Sales hit at British luxury brand amid 'challenging' market

Also announces South Korea tie-up

Luxury brand Mulberry said today that retail like-for-like sales fell 7 per cent in the 10 weeks to June 2 amid ‘challenging’ UK market.

“Following another period of cash generation, our balance sheet is strong,” said Chief Executive Thierry Andretta, adding: “Although the UK market remains challenging, we will continue to invest in our strategy to develop Mulberry into a global luxury brand to deliver increased shareholder value.”

However, Mulberry also announced setting up a new business in South Korea, in a tie-up with SHK, to develop what will be called Mulberry Korea. Andretta added: “We are pleased to have signed an agreement with our longstanding partner, SHK. The new business will further develop the omni-channel platform in South Korea and focus on enhancing the customer experience.”

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