Miuccia Prada went back to her trademark minimalist style for her first collection with Belgian designer Raf Simons, who joined the Italian fashion group as co-creative director in February. 
 
The pair's Spring/Summer 2021 women's show was streamed live on Thursday for Milan's fashion week, where most collections are being presented digitally and without audiences due to coronavirus social distancing rules. "It's a really strange situation," Prada said in a video after the show, where she and Simons answered questions from people around the world. 
 
"But we have the occasion to really show the clothes, we can't see the real people, the public, but at least we hope you can enjoy and see the clothes better." Models wore mostly black and white or pastel-coloured vests, trousers and long skirts in simple, monochrome designs which Prada said were inspired by the idea of uniforms. Many clothes had round-shaped holes cut out of the fabric. 
 
"Clothes are pared-back, refined, focused, without superfluous decoration: shell tops, straight pants, overcoats in industrial re-nylon," the brand said in a statement. Simons, 52, said he had never expected to be, one day, co-designing a collection with Miuccia Prada, but that he was "extremely happy" with the result. 
 
"Maybe it`s harder as you have more dialogue, and that can also impact on the timing, but all in all I find it easier," he said when asked what it was like to jointly create a collection. "Decision-making for me is strengthened when I know that Miuccia likes very much what I also like very much. Even if I am convinced, my decision is strengthened when I know that she too is convinced." 
 
After becoming one of Italy`s best-known fashion houses, Prada has struggled in recent years. 
A restructuring drive began to pay off in 2018 when sales returned to growth for the first time in four years thanks to a new strategy aimed at rejuvenating the label by renovating shops, launching new products and boosting online sales. 
 
But the Hong Kong-listed group has, like luxury rivals, been hit hard by the pandemic, which forced high-end houses to temporarily shut shops and idle manufacturing sites. Simons&nbsp;appointment, announced in February, marked the first time the Italian fashion house has hired an outsider to work with its head designer. He was most recently creative director at Calvin Klein and before that at Christian Dior and Jil Sander. 
 
Miuccia Prada, 71, said at the time the move was not intended to pave the way for a possible succession as the group`s top designer.

Miuccia Prada went back to her trademark minimalist style for her first collection with Belgian designer Raf Simons, who joined the Italian fashion group as co-creative director in February.

Miuccia Prada went back to her trademark minimalist style for her first collection with Belgian designer Raf Simons, who joined the Italian fashion group as co-creative director in February. The pair's Spring/Summer 2021 women's show was streamed live on Thursday for Milan's fashion week, where most collections are being presented digitally and without audiences due to coronavirus social distancing rules. "It's a really strange situation," Prada said in a video after the show, where she and Simons answered questions from people around the world. "But we have the occasion to really show the clothes, we can't see the real people, the public, but at least we hope you can enjoy and see the clothes better." Models wore mostly black and white or pastel-coloured vests, trousers and long skirts in simple, monochrome designs which Prada said were inspired by the idea of uniforms. Many clothes had round-shaped holes cut out of the fabric. "Clothes are pared-back, refined, focused, without superfluous decoration: shell tops, straight pants, overcoats in industrial re-nylon," the brand said in a statement. Simons, 52, said he had never expected to be, one day, co-designing a collection with Miuccia Prada, but that he was "extremely happy" with the result. "Maybe it`s harder as you have more dialogue, and that can also impact on the timing, but all in all I find it easier," he said when asked what it was like to jointly create a collection. "Decision-making for me is strengthened when I know that Miuccia likes very much what I also like very much. Even if I am convinced, my decision is strengthened when I know that she too is convinced." After becoming one of Italy`s best-known fashion houses, Prada has struggled in recent years. A restructuring drive began to pay off in 2018 when sales returned to growth for the first time in four years thanks to a new strategy aimed at rejuvenating the label by renovating shops, launching new products and boosting online sales. But the Hong Kong-listed group has, like luxury rivals, been hit hard by the pandemic, which forced high-end houses to temporarily shut shops and idle manufacturing sites. Simons appointment, announced in February, marked the first time the Italian fashion house has hired an outsider to work with its head designer. He was most recently creative director at Calvin Klein and before that at Christian Dior and Jil Sander. Miuccia Prada, 71, said at the time the move was not intended to pave the way for a possible succession as the group`s top designer.

Prada returns to minimalist roots for first joint collection

It is the world's largest recession in history. HSBC's profits has plummeted 96 per cent to $192 million in April to June period.

HSBC expects total losses of upto $13 billion by the end of the year. The bank has said it will shed 35,000 jobs to focus more on Asia&nbsp;where it gets most of its business but&nbsp;Hong Kong and China remain a geopolitical sore point. 
&nbsp; 
Europe's second-largest insurer AXA has had no insurance against the pandemic. In the first six months of the year, the French insurance giant posted profits of $1.7 billion, down from $2.33 billion posted over the same period last year. Coronavirus-related property and casualty claims have deeply hurt the insurance industry.

