Sales at Italian luxury group Prada fell in 2014 as market conditions in Asia gradually deteriorated in the second half of the year, the Milan-based group said on Sunday.

The company, which also owns the Miu Miu, Churchs and Car Shoe brands, indicated that weak growth in Asia had continued into this year. “The different timing of Chinese new year also affected performance for the month of January throughout the greater China area,” Prada said.

Prada, whose shares trade in Hong Kong, said sales fell 1 per cent overall last year to €3.552 billion, just below the €3.566 billion forecast by Bernstein analyst Mario Ortelli.

Prada did not break out reveal details of the fourth-quarter performance or provide details of like-for-like sales. But its third-quarter results were hit by unrest in Hong Kong, and its shares lost a third of their value in the past year.

Mr Ortelli expects Prada to scale back its store opening programme as a result of the softer demand, adding about 35 stores this year rather than the 65 previously planned. It has 594 directly owned stores.

Conspicuous consumption

Luxury goods groups have been hit by falling demand in China over the past year, amid a crackdown on conspicuous consumption by authorities.

Patrizio Bertelli, chief executive and cofounder of Prada, said: "Throughout 2014, we operated under a geopolitical and monetary environment which was more uncertain and complex than could have been envisaged." – Copyright The Financial Times Limited 2015