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Michael Kors leads Dow to record close

By FashionUnited

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Michael Kors led the Dow Jones to a record Tuesday, as the

benchmark index closed up by 50 points at 14,022. The S&P 500 gained three points to 1,520 and also close to its record level. Nevertheless, the Nasdaq composite was down three points at 3,188.

In the corporate news, Levi Strauss & Co. announced the appointment of Jill Beraud to its Board of Directors with immediate effect. “Jill Beraud is a highly respected leader of multi-billion dollar iconic brands in fashion, beauty and consumer products,” said Stephen C. Neal, Chairman of the Board of Levi Strauss & Co. in a statement released Tuesday. “Her global marketing experience and fierce creativity will be invaluable to both our Board and the company as we continue on a course to connect with consumers around the world in new and interesting ways.”

Meanwhile, Fossil Inc. posted strong revenue growth on its success with marketing "affordable luxury" and signed a deal with fashion brand Tory Burch that could replicate its success selling Michael Kors watches, reported Reuters.

The company also said it expects Asia, especially China, to account for a third of its revenue as its moderately priced luxury products gain traction. Asia-Pacific wholesale sales grew 19 percent to 102.8 million dollars in the fourth quarter ended Dec. 29. The region contributed about 11 percent of total sales in the period.

"Asia's rapidly growing middle class loves watches and jewelry and in particular our brands ... (it) also represents our highest margin region so high return opportunity for us as well," Chief Executive Kosta Kartotis said in a conference call Tuesday.

Nearly 70 percent of companies in the S&P 500 have reported earnings for the fourth quarter, with analysts projecting that earnings will rise 6.4 percent for the period, compared to the 2.4 percent growth reported in the third quarter, flagged 'S&P Capital IQ'.
FashionUnited