Prada shares drop as much as 4.6 pct as HK protests hurt business

HONG KONG, China - Prada shares fell as much as 4.6 percent on Friday to their lowest levels in more than two years, hurt as pro-democracy protests disrupted business in Hong Kong, a key area for the luxury retailer.

Hong Kong-listed Prada made 388 million euros ($489 million) in sales from its Greater China division in the six months to the end of July, more than a fifth of its total revenues in the period. Many of its customers are mainland Chinese who come to the city as tourists.

The shares, trading after two days of holidays, later pared losses to trade down 1.5 percent, compared with a 1.1 percent fall in the benchmark Hang Seng Index.

The group also faces other problems. Its chairwoman Miuccia Prada and her husband, chief executive officer and fellow shareholder Patrizio Bertelli, are being investigated by Italian authorities over past taxes, Prada said on Monday.