Prada shares climb on outlook for luxury maker

Prada shares rose as much as 15% after chairman Carlo Mazzi forecast the Italian luxury-goods maker will return to growth in sales and earnings next year, helped by cost-cutting and online expansion in Asia.

This year “is a turning point and we are now firmly on the path to sustainable growth in revenues and earnings from as early as 2017,” Mr Mazzi said after the Hong Kong market closed.

First-half earnings before interest, tax, depreciation and amortization fell 25% to €330m, dropping slightly less than analysts estimated.