Mulberry sees strong recovery in 2022

United Kingdom
Published:  30 June, 2022
Credit: Mulberry

British leather goods brand Mulberry has announced its financial results for the 53-week period ending April 2, 2022, with revenue up 32%.

The group reported revenue of £152.4 million (US$184.65 million) (up 32%), with a gross margin of 71.7%, during the full year.

UK retail sales increased by 36% to £89.8 million (US$108.8 million), while China retail sales were up 59% and South Korea retail sales saw growth of 11%.

Digital sales for Mulberry were £47.5 million (US$57.55 million) during the year, a drop of 16% which the company put down to customers switching back to retail purchases following store re-openings. However, digital sales remain 31% up on pre-pandemic results. Digital sales represented 31% of total revenue, down from 49% in 2021.

CEO Thierry Andretta said: "The strength of our financial results reflects positive customer response to our product as well as the strategic decisions we have made over the past five years, and I want to take this opportunity to thank my colleagues for their commitment and contribution to the business.

"Whilst the economic and geopolitical outlook remains uncertain, we are an iconic international brand with a clear strategy for future profitable, cash-generative growth. We remain well placed to continue to deliver sustainable returns to the benefit of all our stakeholders."