The company made large scale investments in omni-channel, product design and creative talent. Johnny Coca, the company's new creative director presented his first collection at London Fashion Week in February. A license agreement was signed to manufacture and co-distribute the company's ready-to-wear and shoes from its Autumn Winter collection.
Profit before tax posted by the company for the year was £6.2 million as compared to £1.9 million in 2015. Earnings per share stood at 4.5p as compared to loss of 2.3p the previous year.
“Mulberry has made significant progress during the last financial year with solid growth achieved in revenues and profit. The first collection introduced by our new creative director, Johnny Coca, has been well received by both the UK and international press and partners,” Thierry Andretta, CEO of Mulberry said commenting on the results.
“Our UK manufacturing base, which produces c. 50 per cent of our bags, has remained a core strength and point of distinction. We have built a strong foundation for future growth as a result of the investment made in product design and development as well as our omni-channel infrastructure,” he stated.
Looking forward, we will invest further in developing exciting new product, whilst continuing to engage with our core UK and growing international customer base, Andretta added.
Following the arrival of Johnny Coca, there has been significant investment in building the creative team and in refreshing the collections with new designs. This process will continue and will contribute to an increase in overheads for the year.
At the same time, the elevated number of new product introductions during the year is likely to affect factory efficiency. (MCJ)
Fibre2Fashion News Desk - India
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