financial
financial

In Brief: Stocks Fall, Oil Rises... Fila Sells... Gold For Gonzalez

Stocks tumbled on Monday after oil surged to a record of more than $108 a barrel.

financial/news
STOCKS FALL, OIL RISES: Stocks tumbled on Monday after oil surged to a record of more than $108 a barrel. The Dow Jones Industrial Average sank 1.3 percent to 11,740.15, and the broader S&P 500 fell 1.6 percent to 1,273.37. The S&P Retail Index dropped 1.8 percent to 364.51. Among the biggest losers were Aéropostale Inc., which fell 9.07 percent to $24.17 after being downgraded by Citigroup, and Guess Inc. dropping 7.6 percent to $35.19. Wal-Mart Stores Inc. dipped 2.1 percent to close at $48.85, and rival Target Corp. declined 1.5 percent to $51.23.

FILA SELLS: Fila has sold its European, Middle East, African and Indian subsidiary businesses in a management buyout to its European-based EMEA team. The deal involves a long-term master licensing agreement for the Fila brand in the EMEA region. Led by Stefano di Martino, chief executive officer of the EMEA business, the leadership team is backed by equity investments from Barclays Ventures and the Batra Group. When Fila Korea licensee GLBH Holdings Sarl bought Fila from Cerberus Capital Management a year ago, it plotted a restructuring plan to transition Fila to a regional licensing model, and this culminates that plan. With this deal, Fila also repaid the debt it incurred to buy the businesses.

GOLD FOR GONZALEZ: Nancy Gonzalez held its most successful trunk show ever on Thursday at Saks Fifth Avenue in Beverly Hills. The Cali, Colombia-based brand, whose specialty is exotic-skin bags, brought in $200,000 for the day. "Women were buying two and three bags each," said the firm's president, Santiago Gonzalez. "It's fascinating that in this economy women are buying based on emotion, because they need to have it." Bestsellers ran from bright crocodile clutches to day satchels and larger totes. Gonzalez's day bags average $2,800 at retail and clutches average $1,400.
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