Prada’s sales for the third quarter grew 18 per cent, this marks an acceleration from the eight per cent growth rate of first half year. Prada is aiming at a 40 per cent revenue growth. The Italian luxury group will do this by boosting online business and profitability of physical stores.

The family-owned group, which in recent months has been reaping the fruits of a strategic revamp, targets an operating profit of 20 per cent of total sales, more than twice the 2019 level. It also aims to double the proportion of online sales to 15 per cent of retail revenues over that timeframe. The group's strategy focuses on direct distribution to increase store productivity and online penetration. It had close to zero debt at the end of the third quarter, and profitability had further improved over the period. Last year, due to shop closures and lack of tourism, Prada’s sales fell to €2.4 billion. The global health emergency last year interrupted two years of sales recovery at Prada, the result of a revamp plan focused on boosting e-commerce and sticking to full-price sales. Like the rest of the luxury sector, the group started to see the first signs of a rebound last summer.