Despite sales declining by 23 per cent to £115 million in the year upto March 27, British handbag and accessories brand Mulberry returned to profit during the pandemic year. As per a Women’s Wear Daily report, the brand’s profit during the period totaled £4.6 million, compared to last year’s loss of £47.9 million, reflecting growth in Asia-based and digital sales. The company also eschewed markdowns in the period, which boosted profit margins, and made a series of economies, including layoffs during lockdown.

The brand’s underlying profit before tax rose to £5.9 million compared with a loss before tax £14.2 million in the previous year. The group’s revenue during the period to date has increased by 45 per cent while retail revenue increased by 30 per cent due to a strong recovery in the UK and continuing growth in Asia,

During the 12-month period, Mulberry’s international retail sales rose 4 per cent to £33.8 million, compared with the previous year’s £32.4 million. Sales in Asia Pacific grew by 36 per cent, driven by ongoing development in the region, while China retail sales were up by 81 per cent, and South Korea retail rose by 36 per cent.

During the 12-month period, the company also launched its Made To Last Manifesto with a commitment to transform the business to “a regenerative and circular model, encompassing the entire supply chain, from field to wardrobe” by 2030. It also helped the COVID-19 relief cause by making PPE gowns and providing meals to people in need.