The only downside to this brilliant news? It's because the brand's profits are falling, with a loss of over 40% in net income since the end of the first quarter.
In a statement, Prada S.p.A. CEO Patrizio Bertelli said: "Results for the quarter have been conditioned by the continuing difficult market conditions in the Asia Pacific area, especially in Hong Kong and Macau.”
While it's not exactly the good news for the luxury brand, they're hoping these chances will help them "achieve return at the levels of profitability enjoyed until the recent past."
In the meantime, we'll be making the most of their more purse-friendly prices. The new Prada bags, which don't yet have a release date, will cost around €1,000 to €1,200 (or approximately £725 to £870).