Italian luxury fashion brand Prada SpA reported a bigger-than-expected 44% drop in third-quarter profit in Hong Kong as the city’s pro-democracy protests weighed on Asian sales and leather goods revenue declined. Prada’s net income plummeted to $92 million in the three months through October and sales dropped 5.6% to $984 million.
According to the company, the trends have significantly deteriorated in the region. Prada expects profit margins to remain under pressure in the second half, while annual sales may remain unchanged. The company plans to take measures to boost efficiency in the short term.
The Hong Kong protests led to a drop in consumption as some luxury goods makers shuttered stores. Weak spending by tourists in Europe also weighed on demand, and leather goods sales fell 11% at constant currency rates.
Top trends that retail marketers should capitalise on in 2021
Words by Katie Streten Experiential Strategy Director, VMLY&R COMMERCE Throughout the last year,
June 13, 2021 | By Shruthi Nair
NFTs for retailers: a bubble or a revolution?
Dalgona coffees, TikTok videos, virtual parties, Clubhouse invites… these were just some
May 16, 2021 | By Shruthi NairRevealed: 70% of Father’s Day shoppers intend to purchase instore
Revealed: Majid Al Futtaim launches inaugural ‘State of the UAE Retail Economy’ report
/ 
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
/ 
Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million
Hong Kong-based Giordano International Limited announced that it has entered into an
Kuwait-based startup TAMANNA has announced the launch of its online shopping site tamanna.com with
The once powerful department stores that anchored malls and streets around the
Who isn’t a sucker for discounts? Customers today are spoiled for choice
The various e-commerce and virtual retail stores that cater to different product
A private helicopter carrying the chairman and managing director of Lulu Group,
Vacheron Constantin has announced the official opening of its first boutique in
‘Skinification of beauty’ is the key trend that every retailer in the
On March 8th 2021, Reebok unveiled its new store opening and launched
