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(Alliance News) - Mulberry Group PLC on Thursday said festive trade was "satisfactory", despite a sales decline, as it appointed a new finance chief and announced a "brand refresh".
The London-based luxury handbag maker, which late in 2024 managed to see off a takeover tilt from shareholder Frasers Group PLC, set out a new strategy dubbed "back to the Mulberry spirit".
The plan looks to "restore Mulberry to profitability through simplification, brand realignment and enhanced customer connection". It will refocus efforts on the UK market, aim to boost growth in the US, and realign in Asia. There, it will look to reduce its "emphasis" on China.
The brand rejig will see Mulberry "reposition the company to celebrate British lifestyle". Mulberry will also look to boost up its direct-to-consumer operations.
In the 13 weeks that ended December 28, which included the all-important Christmas trading stretch, revenue declined 18% on-year. It was a "satisfactory" outturn and in line with board expectations, though affected by a "continuing challenging macro-economic environment", Mulberry said.
Retail sales were down 17% on a year before, or 15% at constant exchange rates, with UK trade down 20%. International retail was down 4.6%, with Asia-Pacific down 24%, offset by 15% growth in the rest of the world, all at constant currency.
Looking ahead, Mulberry said it is managing costs and noted that trading for the financial year ending in March will be weighted toward the second half.
"Our new strategy sets out our commitment to turnaround this business and return to sustainable profitability," explained Chief Executive Officer Andrea Baldo.
"We need to get back to where we came from and return to the spirit of Mulberry. First created by Roger Saul over 50 years ago, it is this Britishness, cultural relevance, creativity and responsible craftsmanship that is so loved by our customers. These strengths, along with our unique price position, set us apart from the market."
Mulberry also announced Billie O'Connor as chief financial officer, starting February 17. "Billie qualified in 2007 and has spent her career working in the consumer and retail sectors, most recently as the CFO and CIO of Milk & More, a subsidiary of the Muller Group, which she joined to drive a turnaround and eventual sale. Prior to this, Billie held a variety of finance roles at Selfridges Group, Marks & Spencer [Group PLC], Walgreens Boots Alliance and Esporta Group," Mulberry said.
Earlier this month, Mulberry had announced Charles Anderson will leave the board on Friday this week.
Mulberry shares were down 3.4% to 94.20 pence late Thursday afternoon in London. The stock is down 28% over the past year.
By Tom Waite, Alliance News editor
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