Graft clampdown in China hurts Prada

Italian luxury goods brand Prada (PRP.FRA, 1913.HKG) on Wednesday announced flat profit growth for 2013 on weak European economies and a crackdown on corruption in China, The Guardian reported. Prada, which retails products under its own name as well as the Miu Miu, Church’s and Car Shoe brands, reported a 0.3% increase in profit to US$865.6 million.The Italian luxury goods retailer’s profit for the fourth quarter was US$135.6m, compared with the US$182.9m it earned in the third quarter.