PRADA (01913) fell more than 4%, with shares down 3.32% to HK$46.6 at the time of writing, recording a turnover of HK$28.27 million. The decline follows the company's Q3 2025 earnings release, where Citigroup noted a slowdown in revenue growth to single digits in Q2 and Q3. Notably, the Prada brand posted its first negative growth since 2020, while Miu Miu's growth, though faster than peers, showed signs of normalization.

Citigroup highlighted that PRADA still needs significant investments in Miu Miu's advertising, production, IT infrastructure, and retail expansion, which may limit margin expansion. The bank expects margins to remain at 23.6% in 2024, about 350 basis points below historical highs.

Meanwhile, PRADA CFO Andrea Bonini confirmed the company's plans for a dual listing in Italy, stating that a decision will be made within six months. Bonini acknowledged stable conditions in the luxury market, particularly in the U.S., but cautioned against excessive optimism, emphasizing the need for vigilance amid potential market volatility.