Italy luxury brand Prada announced its latest earnings. As of July 31st, Prada's profits fell by 23% to $207 million 400 thousand compared with the same period last year.

Although sales of shoes in Europe are still growing, the continued weakness of the Asia Pacific region and the low sales environment of leather goods have led to a sharp decline in profits in the first half of Prada.

Compared with other luxury brands, Prada's performance seems to be the worst performing among the major luxury brands.

What surprises the industry is that it's relatively more than all the fall

In other luxury brands, Prada recorded an increase in sales in Hongkong.

Profits rose 4.2% to $2 million 20 thousand in the first half, but business profits fell 21.4% to $322 million 500 thousand. The company is still worried about the instability of the US dollar.

Prada Group Chairman Carlo Mazzi told reporters that he was discussing with the owners of shops in Hongkong and Macao about rent reduction.

Carlo Mazzi said, like competitors, and Hong Kong and Macao

The discussion of rent reduction reflects the weakness of current sales and the declining number of wealthy tourists from China.

On the Chinese market, he said that although China's sales slowed down, there was no plan to close its branches in China.

Some analysts believe that

The speed of new products is faster than that of new stores, which is the main reason for the decline of Prada sales in mainland China.

To revive customers' passion for its brand, the company launched its new handbag Inside bag in July, starting at a price of $2260, and plans to slow down its sales.

CEO Patrizio Bertelli of Prada group said: "the luxury market is experiencing a downturn. During this period, we must plan for a long-term strategic plan.

Our team will focus on product development and innovation so as to improve the quality of our products.

In terms of management, we will continue to maintain our business model.

The ultimate goal of our company is to continuously improve the product value to meet the needs of customers.