Energy giant BP is fighting an existential crisis as the pandemic batters oil prices. The UK-based oil firm has reported a loss of $17 billion for the April to June period. Almost every part of the business was hit very hard due to lower demand during the pandemic.

German auto major BMW has gone into a tailspin. The luxury carmaker has posted a loss of nearly $800 million in the second quarter which is the worst in a decade as sales slumped 25 per cent during the lockdown period. More cars are being sold in China, but not enough to make up for sales lost due to the pandemic.

As air travel remains a health hazard most of Lufthansa's fleet is still grounded. The airline has suffered a $2 billion loss in the previous quarter. In June unable to keep up its operations anymore Lufthansa received a government bailout of $10 billion. Now, the airline like its competitors is planning to carry out massive lay-offs.

The state of airlines is indicative of what's happening in the tourism and hospitality industry. Hilton says it will be a long time before its rooms are full again. The world's second-largest hotel operator has posted a loss of $430 million in the June quarter. Hilton is planning to fire 2,000 employees.&nbsp;

Disneyland is without its rambunctious crowd which is reflective in its parent firm &nbsp;Walt Disney company's earnings. Over the last three months, the entertainment company has lost $5 billion which is a rare loss for a company that thrived on its movies, theme parks, resorts and cruise operations until the pandemic struck.

McDonald's global sales have slipped by 24 per cent in the previous quarter with operations limited to drive-thru and delivery services with 96 per cent of the company's stores operating on this model.&nbsp;

Luxury fashion house Prada has closed 70 per cent of its stores due to the pandemic since the virus outbreak the company has lost $1 billion. However, a rising e-commerce trade and reopening of some of its stores in the Asia-pacific region may cushion the fall but the rich jet-setting patrons will not step into Prada's stores anytime soon. 
&nbsp; 
The pandemic has shown De Beers that diamonds are not forever. Diamond production dropped by more than 50 per cent in the last quarter mainly due to lockdowns in South Africa as a result sales collapsed by over $1 billion.

It is the world's largest recession in history. HSBC's profits has plummeted 96 per cent to $192 million in April to June period. HSBC expects total losses of upto $13 billion by the end of the year.

It is the world's largest recession in history. HSBC's profits has plummeted 96 per cent to $192 million in April to June period. HSBC expects total losses of upto $13 billion by the end of the year. The bank has said it will shed 35,000 jobs to focus more on Asia where it gets most of its business but Hong Kong and China remain a geopolitical sore point. Europe's second-largest insurer AXA has had no insurance against the pandemic. In the first six months of the year, the French insurance giant posted profits of $1.7 billion, down from $2.33 billion posted over the same period last year. Coronavirus-related property and casualty claims have deeply hurt the insurance industry. Energy giant BP is fighting an existential crisis as the pandemic batters oil prices. The UK-based oil firm has reported a loss of $17 billion for the April to June period. Almost every part of the business was hit very hard due to lower demand during the pandemic. German auto major BMW has gone into a tailspin. The luxury carmaker has posted a loss of nearly $800 million in the second quarter which is the worst in a decade as sales slumped 25 per cent during the lockdown period. More cars are being sold in China, but not enough to make up for sales lost due to the pandemic. As air travel remains a health hazard most of Lufthansa's fleet is still grounded. The airline has suffered a $2 billion loss in the previous quarter. In June unable to keep up its operations anymore Lufthansa received a government bailout of $10 billion. Now, the airline like its competitors is planning to carry out massive lay-offs. The state of airlines is indicative of what's happening in the tourism and hospitality industry. Hilton says it will be a long time before its rooms are full again. The world's second-largest hotel operator has posted a loss of $430 million in the June quarter. Hilton is planning to fire 2,000 employees. Disneyland is without its rambunctious crowd which is reflective in its parent firm Walt Disney company's earnings. Over the last three months, the entertainment company has lost $5 billion which is a rare loss for a company that thrived on its movies, theme parks, resorts and cruise operations until the pandemic struck. McDonald's global sales have slipped by 24 per cent in the previous quarter with operations limited to drive-thru and delivery services with 96 per cent of the company's stores operating on this model. Luxury fashion house Prada has closed 70 per cent of its stores due to the pandemic since the virus outbreak the company has lost $1 billion. However, a rising e-commerce trade and reopening of some of its stores in the Asia-pacific region may cushion the fall but the rich jet-setting patrons will not step into Prada's stores anytime soon. The pandemic has shown De Beers that diamonds are not forever. Diamond production dropped by more than 50 per cent in the last quarter mainly due to lockdowns in South Africa as a result sales collapsed by over $1 billion.

Banks, insurance, airlines, tourism battered amid coronavirus pandemic

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Prada returns to minimalist roots for first joint collection

Banks, insurance, airlines, tourism battered amid coronavirus pandemic