Mulberry sales lift 18% as turnaround progress accelerates
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Luxury handbag maker Mulberry has revealed a surge in sales for the past six months amid continued progress with its turnaround strategy.
The group said it has seen momentum continue into the second half of the financial year despite a โchallengingโ macroeconomic backdrop.
Boss Andrea Baldo said he was โvery pleasedโ with recent progress by the business.
The Somerset-based business revealed that group sales lifted by 18% for the 26 weeks to September 26, compared with the same period a year earlier.
Mulberry said it was buoyed by โstrong customer demandโ across both its seasonal and core fashion collections, with positive sales of new products including its Raffia, Crochet and Stevie bags.
It added that recent trading also benefited from increased visibility following the Mulberry by Christopher Kane runway show at London Fashion Week.
UK sales increased by 10% over the half-year, with like-for-like growth of 9%.
Meanwhile, it was boosted by a 28% sales jump in the US and a 23% in Europe, excluding the UK.
Franchise and wholesale demand also grew strongly, with 52% sales growth across the division.
The fashion brand, known for its leather handbags, is undergoing a major turnaround plan it launched early last year as part of efforts to shore up its finances and return to profit
Mr Baldo, chief executive of Mulberry, said: โThe strength of our performance reflects the work undertaken over the past year to refocus the group around product, brand and customer, while maintaining a disciplined approach to trading and cost management.
โThe growth in full-price sales is particularly encouraging, demonstrating that our collections are resonating with customers across our key markets.
โThere remains much more to achieve as part of our strategic plan, and we are operating in a challenging trading environment.
โHowever, we enter the second half with a strong product pipeline, increased brand desirability and a clear focus on delivering our strategy.โ