Mulberry Group, the renowned luxury bags specialist, has recently released its year-end trading update, offering a glimpse into its performance. The company reported that its overall trading for the year ending April 1 met the board’s expectations and that group revenue slightly exceeded last year’s figures. While specific financial details were not disclosed, Mulberry noted a significant improvement in its retail revenue during the second half of the year, primarily driven by impressive performance in the UK and a recovering market in China.
In addition to its revenue growth, Mulberry highlighted its success in maintaining its gross margin through a strategic focus on full-price sales. The company has also continued to invest in the Asia Pacific region as part of its expansion plans. This includes the recent opening of a duty-free store in Hainan, Greater China, as well as the complete acquisition of Mulberry Australia. These steps followed the establishment of Mulberry Sweden and the acquisition of three stores previously operated by its Swedish franchisee. By making these investments, Mulberry aims to not only enhance its global brand awareness but also develop its business model for future growth.
Based on its investments, Mulberry anticipates a net cash balance of approximately £0.8 million by April 1, 2023, with additional borrowing facilities available. Thierry Andretta, CEO of Mulberry Group, expressed his satisfaction with the company’s performance, stating, “This year, we have successfully achieved our strategic goals while demonstrating resilience in a challenging macro-economic environment. We have prioritized investments in our omnichannel approach, improved our direct-to-customer model, and effectively maintained our gross margin.”
Overall, Mulberry’s trading update presents a positive outlook for the company, with its strategic investments and focus on full-price sales contributing to its overall success. Although specific figures were not provided, the company’s emphasis on growth and resilience suggests a promising future for this luxury brand. With its ongoing efforts to expand globally and refine its business model, Mulberry is positioning itself for further achievements in the luxury bags market.
Useful links:
1. Mulberry Official Website
2. Vogue Business – Mulberry Sales Return to Growth
