MILAN: Prada said Friday sales were cooling off due in part to the strong value of the euro lightening the pocketbooks of tourists visiting Europe shopping for luxury goods. Net profit slumped 18.4 per cent to €114.7 million at the firm that also includes the Miu Miu, Church’s and Car Shoe brands. “The stronger euro at the end of the period adversely affected tourist spending,” said Prada. While sales of clothing rose by 4.3 per cent overall, with the Miu Miu brand seeing a double digit expansion. Sales of leather goods took a hiding, however, dropping 7.4 per cent, and footwear sales stumbled 9.7 per cent.

Source: New Strait Times September 08, 2017 14:37 UTC