Mike Ashley seeks to join Mulberry’s board as he tires of firm’s poor sales Sportswear tycoon Mike Ashley is reportedly set to muscle his way onto the board of luxury brand Mulberry as he grows increasing tired of the company’s poor sales performance. Ashley’s Frasers Group owns a 37 per cent stake in Mulberry, but the brand is ultimately controlled by Malaysian billionaire Ong Beng Seng and his wife [...]
Mulberry blames tourist tax and slowdown in luxury demand for falling sales Mulberry British fashion house Mulberry has blamed a slowdown in demand for luxury spending for a nine per cent decline in sales over the golden quarter.
Mulberry: Chief calls to scrap London tourist tax as losses widen Tourist Thierry Andretta, said that a weak economic outlook is impacting the entire luxury industry and called for UK government to bring back VAT free shopping for international tourists
Mulberry profit takes a hit as luxury brand invests in global expansion June 28, 2023 Mulberry’s pretax profit slumped in the year, despite an uptick in revenue, as increasing costs weighed on performance. In the year to April, the luxury handbag maker reported an underlying profit of £2.5m, down from £14.6m last year. On a reported basis its pretax profit was £13.2m, which took into account impairment reversals on some [...]
Brands in London “suffering”: Fresh calls to scrap ‘tourist tax’ amid Mulberry losses June 28, 2023 Fresh calls have been made to reinstate VAT-free shopping for international tourists, after the chief of Mulberry warned its profits have been hit hard by it as they ditch London for Paris and Milan. Pre-tax profit at the British handbag maker fell to £13.2m in the year to April, down from £21.3m the prior year. [...]
London’s tourist tax: Struggling luxury brands LVMH, Mulberry and Burberry have other problems, too January 17, 2024 Mulberry has fallen out of fashion with investors as shares slumped over four per cent this morning, with the luxury retailers expressing growing concerns about flattening sales and the tourist tax. The British fashion house, best known for its leather handbags, has had around £3bn wiped off its market value in the last five months [...]
Mulberry lifted by strong China sales as luxury handbag maker shrugs off cost of living crisis April 20, 2023 Despite a challenging macro-economic background, luxury fashion brand Mulberry has announced an “improvement” in retail revenue over the second half of the year in its trading update for the year ending 1 April 2023. The British heritage brand – known for its iconic handbags – reported that revenue was slightly ahead of last year, with [...]
Mulberry feels the chill of recession as boss calls for VAT-free shopping to boost tourist sales November 30, 2022 High-end accessories retailer Mulberry is beginning to feel the effects of the cost of living crisis and recession in the UK, with sales and revenue slipping over the past six months. Sales at its London stores on Bond St and Regent St have been hit hard by affluent tourists from the US and the Arab [...]
Covid restrictions in China take dent to Mulberry shop and online sales June 29, 2022 Mulberry has said Covid restrictions in China have resulted in a one per cent dip in sales across its retail and digital channels so far this financial year. Stringent pandemic measures in mainland China meant the designer handbag maker was forced to temporarily shutter the majority of its stores, as well as its Shanghai distribution [...]
Handbag maker Mulberry anticipates higher than expected revenue and profit March 29, 2022 Luxury fashion brand Mulberry has said its group revenue for the year will exceed current expectations thanks to healthy sales. In a trading update for its financial year ending 2 April, the retailer said a “robust sales trend” marked in the first half of its 2022 financial year has continued. Group revenue and profit for [...]