Mulberry Group back in the black
Business finally looks to be on the up for Mulberry Group PLC after its latest figures showed a pre-tax profit of £41,000 compared to last years pre-tax loss of £2.1m.
The British luxury leather goods and clothing retail group had reported losses for consecutive years, but by focusing on its core accessories business, improving margins, reducing costs and eliminating non-profitable assets it managed to break the loss-making pattern.
Godfrey Davis, CEO of the Somerset-based company, said, "We have achieved a substantial business turnaround creating a solid base for the development of the Mulberry brand." Mulberry now plans to invest in design and marketing activities in the UK and abroad, and through an alliance with Bergdorf Goodman, the company will start distribution in the US from autumn this year.
The company also plans to open a limited number of accessories-only stores in the
