Milan's Luxury Shopping Blues
The economic crisis has reached the streets of Milan where the AFP reports that sales in the posh shopping area surrounding Montenapoleone street are way down. The Italian shops are discounting merchandising, launching more affordable lines and scaling back new store openings. Even at Prada, discounts are up to 40 percent. Part of the problem is that Russian buyers have cut off their orders for Italian goods. Knitwear maker Lineapiu sought bankruptcy protection early this month and other companies are seeking new deals and investors to help them stay afloat in the changing world of Italian luxury.