By Daniel Hunter

Italian luxury fashion retailer Prada has reported a 28% fall in annual profits.

Prada said sales were €451m ($490m; £330m) for its financial year, ending 31 January, compared with €628m last year.

The designer brand said a slump in sales in China and Europe were to blame for its big fall in profits.

Asian sales were down 3% and Europe 5%.

Sales in the Asia-Pacific region account for around 35% of Prada's sales, making it its biggest market.

"Results in the region were hit by the negative performances recorded in Hong Kong and Macau," Prada said in a statement.