SINGAPORE (June 15): Shares of Hong Kong-listed global luxury retailer Prada plunged over 6% today to a record low of HK$37.30 ($6.48) following disastrous quarterly earnings report. The luxury stock was sold off on heavy trading on the Hong Kong bourse. The fall brings Prada stock, which debuted at HK$39.50 with much fanfare three years ago, to its lowest point since its IPO in early June 2012. The stock has now fallen nearly 60% from its April 2013 peak.

For the fiscal quarter ending April 30, Prada's profits fell a whopping 44% mainly due to what CEO Patrizio Bertelli described as "continuing difficult market conditions in the Asia Pacific area.” Bertelli is the husband of Miuccia Prada, the grand daughter of the brand’s founder. The couple control now nearly 80% stake in the Hong Kong listed global retailer.

The devil is in the details of Prada’s latest financials. Sales in Asia Pacific region fell 17.2% driven by ongoing weakness in Hong Kong and Macau. Greater China sales were down 19.2% over same period last year while sales in the US were down 3.1%. Only Europe, increasingly a smaller part of its revenues, were up slightly in the period or around 5.4%.

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