TAIPEI: Luxury brand Mulberry has fashioned a jump in sales and profits for the last year as shoppers were won over by new creative designer Johnny Coca’s handbags.
Mulberry said that its updated and lightweight version of its classic Bayswater leather handbag had become an “instant bestseller”, which boosted sales by 8pc to £168.1m during the year to the end of March.
Pre-tax profits also jumped by 21pc to £7.5m, heralding a significant turnaround from two years ago, when it was dogged by profit warnings and the loss of a creative director and chief executive.
Thierry Andretta, who joined Mulberry last year, said that there was “good momentum” within the company.
Digital sales rose by almost 20pc to make up 15pc of sales as the company invested in new international sites and introduced click and collect options from its boutiques around the world.
UK retail sales also climbed by 10pc to £106.8m as tourist shoppers flocked to London to pick up bargains as the pound weakened following the European referendum.
Mr Andretta said that he was not too concerned about an impact on tourists shunning the capital following the terrorist attacks at London Bridge two weeks ago. He added that sales had already been a bit “softer” for the past six weeks partly due to the general election, but primarily because Mulberry had not had any new products in its shops since the Spring/Summer collection 10 weeks ago.
