▲ NEWS: ▲ FASHION: Retail stocks Designers soar in market are rally, page 2. becoming fi xtures on TV, EYE: The Super page 8. Bowl of debutante balls, page 4. ▲ NEWS: Accessories might be holiday bright spot, page 13. Women’s Wear Daily • The Retailers’ Daily Newspaper • November 25, 2008 • $2.00 WWDReady-to-Wear/Textiles TUESDAY A SARDONE Evening Belle Cinderella stories have a timeless appeal. And for spring, some designers are emulating fairy godmothers, creating evening dresses that seem fi t for a princess. Here, one example: Alexandra Vidal’s frothy silk tulle and chiffon gown with a belled skirt. For more, see pages 6 and 7. Dresner Checks Out: Park Ave. Retail Icon Succumbs to Economy By Sharon Edelson WILLIAM MURPHY AT DE FACTO USING MAC PRO; PHOTO ASSISTANT: TODD MATARAZZO; FASHION ASSISTANT: SARAH LIEBOWITZ; STYLED BY ANTONI LIEBOWITZ; STYLED BY SARAH ASSISTANT: FASHION TODD MATARAZZO; USING MAC PRO; PHOTO ASSISTANT: DE FACTO WILLIAM MURPHY AT NEW YORK — The unforgiving economic climate has claimed one of fashion’s iconic independent retailers. Linda Dresner, a fixture on Park Avenue, is closing its gilded doors at the end of December after more than two decades in business. Dresner introduced New York women to such edgy designers as Yohji Yamamoto, Comme des Garçons, Ann Demeulemeester, Martin Margiela and Claude Montana. Hers was also one of the first stores in the United States to carry Jil Sander. So successful was Dresner with the mercurial German designer that she opened a Sander boutique adjacent to her main store 17 years ago. The store, which was designed by JW Fred Smith, was a forerunner to all the See Linda, Page3 PHOTOGRAPHED BY JOHN AQUINO AT THE AUCTION HOUSE; MODEL: ANASTASIA K/MARILYN; HAIR BY RYAN TANIGUCHI USING TRESEMME; MAKEUP BY USING TRESEMME; MAKEUP BY TANIGUCHI RYAN HAIR BY K/MARILYN; HOUSE; MODEL: ANASTASIA THE AUCTION JOHN AQUINO AT BY PHOTOGRAPHED 2 WWD, TUESDAY, NOVEMBER 25, 2008 WWD.COM Retail Soars on Government Moves By Evan Clark and Kristi Ellis negative from stable. “The outlook revision is due to [Ann Taylor’s] WWDTUESDAY Ready-to-Wear/Textiles RETAIL SHARES POSTED THEIR SECOND- very weak third-quarter performance, includ- largest jump, rising 10.6 percent Monday and ing net sales that declined 12 percent from the FASHION outpacing the market overall, which was buoyed third quarter of 2007,” Jackie Oberoi, credit Designers are going for more elaborate looks, by a bailout plan for Citigroup Inc. and the for- analyst, said. ▲ 6 mal unveiling of President-elect Barack Obama’s Standard & Poor’s expects the company’s from evening blouses with ornate sleeves over economic team. soft performance to continue through the long skirts to full, crystal-accented ballgowns. The Standard & Poor’s Retail Index surged fourth quarter. GENERAL 23.59 points to close at 246.93. Fashion stocks, however, generally outper- Just last week, the index was testing new bot- formed the Dow Jones Industrial Average, which 1 Retailer Linda Dresner, an institution of elegant toms as investors sold off shares tied to consum- leapt 4.9 percent, or 396.97 points, to 8,433.39. and eclectic design on New York’s Park Avenue, is er spending. On Thursday, the index marked its Obama offi cially named Timothy Geithner as closing after 25 years. lowest close since its recalibration in June 2002, his pick to head the Treasury Department and EYE: The Bal Crillon des Debutantes, held annually and on Friday it established a new record low of Lawrence Summers to lead the White House 4 207.49 in intraday trading. Economic Council. at Paris’ stately Hotel de Crillon, can be called the “It’s probably a bear market rally, which are Today, investors will get a new reading on Super Bowl of debutante balls. very abrupt and generally short-lived,” Laurence consumer confi dence, as well as a look at third- 8 RTW: From Michael Kors on “Gossip Girl” to C. Leeds Jr., chairman of Buckingham Capital quarter results from American Eagle Outfi tters Nicole Miller on “Iron Chef,” fashion designers are Management, said. Inc., Charming Shoppes Inc., Chico’s FAS Inc., making TV their second calling. Even with Monday’s rise, retail shares are still The Talbots Inc. and others. down 37.9 percent over the last three months. The market developments came as Obama 9 TEXTILES: The maritime industry is concerned a “From all I can gather, business in retail named fi ve key architects of his economic re- raft of initiatives meant to improve port security America still seems extraordinarily difficult,” covery plan at a news conference in Chicago. On could slow commerce and increase costs. Leeds said. “I don’t meet many retailers who seem Saturday, the president-elect said he was devel- 10 Tommy Hilfi ger unveiled his fi rst denim store in very optimistic, and unemployment continues to oping an initiative to save and create 2.5 million Milan, a 3,200-square-foot unit overlooking the rise, household income continues to head south.” jobs in the next two years. buzzing Corso Buenos Aires shopping strip. Dramatic swings have become relatively com- Leading the economic team will be Geithner, mon in recent months as markets ride a monetary president of the New York Federal Reserve, who 12 U.K. retailers and the British government are and emotional roller coaster powered by the glob- was nominated as treasury secretary to steer offering a raft of incentives to entice reluctant al economic slowdown and continued uncertainty Obama’s initiatives. With the economic team shoppers during the holiday period. over the health of the fi nancial system. and Obama’s jobs plan expected to focus on con- 13 Accessories could give a boost to depressed sumer spending and middle-class retailers, who are pushing well-priced gift items jobs, retailers could get a boost, if Barack Obama in they hope will be holiday shining lights. Chicago on Monday. not in the fi rst half, then possibly in the second half of next year. Classifi ed Advertisements.................................................................................................15 Obama also named Summers, Geithner’s mentor, treasury sec- TO E-MAIL REPORTERS AND EDITORS AT WWD, THE ADDRESS IS retary in the Clinton administra- [email protected], USING THE INDIVIDUAL’S NAME. tion, as director of the National WWD IS A REGISTERED TRADEMARK OF ADVANCE MAGAZINE PUBLISHERS INC. COPYRIGHT ©2008 Economic Council. Christina FAIRCHILD FASHION GROUP. ALL RIGHTS RESERVED. PRINTED IN THE U.S.A. Romer, an economics professor VOLUME 196, NO. 112. 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