Mulberry opened a new store in Dubai Mall in April as part of its international expansion plans. Pic: MulberryMulberry, the luxury brand known for its leather handbags, swung into the red in its last financial year as tough UK trading and Asia investment combined to hit its bottom line.
The company said a 7% rise in international sales was offset by a 6% decline in its core UK market in the 53 weeks to 30 March. It left total revenue 2% down on the previous year at £166.3m - with adjusted profit before tax, reflecting underlying business performance, coming in at £1m - down from £8m 12 months earlier.Mulberry made its name through leather products and now trades from 125 sites in 25 countries
The group said it made progress in developing its international business and growing its digital offering while"managing a challenging UK environment".It cited lower domestic footfall and tourist spending as the wider retail sector battles a toxic cocktail of weak consumer confidence and higher costs from things like business rates, wages and rents.
A string of chains have either folded or sought rescue deals - with Sir Philip Green's Arcadia empire, which includes Topshop, recently
MulberryEngland Nothing to do with higher Bill's and stagnating wages
MulberryEngland Uk retailers seem to be suffering badly and Brexit hasn't even taken place yet.
Investment in uk higher than rest of EU misleading fake news