Prada’s profit falls, Cartier cuts hours, Gap teams with ASOS, Missoni’s London store, Ballantyne’s new Chairman

Prada S/S 09 Ad campaign, courtesy of Prada

Prada S/S 09 Ad campaign, courtesy of Prada

Prada lays foundations for future growth (Financial Times)
“Prada, the privately owned Italian fashion house, reported on Tuesday a 22 per cent fall in net profit for 2008 of €99m and sought to position itself for growth when the global economic crisis eases.”

Cartier cuts working hours as demand dwindles (Reuters)
Richemont, the world’s second-largest luxury goods group behind LVMH, is cutting working hours at its main Cartier factory as the economic slowdown dampens demand for pricey timepieces.”

Gap to debut online via ASOS (Drapers)
“Gap will make its online debut in the UK via young fashion website ASOS this august.”

Missoni Store Debuts in London (WWD)
Missoni is continuing its retail push, opening its first stand-alone store here as well as a unit in Casablanca, Morocco.” (Subscription required)

Ballantyne appoints chairman (Drapers)
“Premium knitwear brand Ballantyne has appointed Giacomo Canessa as Chairman.”