The FashionUnited Top 100 Index benefited fromthe sector jolly good, closing at 1272.9 (+2.78) and breaking a decrease spell that dragged the international fashion benchmark index in the past weeks.
Investor sentiment turned more cheery after the US Commerce Department said American retail sales dropped only 0.2% last month, smaller than the 0.6% decline economists had expected.
The retail sales report is tracked closely by Wall Street, since the numbers provide a snapshot of consumption, a major engine of the U.S. economy. Helping boost investor sentiment was a strong industrial production report from China, suggesting the world's No. 2 economy is still growing robustly despite tightening monetary policy to curb inflation. "The market's looking for any kind of excuse to reverse things, at least for a day," said Andrew Fitzpatrick, director of investments at Hinsdale Associates. "The retail sales and news out of China has been something to latch onto."
Amidst such a positive turmoil, J.C. Penney announced its tap on Ron Johnson, head of Apple's iconic retail stores, as its new president and eventual chief executive. Johnson will assume the CEO position on Nov. 1. J.C. Penney shares rose 15% after the appointment was made public.
Following the news of fashion group VF Corporation striking a deal to buy outdoor apparel and footwear firm Timberland for US$2bn, the conglomerate traded up by 0.37% Tuesday, while the boot maker gained 0.05%.
Finally, Spanish giant Inditex, slightly fell by 0,7% one day prior to release annual results. Analysts support an increase of 10% of its net profit, while net sales will up by 11%. Group´s net profit for 2010 reached 1,732 euro million.