Mulberry returns to growth as losses narrow
UK based leathergoods brand Mulberry reported improved financial results for the 52 weeks ended 28 March 2026, with revenue increasing 4% year-on-year to £125.5 million (€145.6 million) and losses narrowing significantly.
The company said retail and digital like-for-like revenue rose 9%, while gross margin improved to 72% from 67% a year earlier, supported by stronger full-price sales and reduced promotional activity.
Mulberry's reported pre-tax loss fell to £8.9 million (€10.3 million), compared with £32.2 million (€37.4 million) in FY25. The group also returned to positive underlying EBITDA of £0.8 million (€0.9 million), compared with an underlying EBITDA loss of £16.8 million (€19.5 million) in the previous year.
Chief executive Andrea Baldo said the business had made "meaningful progress" under its "Back to the Mulberry Spirit" strategy, citing stronger customer engagement, improved profitability and growing momentum across international markets.
Mulberry highlighted the return of its Roxanne handbag family, continued development of the Bayswater range and the introduction of new leather and non-leather collections. The company also reported a 46% increase in sales through its Mulberry Exchange resale platform, which focuses on pre-owned products.
Trading has continued positively into FY27, with group revenue for the 13 weeks to 27 June rising 23% year-on-year and all regions delivering double-digit like-for-like growth.
The latest issue of World Leather magazine includes a feature examining Mulberry's collaboration with British Pasture Leather and its efforts to develop a more localised and transparent leather supply chain.
