MULBERRY chief executive Bruno Guillon has insisted that the handbag maker can become a “global luxury brand”, as it posted a slump in profits yesterday, just days after confirming that creative director Emma Hill is to step down.
Guillon denied her departure was sparked by creative differences and said “the strategy was one agreed on by all the management, including Hill.”
Pre-tax profits for the year to 31 March fell 28 per cent to £26m, which Guillon attributed to its investment in opening 17 overseas stores to tap into faster growing markets.
Revenues fell two per cent to £165m, mainly due to a slowdown in Asia and a decision to cut European wholesale contracts that were not upmarket enough.
Like-for-like sales rose six per cent and are up the same amount in the 10 weeks to 8 June.
Shares in the firm closed down nearly two per cent at 930p.