Prada blamed a weaker yuan for tepid demand from Chinese tourists. Falling asset prices and slowing growth in China have also tempered confidence.
Prada's shares slumped 11% after the luxury brand posted lower earnings for the fourth year in a row.
Its challenges included the US-China trade war, protests in France, a"blackface" scandal, and slowing growth in China. Prada's shares slumped 11% on Monday after the Italian fashion house posted its fourth full-year earnings decline in four years. The Hong-Kong listed group's operating profits shrunk by a tenth to €323 million in 2018. Sales in China flatlined in the second half of the year, after jumping 17% in the first six months. Prada earns about a third of its revenue in Asia Pacific, according to Walter Woo, an analyst at CMB International Securities.
Prada blamed a weaker yuan for tepid demand from Chinese tourists in Hong Kong and Macau. Falling asset prices and slowing economic growth in China and Hong Kong have also tempered consumer confidence, Woo said.
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