Prada Feels The Pinch As Mainland Economy Slows
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2019-03-18 HKT 16:23
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Shares of Hong Kong-listed Prada have slumped 12 percent to an almost three-year low after profit fell for a fourth consecutive year at the luxury Italian fashion brand.
The company attributed last year's profit slump to mainland tourists in Hong Kong and Macau tightening their purse because of the weakness in the yuan.
Other luxury brands have also taken a hit in business as mainlanders turned cautious amid the country's slowing economy and a trade war with the United States.
Prada shares closed 10.6 percent lower at HK$22.35.
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