Week in Review: 10 News Must-Reads

In Industry News, What's New by Accessories StaffLeave a Comment

Miley Cyrus at the VMA Awards

Miley Cyrus at the VMA Awards

New York—For many, the big M this week was all about Miley Cyrus, the ex-Disney-star-turned-twerking-vamp whose antics at the VMAs dominated conversations from the water cooler to newspaper editorial pages.

But the really big M this week was really all about money.

At JCPenney, which is trying to turn around from a near $1 billion loss last year, saw its majority shareholder, Pershing Square Capital Management, William Ackman’s hedge fund, sell off its 18% share for some $504.4 million. The hedge fund, however, is nearly $500 million poorer as a result of the loss on its JCPenney investment.

Another trouble retailer, Aeropostale saw its stock price lose 40% after reporting a $33.7 million second quarter loss.

Fortunately, not all the big M news was about losses. Express fared better than many of its retail rivals, posting gains in earnings and shares that impressed even Wall Street’s most cynical retail analysts.

Italian accessories house Ferragamo boasted a $107.1 million profit for the first half of this year thanks to expanding sales across the globe. Tiffany & Co., too, touted its $106.78 million in second quarter earnings, helped by expanding sales in Asia.

And Nordstrom, preparing for a grand, long awaited New York flagship, spent a reported $102.5 million to secure rights to its location, anchoring what will be one of the tallest buildings in the world–and one of the most expensive.

After Selling Majority Stake, William Ackman Finally Departs JCPenney

Report: Nordstrom Pays $102.5 Million for Its NY Flagship Site

Check Out The Accessory Project During Fashion Week

Let’s Just Call Them the “VMA WTF” Awards!

NPD: Most Millennials Spend in Brick-and-Mortar Retailers

Tiffany Q2 Profit Up 16% Bolstered by Demand in China

Shoppers Change Their Strategies This Back to School Season

Promising Year for Express as Q2 Profit, Sales Increase

Aeropostale’s Stock Value Drops 40% After Poor Q2 Report

Ferragamo First Half Profit Jumps 81%