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Mulberry expects profit in FY21 despite lower revenues


Mulberry expects to report a small underlying profit before tax for the 12 months to the end of last month (FY21). As per Fashion Network, the company expects FY 21 revenue to be lower than the previous year. However, it will also reduce its losses as customers have remained loyal to the brand during the pandemic period.

The group has recorded strong growth in its Asian markets while its digital sales have also accelerated. Its improved margins due to lower markdown sales suggest that other markets may also improve on easing of the lockdown restrictions. Mulberry is a luxury fashion company founded in the United Kingdom in 1971, known internationally for its leather goods. Mulberry has stores throughout the UK and all over the world including Europe, the US, Australia and Asia. It has registered offices in Somerset, London and New York City. Mulberry continues to make designer leather goods at its original Somerset factory, called The Rookery.