MILAN (Reuters), -The sales at Prada, the Italian fashion house (OTC:), soared in 2021 thanks to a surge in demand for high-end handbags.

Prada announced that its group sales increased by 41% in constant currency rates last year to 3.364 Billion Euros ($3.83Billion), which is 8% more than the 2019 level.

This figure is higher than the estimate of 3.28 Billion Euros in UBS’s analyst consensus. It indicates that a revamp strategy to increase Prada’s market share and boost online sales has been successful.

Last November, Prada set a mid-term goal for sales of 4.5 million euros.

Hong Kong-listed company, that was not required to release full-year results prior to March, stated sales had accelerated in second half last year due to the growth of its retail network. This network grew 27% and 21% respectively compared with 2020, as well as e-commerce.

The second-half saw a significant increase in core profits due to both the greater contribution of the retail channel as well as the full price policy followed by the family-owned fashion house.

“The Prada Group is capable and has the resources to differentiate itself and meet its future growth targets,” declared Chief Executive Officer Patrizio Bertelli. In November, he announced that he was willing to hand over control of the company to his son Lorenzo Bertelli. This could take between three and four years.