Creative director praised for Mulberry turnaround
16/06/2016
Pre-tax profit for the year to March 31 rose 226% to £6.2 million from £1.9 million a year ago. A net profit of £2.6 million offset the £1.4 million loss recorded the previous year. Revenue increased 5% to £155.9 million and retail sales rose 8% to £118.7 million.
Mulberry appointed Johnny Coca as its creative director in July 2015 and he led a new pricing strategy that saw the company mix high-end with more affordable price tags. This followed negative reactions from customers to a previous attempt to tap into the ultra-luxury handbag market.
Thierry Andretta, Mulberry's chief executive, said 2015-2016 was a period "significant progress" for the company and paid tribute to Mr Coca’s first collection, which was well received by both the UK and international press and partners".
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