The CEO of Prada Group, Patrizio Bertelli, has described 2014 as “more challenging than expected” after reporting sales for the first nine months fell 1% to €2.6 billion.

Sales in Europe and Asia fell 1.6% and 4.8% respectively, although sales in China increased slightly.

“On top of the ongoing difficult international economic environment, the luxury goods market is undergoing a certain readjustment, the extent of which is not yet entirely clear,” he said.

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