UK-based luxury brand Mulberry, which also offers western wear for women, plans to invest further in its new Asian entities during this development phase besides enhancing its global digital platform and optimising the UK network. The brand will focus on international markets besides leveraging its digital and omnichannel network and the recently established digital partnerships.
The brand reported mix results for its 53 week period ending March 2019. Its international revenue rose by 7 per cent to £48.1million, but its UK revenue declined by 6 per cent to £121.6m. Its Adjusted pre-tax profit declined from £8 million to just £1million. This adjusted figure contained £6m worth of costs such as South Korea launch expenses, a profit write-back on the conversion of John Lewis from a wholesale to concession business model (more of that later), House of Fraser administration write-offs, etc.
Mulberry also managed to increase its digital sales by an impressive 27 per cent, helped by the introduction of “important partnerships” in China such as Secoo and Tmall, as well as by its presence on John Lewis’s webstore. Its digital revenue now accounts for 22 per cent of total turnover.