Prada’s Flagship Brand Sales Drop as Luxury Slump Persists

Prada SpA’s sales rose less than expected in the first half of the year on weaker demand for the Italian fashion group’s eponymous brand, a sign the luxury industry is still struggling to shake off a downturn.

Net revenue for the group rose 9% at constant currencies, the Hong Kong-listed company said Wednesday, slightly below analyst estimates. Sales at the Prada brand slid 2% against a “challenging” and “somewhat unprecedented” backdrop, the company said, while Miu Miu’s growth decelerated in the second quarter.