Italian fashion house Prada SpA said on Wednesday that sales grew just 9 percent in the year ended on 31 Jan., hurt by economic weakness in Europe and a stronger euro.
Prada, which makes luxury handbags, shoes, eye glasses and Miu Miu-branded dresses, published a preliminary sales figure of EUR3.59 billion (USD4.9b) for 2013. Analysts on average were expecting EUR3.67b, according to Thomson Reuters data.
Sales in Asia grew 11 percent while Japan registered 24 percent growth in sales. Greater China, which has been a major focus for investors as a crackdown on corruption and conspicuous consumption has hurt sales for many luxury goods sellers, contributed EUR826 million to Prada’s fiscal 2013 revenue.
(Source: CNBC)