Prada is following in the footsteps of other multinationals and luxury brands in closing their shops in Russia, including the French giants LVMH, Hermes and Chanel.
Virgil Abloh, was the artistic director for Louis Vuitton's menswear, has passed away after battling cancer for years.
Investors focused on the positives despite growing US-China tensions stalling recovery for equities in May, amid signs that many European economies are coming back to life.
Chinese consumers account for between 33 and 35 percent of all luxury goods bought in the world in value terms. The Bain & Company consultancy predicts that share will grow to 45 percent within five years.
LVMH, the world's biggest luxury retailer, says that its net profit jumped by 13 per cent from 2018 to $7.89 billion (7.17 billion euros) .
LVMH already owns 75 brands including Christian Dior, Fendi, and Givenchy as well as watchmaker Tag Heuer.
The brands are the latest to get into hot water over political issues with Beijing, which has been more assertive in its territorial claims and how it expects foreign companies doing businesses in China to describe them.
The new luxury house will be called Fenty after Robyn Rihanna Fenty, the full name of the Barbados-born superstar, who already has her own highly successful Fenty sportswear and Savage lingerie labels.
People on social media, both in France and abroad, have expressed frustration that other disasters - from the Syrian and Iraq refugee crisis to the Grenfell Tower fire in London - have not received anything like the same degree of support.
France's President Emmanuel Macron vowed to rebuild the Gothic monument within five years as pledges from French billionaires, businesses and the public sector to help reach some $790 million.
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