Prada SpA, the Milan-based luxury handbag maker, posted the slowest half-yearly sales growth in three years as demand weakens in some Asian countries and in Europe amid economic and political uncertainties.
The Savigny Luxury Index fell 2.2 percent over the month, as adverse foreign exchange movements continue to weigh on the luxury sector’s growth.
The Savigny Luxury Index (“SLI”) leaped by 3.5 percent last month, as the feel-good factor returned to the luxury sector, underpinned by strong results announcements and positive market reaction to repositioning strategies.
The China Edit is a weekly curation of the most important fashion business news and analysis from and about the world’s largest luxury market.
HONG KONG, China — Prada shares fell more than 8 percent on Thursday morning after the Italian luxury fashion group reported full-year earnings that missed analyst estimates and forecast sales to rise by single-digit percentages this year.
MILAN, Italy — Prada SpA, the Italian maker of $2,950 leather handbags, said profit stagnated last year as the strength of the euro and softening demand in Europe and Asia weighed on revenue growth.
This season, a wide diversity of fashion films provided evidence that the genre has matured.
MILAN, Italy — Prada SpA, an Italian maker of $2,950 leather handbags, said Miuccia Prada Bianchi will step down as the fashion company’s chairman and join her husband Patrizio Bertelli as co-chief executive officer.
HONG KONG, China — Italian fashion house Prada SpA said on Wednesday that sales grew just 9 percent in the year ended January 31, hurt by economic weakness in Europe and a stronger euro.
Lack of clarity over the luxury sector’s performance in 2013 and prospects for 2014 caused a dip in the first half of January, reports Pierre Mallevays of Savigny Partners.