Prada bosses under investigation for alleged tax evasion

Prada's two chief executives are being investigated by Italian authorities for possible tax evasion, the company said.

Miuccia Prada and Patrizio Bertelli are being examined over "the accuracy of certain past tax filings by them as individuals in respect of foreign-owned companies", it said in a statement.

The inquiry comes after Prada disclosed it was bringing its holding company back to Italy from Luxembourg in 2013.

The alleged tax evasion stems from the 10 years they were based in Luxembourg.

Prada's profit falls 20%, hit by fall in leather goods sales

First-half net profit fell 21% to 244.8m euros (£192.5m; $314m), the company said.

It said the strength of the euro had hurt sales as well as a "difficult economic" environment.

Ahead of the announcement, Prada shares fell 1.3% in Hong Kong, to their lowest level in more than two years.

Prada expects profits in the second half of the year to be broadly in line with the first half, however "margins will continue to be under pressure with some marginal improvements deriving from the costs-cutting actions," the company said in a statement.

"We remain confident that the luxury goods market - especially the high-end segment where the Prada Group operates with success - will continue to offer interesting growth prospects in the medium-term," said Prada's chief executive