Prada has announced that its finance chief is resigning effectively immediately just two days after the Italian brand reported almost flat sales growth for the year. Donatello Galli, who has joined Prada in 2004, cited "personal reasons" for why he will leave Prada, adding there had been no disagreement with the board during his tenure.
"There is no other matter relating to his resignation that needs to be brought to the attention of shareholders of the group," a statement from Prada reads.
A search is also under way for a new board member, the company added.
"We haven't spoken to the company yet, but a management change is hardly surprising. The company's been under a lot of pressure of late and has come down heavily from peaks," said an analyst, who spoke on condition of anonymity, told Reuters