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Sandra Halliday Published
June 28, 2025
Mulberry’s delayed-by-a-week results for the year to 1 April were released on Wednesday with the company speaking of a year of "further progress" and "continuing to deliver on strategic objectives”. Its sales rose, although profit was dented by investment spending.
Importantly too, in the first 12 weeks of the new financial year trading is 6% ahead of last year. Retail revenue is up 15%, with its newly acquired Sweden and Australia stores continuing to perform well and international retail sales 46% above the same period last year.
Retail sales in the key Asia Pacific are 34% higher, helped by those stores in Australia, but UK retail sales are only “in line with” the previous year. Meanwhile, total franchise and wholesale revenue is up 5%, excluding stores now reported within omnichannel revenue
As for those full-year results, group revenue rose 4% to £159.1 million, despite the tough backdrop, although UK retail sales fell to £87.7 million from £88.5 million in the previous year. The company said the first half of the period in particular “was impacted by the broader economic environment, however performance improved in the second half”.
On the plus side, retail sales in Asia Pacific rose 3% to £28.9 million, even with ongoing pandemic lockdowns in China and South Korea during the period.
And international retail sales increased 12% to £46.5 million.
Digital sales rose 2% to reach £48.4 million and now represent 30% of total revenue. That's down from 31% a year ago, although that's unsurprising given that physical retail is back to full strength. Importantly, current online sales as a percentage of its total continue to be above the 24% pre-Covid level.
Franchise and wholesale revenue increased by 12% “as our partners continued their recovery post Covid-19 and demand increased”. Interestingly, this was despite it taking full ownership of those stores in Sweden and Australia during the period, which would previously have been classified as franchise and wholesale revenue.
The company’s annual gross margins dipped slightly from 71.7% a year earlier to 71.2% this time, although full-price retail sales increased by 66% and represented 78% of the total, from 76% 12 months before.
But profit paid the price of higher costs and more investment. Underlying profit before tax was down to £2.5 million from £14.6 million. It included a much bigger multi-million-pound Software as a Service (SaaS) cost in the latest year and additional investment in the group. Reported profit before tax also fell, to £13.2 million from £21.3 million.
VIEW FROM THE TOP
CEO Thierry Andretta doesn’t seem worried and hailed the “positive group performance thanks to our unique brand identity, beautiful innovative products and market-leading omnichannel proposition. Our Made to Last Manifesto also continues to set us apart and ensures that sustainability remains central to our strategy.”
He highlighted the “significant investments” in the year, as well as it expanding its direct-to-customer model via those Sweden and Australia acquisitions and he announced that the firm now has full ownership of Mulberry Japan Co Limited.
So what else happened last year to support the performance? Well, it launched the new M Zip bag family in November 2025, followed in December by the Link bag family. And it boosted its sustainability, focus much further, which is a key way to connect with eco-obsessed consumers these days.
In November, it was awarded the Sustainability Luxury Brand of the Year at the Walpole British Luxury Awards and in February 2025 were recognised by the Great British Brands Awards for Championing the Planet, “recognising our accelerated progress towards achieving a truly regenerative and circular business”.