UK: Prada Deep In Debt Despite Investments
Luxury clothing label Prada is in severe financial trouble, according to reports revealed today.
In 2003, the latest year for which performance has been reported, Prada suffered a loss if almost £1 million in its UK market.
The design house also saw tumbling sales for the second year in a row, with turnover dropping from £24.4m to £23.5m.
Luxury goods experts have said the label's misfortune can be partly traced back to the turbulence it experienced when stock markets saw a downturn as a result of the September 11 terrorist attacks.
Prada has recently been making heavy investments in its British businesses, which included a costly refurbishment of its London store.
The company has been trying to lessen its debt to prepare for a third attempt to float the business on the stock market.
Companies: Prada Group
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