The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — British luxury brand Mulberry reported a 21 percent rise in annual profit, benefiting from well received new products and increased online sales.
The company, best known for its leather handbags, said on Wednesday it made a pretax profit of £7.5 million in the year to March 31, up from £6.2 million in 2015-16, on revenue up 8 percent to £168.1 million.
Sales from digital channels increased 19 percent to represent 15 percent of group revenue, while new products such as the "Zipped Bayswater" handbag gained momentum.
"During the year we have made good progress. Our sales and profits are growing, enhancing our strong cash position," said chief executive Thierry Andretta.
ADVERTISEMENT
Mulberry said like-for-like retail sales were up 1 percent in the 10 weeks to June 3, with UK like-for-like sales up 2 percent.
It said the UK continued to benefit from an increase in tourist spending in London, although domestic demand has been softer.
Shares in Mulberry, up 9 percent over the last year, were down 2 percent at 1,108 pence at 0713 GMT, valuing the business at £670.5 million.
By James Davey; editor: Susan Fenton.
The Coach owner’s results will provide another opportunity to stick up for its acquisition of rival Capri. And the Met Gala will do its best to ignore the TikTok ban and labour strife at Conde Nast.
The former CFDA president sat down with BoF founder and editor-in-chief Imran Amed to discuss his remarkable life and career and how big business has changed the fashion industry.
Luxury brands need a broader pricing architecture that delivers meaningful value for all customers, writes Imran Amed.
Brands from Valentino to Prada and start-ups like Pulco Studios are vying to cash in on the racket sport’s aspirational aesthetic and affluent fanbase.