Global stock markets took a step back today, with both Patrizio Bertelli and Jack Ma taking a hit.
Shares of Prada led the 100-issue WWD Global Stock Tracker lower and fell 6.3 percent to 48.25 Hong Kong dollars, or $6.22. The company reported on Friday that its first-half profits had fallen 20.6 percent to 244.8 million euros, or $333 million.
Nonetheless, Bertelli, Prada’s chief executive officer, was upbeat and said last week that “the market is positive.” Prada’s sales this year are expected to be in line with last year’s take. On Wall Street, the new darling also took a dip.
Shares of Ma’s Alibaba Group Holdings Ltd. took a step back today, falling 4.3 percent after first outing on the Nasdaq Friday.
The Chinese e-commerce giant stock decreased $4 to $89.89, leaving it with a market capitalization of more than $221 billion, making it just smaller than Wal-Mart Stores Inc., which weighs in at $245.91 billion. (Wal-Mart’s stock fell 0.7 percent to $76.31).
The WWD fashion tracker, which does not include Alibaba, fell 0.7 percent to 100.61.
That put the fashion sector in line with global trends.
The Dow Jones Industrial Average sank 0.6 percent to 17,172.68 in New York, as the FTSE 100 fell 0.7 percent to 6,773.63 in London and the Hang Seng Index dropped 1.4 percent to 23,955.49 in Hong Kong.