Prada sees sales fall as Japanese trade dips 13%
Sales at luxury fashion brand Prada fell last year as slowing demand in Japan and fewer tourists visiting the US and Europe dragged on growth.
The Italian company, known for its top-of-the-range handbags such as Miu Miu, said revenue dropped 9% from 3.5 billion euros (£3 billion) to 3.1 billion euros (£2.6 billion) in the year to January 31.
Prada recorded falling sales across all regions with the biggest dip coming in Japan, which saw sales fall 13% following five years of growth.
It pinned the decline on a "reduced flow of tourists from China", due in part to the appreciation of the yen.
Sales in Asia Pacific, which includes the lucrative Hong Kong and Macau luxury markets, fell 12%.
In Europe and the US revenue also fell, by 5% and 12% respectively, as Prada was stung by a reduction in tourists.
Chief executive Patrizio Bertelli said "We implemented a profound phase of business process rationalisation - still under way - and identified important strategies to secure the group's future growth.
"This included revising our digital strategy with the creation of a highly skilled team with professional experience from the digital technology and new media industries.
"In the meantime, we are strengthening the retail management structure with the aim of integrating online channels with traditional channels in a truly innovative dimension."