Prada, Ferragamo unfashionably late to luxury industry's rebound

Paris

AS sales of Gucci's snake-covered handbags and heels lead the luxury industry's upswell, many of the brand's Italian rivals are struggling to catch the wave.

Shares of Prada SpA, Salvatore Ferragamo SpA and Tod's SpA have all posted double-digit declines in the past six months as profits fall, while privately held Giorgio Armani SpA is pruning its line-up after a 5 per cent drop in sales last year. Their weakness contrasts with newfound strength at French rivals LVMH and Kering, whose Italian brands Fendi and Gucci are racing ahead after a multi-year slowdown in China.