Mulberry, the renowned luxury fashion and accessories brand, is currently experiencing changes in its leadership team as group finance director Neil Ritchie has recently announced his resignation after dedicating three years to the role. Having joined Mulberry in 2016 from Dyson, Ritchie is set to step down on 30 June once the year-end audit process has been completed.
The board of Mulberry has expressed their sincere appreciation to Neil Ritchie for his invaluable contributions to the group throughout the past three years and extended their best wishes for his success in all future endeavors. In response, Ritchie graciously thanked the board and his colleagues for their unwavering support, acknowledging that he feels privileged to have been a part of Mulberry’s growth and international expansion.
In the first half of the financial year, which concluded on 30 September, Mulberry experienced an 8% decrease in revenue, amounting to £68.3m. This decline was partially attributed to the fallout from House of Fraser, consequently impacting the brand’s profitability, leading to pre-tax losses of £3.6m compared to £0.6m in the prior year.
In response to these challenges, Mulberry has been steadfast in its efforts to enhance its ‘Made in England’ credentials while also expanding its global footprint. Boasting 29 stores in Korea and Japan, the brand has additionally forged digital partnerships with various e-tailers in China to stimulate growth within that market.
Despite the adversity faced in the first half of the year, Mulberry remains optimistic about its future performance and is anticipating reporting an underlying profit before tax for the full year ending in March. The quest for a new group finance director is currently underway as Mulberry continues to navigate the ever-evolving landscape of the luxury fashion industry.
To learn more about Mulberry and its latest developments, visit their official website here. For further insights into the luxury fashion industry, check out this informative article here.
