Prada's Hong Kong shares fall as rival Kering warns of revenue drop

Prada SpA

20/03/2024 04:14

** Hong Kong shares of Italian luxury group Prada  1913.HK 
fall as much as 10.9% to HK$54.70, lowest since March 7, and on
course for fourth straight session of decline
    ** Stock last down 2.4%, compared with 0.2% rise in
benchmark Hang Seng Index  .HSI  
    ** Concern over luxury goods related stock grows after 
Kering  PRTP.PA  warned on Tuesday that first-quarter sales to
likely to drop by around 10%, weighed down by star label Gucci,
knocking back hopes that it had stemmed sales declines 
    ** Citing a "steeper sales drop" at Gucci in Asia-Pacific
region, Kering said the fashion brand's comparable quarterly
revenue is projected to slide by nearly 20% year-on-year
    ** Prada said earlier in March that growth in Asia and
outstanding performance of its Miu Miu brand had driven its 2023
revenues and the first two months of 2024 had showed a similar
trend to the "very positive" fourth quarter 
    ** Other luxury goods groups also slip, with jewellery chain
operator Chow Tai Fok  1929.HK  easing 1.2%, Luk Fook  0590.HK 
falling 1.8% and Emperor Watch & Jewllery  0887.HK  down 5.5% 
    ** Prada's Hong Kong-listed stock up 34.3% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))