It has been reported that luxury jewellery brand Prada has seen a fall by 1% in European sales.
The fall is reported as there has been a decrease in tourist spending and a lack of demand.
However, the luxury brand in the American market has seen a rise of 8% and sales and Japan’s market has also risen by 8%.
Patrizio Bertelli, chief executive of Prada, commented Prada had operated under a geopolitical and monetary environment that was more uncertain and complex than expected although this would not affect the group’s growth objectives.
He added: “The group’s medium-term plan shall continue with the focused industrial, marketing and retail investments needed to guarantee solid future growth. The closest attention is always paid to costs, in order to safeguard profit margins and yield satisfactory returns on investments.”
