Mulberry, the iconic British handbag maker, is looking towards the East for growth in revenue as it prepares for an uptick in sales in the upcoming year. Thierry Andretta, the brand’s Chief Executive, expressed his optimism during an interview with FashionNetwork.com at the New York Times luxury conference in Hong Kong.
While Mulberry recently saw a decline of 8 percent in half-year sales, primarily due to challenging conditions in the UK and the loss of concessions at House of Fraser, the brand sees this as an opportunity for growth. Andretta is hopeful for a sales recovery in 2019.
With a focus on expansion, Mulberry is turning its attention to Asia, where it has significantly increased its presence online and offline. After successful openings of new shops and sales points, South Korea is on track to become the brand’s second-largest market. By partnering with major Chinese online retailers like Toplife, JD.com’s luxury platform, Secoo, and VIP.com, Mulberry is tapping into the growing online market in the region.
Andretta highlighted Mulberry’s commitment to reducing dependence on the UK market, especially amidst Brexit uncertainties. The brand aims to decrease the UK’s revenue contribution from 68 percent to about 50 percent in the coming years, focusing on growth opportunities in Asia. Hong Kong, China, and Japan are key markets for Mulberry, with plans to expand retail presence and brand awareness in these regions.
Mulberry’s embrace of consumer trends, such as the “see now, buy now” approach, aligns with its strategy to meet evolving market demands. By prioritizing quality craftsmanship and sustainability, Mulberry remains dedicated to offering value for money and creating products that can be repaired for longevity.
With notable figures like Johnny Coca leading leather goods design, Mulberry continues to innovate and grow. Andretta’s leadership, combined with his experience from working with renowned fashion houses, is propelling Mulberry towards a successful future. Founded in 1971 in Somerset, Mulberry’s legacy as a luxury handbag maker remains strong, captivating fashion enthusiasts worldwide with its timeless designs and commitment to quality.
For more information on Mulberry’s expansion into Asia and its latest collections, visit their website at www.mulberry.com. To stay updated on the latest fashion news and trends, head to FashionNetwork.com at www.fashionnetwork.com.
