Mulberry, has seen a ‘strong’ reaction to the relaunch of its Alexa bag in sustainable leather, earlier this month.
The news comes in the luxury fashion brand’s half year results, which showed group revenue had slumped by 29 per cent to £48.9m. The decline in sales reflected the impact of Covid-19 and store closures.
However, the group made a pre-tax loss of £1.9m, compared with £10.1m for the same period in 2019. The improvement in adjusted loss is attributed to “strong growth in Asian markets” and an increase in digital business. The digital side of the business grew 68 per cent, with sales of £23.4m for the half year.
Mulberry said it ended the period with net cash of £8.6m, up from £6.6m in 2019, maintained through “rigorous cost and cash control”.
Thierry Andretta, Mulberry chief executive, said: “I am proud that in spite of the devastating effects of the global pandemic, we have made further progress on our long-term strategy to build Mulberry as a sustainable global luxury brand. This is focused around: a truly omnichannel network and market leading digital platform, increased presence in Asia, and a relentless focus on innovation and sustainability, offering our customers beautiful products, made to last in our Somerset factories.
“As we look to the future, we remain confident in our strategy and in the relevance and durability of the Mulberry brand. There are of course many obstacles ahead, not least the upcoming changes to tax-free shopping in the UK that could hamper the wider retail and economic recovery, but we are grateful to be able to open our doors again in England on 2 December and to be able to trade across all our platforms in this crucial Christmas trading period.”
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