MULBERRY has secured a deal to move into a new flagship store in Mayfair in another sign that the luxury goods market is seeing a bounce back after the recession.
The company has signed a 25-year lease for 50 New Bond Street on a rent of £1.4m a year.
The company’s handbags, sported by the likes of Alexa Chung and Kate Moss, will be displayed in 5,400 square feet of retail space at ground floor level, which Mulberry says will give it a “much stronger and coherent presentation of the entire Mulberry range” than at its current store which is just a few doors away from the new building.
The company is hoping that the new store will be open for Christmas.
Meanwhile, Mulberry said “trading continues to be strong” and that results for the year to the end of March would meet City forecasts.
The firm also said it is finalising terms on a London head office and showroom which will mean it offloading its Shepherd’s Bush and New Bond Street offices.
Mulberry sales picked up over the Christmas period and raised its annual profit forecast as a result.
It has been searching for office and showroom premises since June in an attempt to put the two functions under the same roof. The company was established in 1971, and its goods stocked on the shelves of london fashion emporium Biba.