Prada To Focus On Ecommerce

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The luxury retailer Prada has said it is going to change its strategy and focus on ecommerce in the future. Prada is currently struggling and just announced that its profits are now the lowest they’ve been in the last 5 years. It hopes to reverse this trend by lowering prices, closing some physical stores and focusing instead on online sales. It wants to double its ecommerce sales over the next 2 years. To achieve this goal it will increase the range of products it offers on its ecommerce site and will also embrace social media. It plans to join Snapchat by this autumn. The global luxury ecommerce market is expected to surpass 20 billion US dollars by 2020. 

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