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June 28, 2017

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Prada says key to profits may lie in China's market, despite flat results

PARIS--The Chinese market for luxury fashion products will be the main driver of growth at Italian group Prada, the company said on Thursday after reporting stable profits.

Prada played down talk of a slowing of the Chinese luxury sector, after reporting almost flat net profit for 2013 of 627.8 million euros ($864 million).

That figure showed an increase of 0.3 percent from the outcome the previous year, and Prada said that the results had been held down by the strength of the euro and an increased tax charge.

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