MILAN (Reuters – Prada, an Italian luxury brand that specializes in high-end fashion and design, announced Thursday it plans to increase its revenue by 40% over pre-pandemic levels. It will do this through a boost in online sales as well as the profit of its physical stores.

At an investor presentation, the Milan-based, Hong Kong- listed company said retail sales in the three months to September grew by 18% compared to the same period in 2019, before the health emergency hit. It was a significant increase over the previous 8% annual growth rate.

This medium-term growth goal of 4.5 Billion Euros ($5.1B) is comparable to 2019 revenues of 32 billion and 2013 record sales of 3 billion.

Prada’s last-year sales were 2.8 billion euros, due to closures of stores and low tourism.

This family-owned business, which has seen success from a strategy overhaul in recent months, stated that it aims to achieve an operating profit of 20% on total sales by 2020, more than double the level in 2019. In the same timeframe, it aims to double its online sales to 15%.

($1 = 0.8821 euros)