Prada's first-half profits fall 18%

[HONG KONG] Italian luxury goods maker Prada said on Friday its first-half net profit fell 18.4 per cent as sales declined in key markets such as the United States, Europe and Japan.

The Hong Kong listed company's net profit for the first six months of 2017 was 115.7 million euros (S$186.6 million), down from 141.9 million euros a year earlier.

The Milan-based company is trying to turn itself around by slimming down its retail network and putting out more accessible products in the face of rising competition from new brands and established rivals such as Gucci.

REUTERS