Luxury handbag maker Mulberry has announced a successful turnaround, with solid sales growth returning across all markets. The Somerset-based brand reported a 13.7% increase in UK retail and online like-for-like sales in the final six months, up from 6.5% growth in the third quarter.
Overall, comparable group sales rose 12.8% in the second half to March 28, or 13.6% when excluding currency fluctuations, driven by growth in all regions and channels. This marks a significant recovery following a 3.2% decline in constant currency sales during the first half of the year.
Chief Executive Andrea Baldo described the past year as one of “decisive progress.” Despite economic and geopolitical challenges, the company has delivered growth across every segment, reflecting strong business momentum. Baldo credited the performance to disciplined execution of Mulberry’s “Back to the Mulberry Spirit” strategy, which he says confirms that the company’s turnaround is firmly underway.
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The strategy, launched in late 2024, included reducing the workforce by about 25% at the head office and raising £20 million to support the transformation after a 21% turnover slump earlier in the year. By November, the company had reduced its losses by more than half.
Mulberry’s renewed focus has centered on simplifying operations, enforcing full-price discipline, and launching tighter, more curated product ranges with better availability. Baldo emphasized the brand’s goal to reconnect with customers and reinforce Mulberry’s identity as a distinctively British lifestyle name.
This approach paid off early in the year: the limited-edition Bayswater bag sold out within minutes of its February launch. The brand also partnered with Wicked star Cynthia Erivo in a campaign to relaunch the Roxanne bag collection, gaining fresh visibility.
With its strong second-half showing, Mulberry achieved overall annual sales growth of 5.7% on a constant currency basis, signaling a promising future for the brand.