23 January 2024

Luxury - Reduced luxury spending impacts Mulberry revenue

British fashion brand Mulberry has reported a decline in revenue for the 13 weeks ending December 30, 2023, reports ILM.

The brand saw group revenue fall by 8.4% in the period (6.6% at constant exchange rates), which it said was impacted by the challenging macro-economic backdrop and decline in luxury consumer spending.

Retail sales for the period were down by 1.5% year-on-year (0.6% at constant exchange rates), while international retail sales were up by 3.9% (10.8% at constant exchange rates) and UK retail sales declined by 4%.

Group revenue for the 39 weeks ending December 30, 2023 was up by 0.1% (1.3% at constant exchange rates) and Mulberry noted that its full year results will be impacted by the additional operational costs of new stores in Sweden and Australia and ongoing investments.

CEO Thierry Andretta said: “In the run up to Christmas, the macro-economic environment continued to impact consumer spending in the luxury retail sector, which Mulberry was not immune from. Despite this, the group maintained its discipline and focus on a full price strategy against an unusually high promotional environment.

“Our international sales remained positive, supported by our strategy to bring in-house ownership of overseas stores. In the UK, we continue to believe the lack of VAT-free shopping is impacting the retail landscape, as well as the hospitality, leisure and tourism sectors. Looking ahead, we are continuing to execute our plans and remain confident that our investments will underpin future sustainable growth.”

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