Prada fears strong euro
Prada, the Italian owner of the Miu Miu and Church's luxury brands, said the euro's strength will weigh more heavily on full-year earnings than some analysts anticipate after first-half profit missed estimates.
The currency's appreciation against the yen and the dollar "may be possibly not fully considered in some of the forecasts that we have seen coming from the market at the moment," Chief Financial Officer Donatello Galli said.
First-half net income at the company rose 7.6pc to €308.2m ($412m), less than the €321m average of five estimates.
Pictured above are Andrew Bolton and Vogue editor Anna Wintour at the "Miuccia Prada And Elsa Schiapparelli: Impossible Conversations" exhibition which took place during Milan Fashion Week earlier this year.