British fashion brand Mulberry swings back to profit in first half

03 Dec '21

2 min read

Pic: Mulberry

Mulberry Group, the British luxury brand, has reported a 34 per cent revenue jump to £65.7 million in the first half (H1) of FY22 ended on September 25, 2021, compared to the revenue of £48.9 million in the same period of previous fiscal. The company’s profit for the period surged to £7.3 million over the loss of £2.0 million in the H1 FY21.

“I am proud of Mulberry's performance during the period. Our long-term strategy, namely our innovative and sustainable products made in our carbon neutral Somerset factories, our market-leading omni-channel distribution model, and our expansion into Asia Pacific, has delivered a strong financial performance,” Thierry Andretta, chief executive officer at Mulberry Group, said in a press release.

“Product innovation and sustainability are central to our strategy, demonstrated by the recent launch of our ‘The Lowest Carbon collection’, further supporting the commitments we made in our Made to Last manifesto and our goal to reach zero carbon emissions by 2035,” Andretta continued.

The UK-based fashion firm’s gross profit for H1 rose to £45.4 million (£28.9 million), and operating profit improved to £11.9 million (operating loss: £0.2 million). Digital sales however dropped by 19 per cent to £19.1 million (£23.4 million).

By region, sales in UK for the six-month period increased by 36 per cent to £38.0 million (£28.0 million), while the international retail sales from Asia-Pacific went up by 23 per cent to £11.8 million (£9.5 million) where China’s sales accelerated by 38 per cent. Moreover, rest of world retail recorded sales of £5.8 million (£5.4 million).

“The bold decisions we have taken with regards to focussing on our UK production capabilities, means that we are well placed for the festive trading period and beyond. Finally, I would like to take this opportunity to thank my colleagues for their hard work, commitment and achievement over the period,” Andretta concluded.

Fibre2Fashion News Desk (JL)

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