New markets hope for luxury brand Mulberry
Friday 14 June 2013
The luxury brand Mulberry is pinning its turnaround hopes on new markets in the Far East and US after reporting a 28 per cent slump in annual profits.
Mulberry, which has issued two warnings on profits since October, said yesterday that they fell to £26m for the year to April from £36m the previous year. The company's sales were down 2 per cent at £165m.
It emerged this week that creative director Emma Hill is leaving the brand amid rumours of a disagreement on strategy.
But its chief executive Bruno Guillon said it is "not uncommon" for someone to leave after nearly six years, and the board is now discussing a replacement.
Of Mulberry's overseas ambitions, he added: "This is necessity, not a strategy. It is dangerous to have 80 per cent of your business in one region [Europe]."
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