Prada attributed a slump in Asia mostly to Chinese tourists reining in spending in Hong Kong and Macau due to the yuan's weakness.
HONG KONG: Prada shares fell to the lowest close since 2016 as slower Chinese spending contributed to an unexpected drop in the Italian fashion house’s annual profit.
Prada’s China sales were flat for the year, a “significant swing” after a first-half gain of 17%, Citigroup said. Monday’s stock plunge after the disappointing earnings shaved US$864 million off the company’s market value. Kering shares, which have bounced back since jitters over the state of the Chinese consumer emerged last autumn, were up 0.6% early Monday in Paris. Louis Vuitton owner LVMH was down 0.3%.
CMB International Securities analyst Walter Woo said the profit miss was surprising, even after the firm downgraded its forecast recently on weaker China sales.
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