the wider benchmark index.
The worst month for US stocks since the financial crisis had raised concerns about consumer spending in the most important season of the year for retailers. As of Christmas eve, for example, the consumer discretionary group had fallen 15.2 percent in December, a touch more than the broader market.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.