The group achieved a revenue increase of 4% to £159.1 million (US$200.96 million), with digital sales up by 2% to £48.4 million (US$61.14 million) and representing 30% of total revenue, down from 31% in 2022 but above pre-pandemic levels.

UK retail sales totalled £87.7 million (US$110.77 million) and Mulberry noted that the first half of the year in particular was impacted by the broader economic environment, with an improvement in the second half.

Asia Pacific retail sales were up by 3% to £28.9 million (US$36.5 million) despite Covid-19 restrictions in Greater China and South Korea, while International retail sales were up by 12% to £46.5 million (US$58.7 million).

Gross margin dropped from 71.7% to 71.2% while full price retail sales increased by 6% and represented 78% of total retail sales. Reported profit before tax totalled £13.2 million (US$16.67 million), down from £21.3 million (US$26.9 million) in the last financial year.

Among its highlights for the year, Mulberry noted that 100% of its leather, suede and nappa is sourced from tanneries with environmental accreditations, which include the Leather Working Group, Sustainable Leather Foundation and ISO:14001.

Looking forward, Mulberry reports that its group revenue for the first 12 weeks of the current financial year is 6% up year-on-year, while retail revenue is up 15%, International retail sales are up 46% and Asia Pacific retail sales are up 34%.

CEO Thierry Andretta said: “We have delivered a positive Group performance this year thanks to our unique brand identity, beautiful innovative products and market-leading omni-channel proposition. Our Made to Last Manifesto also continues to set us apart and ensures that sustainability remains central to our strategy, with our ambition to transform to a regenerative and circular model across our supply chain by 2030 firmly on track.

“We made further progress during the period, reaching our target of sourcing 100% of our leather from tanneries with environmental accreditations including Leather Working Group and Sustainable Leather Foundation while all other materials and packaging used remain fully sustainable and recyclable. We continued to expand our circularity programme offering our pre-loved bags in the UK and Europe and restoring over 10,000 bags every year.”