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British leather goods maker, Mulberry, has reported a threefold increase in pre-tax profit for the year ended March 31, 2016.
Mulberry has announced that profit before tax rose to £6.2 million (US$8.83 million) for the year ended March 31. International retails sales, which account for around 30% of the company’s business, were up 3% in the period, to £21.3 million (US$30.34 million).
The three-fold jump in full-year pre-tax profit has been attributed to the marketing success of a more affordable range.
Full-year retail sales increased 8% to £118.7 million (US$169 million), and total revenue rose 5% to £155.9 million (US$222).
Led by Bruno Guillon, Mulberry’s former strategy of positioning itself alongside more exclusive brands such as Dior had resulted in a 74% drop in full-year profit for the year ended 2015. Guillon was replaced by Thierry Andretta in March 2015, who said the brand plans to reconnect with its roots as an upmarket British brand offering sturdy and chic handbags at fair prices. Read more here.
The company said total retail sales for the 11 weeks to June 11 were up 4% year-on-year, and it expects the rollout of its new Autumn/Winter collection to be completed by August.