Britain’s top leather brand Mulberry announced its latest financial report. By March 31st, the group lost 1 million 400 thousand pounds (about 2 million 200 thousand U.S. dollars), which was 29% down from wholesale business revenue, and sales fell 9% to 148 million 700 thousand pounds (about 227 million 900 thousand U.S. dollars). But with the boost of new stores, retail sales rose by 1%.
The group said in a statement that the total retail sales rose 17% at the beginning of the new year, up 15% compared with last year’s sales. In addition, the number of sales increased by 15%, accounting for 12% of the sales of the group. It is understood that Mulberry has recently adjusted its price system, mainly for handbags and accessories series, in order to win back its core customers, the cost control is between 500 pounds to 1000 pounds (about 775 to 1550 dollars), of which leather products sales account for more than 90% of sales.
In the future, the group will plan to adjust the price points of footwear and clothing series handbags to make the series “more related” to the core customers of the group. As a result of the listing of new products in November, retail sales have seen positive progress, which is the role of adjusting product pricing strategy in the first half of the year. During this period, the group has opened four new international straight shops and a franchise store.