Prada reassures against “hysteria” over luxury slowdown |
| Toronto Star - Sep 24, 2012 |
Italian fashion house Prada SpA dismissed talk of a sharp slowdown in spending on luxury goods, posting a 59.5 per cent jump in net profit and saying its sales in the past two months were on track with expectations.
“I think we must stay calm and be less hysterical. I don’t see such a dramatic market,” said Patrizio Bertelli, chief executive of the maker of minimalist dresses which competes with the likes of Louis Vuitton and PPR SA’s Gucci.
His comments on an analyst conference call come after Britain’s Burberry Group Plc said on Sept. 11 its sales growth in China was far slower than expected, spooking luxury investors and raising concerns that the entire sector was in danger of stumbling.
China’s luxury market, on which global luxury powerhouses have become increasingly dependant, has been hit by weaker demand than expected due to slowing growth and a crackdown by Beijing on conspicuous consumption.
Read Full Article from Toronto Star
- Posted: 2012-09-24 14:25:53
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
