Prada sinks to 5-month low amid weakness in key luxury groups

Prada SpA

16/07/2024 08:04

** Shares of Italian luxury group Prada  1913.HK  drop 5.6%
to HK$51, lowest since Feb. 16, tracking weakness in the
performance of global luxury firms
    ** Prada stock on track for biggest one-day pct drop since
Nov. 17 if trend holds
    ** German fashion house Hugo Boss  BOSSn.DE  on Monday cut
its sales guidance for the year amid weakening global consumer
demand, especially in markets like China and the UK
    ** Watchmaker Swatch Group  UHR.S  reported a steep drop in
first half sales and earnings as demand for luxury goods in
China remained weak, but forecast business would improve later
in 2024
    ** British luxury group Burberry  BRBY.L  expects to post
operating loss for H1 2024
    ** Sales at Richemont  CFR.S  were almost unchanged in the
three months through June as a sharp drop in Chinese demand
clouded the overall result
    ** In Hong Kong, jeweller Chow Tai Fook  1929.HK  falls 2.1%
while Luk Fook  0590.HK  eases 2% to the lowest since July 2020
    ** Hang Seng Consumption Index  .HSCGSI  and Hang Seng Index
 .HSI  both fall 1.5%
    ** Including session's loss, Prada stock is up about 21% YTD

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