Prada sinks to 5-month low amid weakness in key luxury groups
** Shares of Italian luxury group Prada 1913.HK drop 5.6% to HK$51, lowest since Feb. 16, tracking weakness in the performance of global luxury firms
** Prada stock on track for biggest one-day pct drop since Nov. 17 if trend holds
** German fashion house Hugo Boss BOSSn.DE on Monday cut its sales guidance for the year amid weakening global consumer demand, especially in markets like China and the UK
** Watchmaker Swatch Group UHR.S reported a steep drop in first half sales and earnings as demand for luxury goods in China remained weak, but forecast business would improve later in 2024
** British luxury group Burberry BRBY.L expects to post operating loss for H1 2024
** Sales atRichemont CFR.S were almost unchanged in the three months through June as a sharp drop in Chinese demand clouded the overall result
** In Hong Kong, jeweller Chow Tai Fook 1929.HK falls 2.1% while Luk Fook 0590.HK eases 2% to the lowest since July 2020
** Hang Seng Consumption Index .HSCGSI and Hang Seng Index .HSI both fall 1.5%
** Including session's loss, Prada stock is up about 21% YTD
Reporting by Donny Kwok
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