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Prada and Pacific Brands reign in Asia

By FashionUnited

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Hong Kong and China shares closed up on Wednesday,

pulled by strong data from Prada SpA, that ended adding 3.14 percent to its previous day close price. The Hang Seng Index closed up 0.7 percent at 23,307.41. The China Enterprises Index of the top Chinese listings in Hong Kong rose 1.4 percent.

Shares of Milan-based Prada rose nearly 6 percent to a new high after the luxury goods firm posted a 29 percent rise in its preliminary revenue for the 12 months ended in January, driven by sales in Europe and the Asia Pacific. The stock closed up 3.3 percent, becoming the second winner of the FashionUnited Top 100 Index.

It was also a strong session for Pacific Brands, which traded at a rise after slightly better than expected results earlier this week. The fashion group remained cautious though, giving a conservative outlook based on sales to date for the second half have been marginally below the previous corresponding period. Net profit for the company was up to 38.9 million Australian dollar for the first half, against a loss of 336.5 million a year earlier.

In the meantime, the FashionUnited Top 100 Index closed up by 6.17 points to 1,413.04 and accounting among its main drivers Pacific Brands (+7.19 percent), Prada SpA (+3.14 percent), Asics Corporation (adding 2.96 percent), PUMA AG (with a gain of 1.71 percent) and Onward Holdings (advancing by 1.32 percent).

Among the laggards within the international fashion benchmark index, Billabong International – as investors remain reluctant on the current bids for the company; Van de Velde Lingerie (dropping 1.08 percent), Cia Hering SA shedding 0.38 percent, Brunello Cuccinelli (-0.38 percent) and Lululemon Athletica, that also closed in red (- 0.38 percent).

In the corporate news, LVMH Moet Hennessy Louis Vuitton SA confirmed Wednesday that it has taken a minority stake in the business of young French designer Maxime Simoens, confirming an earlier press report. LVMH has invested in the brand "in order to help accelerate its development," said a spokesman for the company, which declined to provide further details on the size and prize of the stake. LVMH shares closed adding 0.15 percent.

Finally, a surprising new insider into the fashion industry: the US Postal Service (USPS). The American mail service has signed a license agreement with Wahconah Group, a Cleveland-based fashion apparel company, to support its new ‘Rain Heat & Snow brand, reported Fox News. “This agreement will put the Postal Service on the cutting edge of functional fashion. The main focus will be to produce 'Rain Heat & Snow' apparel and accessories using technology to create ‘smart apparel’ — also known as wearable electronics,” explained USPS corporate licensing manager Steven Mills in a communication released Wednesday. Despite the first collection will be only catering for male shoppers, the core aim behind this is line is to be offered "in premier department and specialty stores."
FashionUnited