Mulberry sales fell fell 4% over the year to March 30 as a dismal second half dragged down its annual performance
Sales at handbag maker Mulberry plunged as slower demand casts a shadow over the luxury industry.
The British fashion house is the latest to be hit with sales over the year to March 30 falling 4 per cent as a dismal second half dragged down its annual performance.
Boss Thierry Andretta said he was ‘managing the business prudently’ as post-pandemic ‘revenge shopping’ comes to an end.
‘Mulberry has not been immune to the broader downturn in luxury spending experienced in recent months, particularly in the UK and Asia,’ he said.
China, the world’s second-largest economy, has been hit by a debt crisis in its property sector, and consumers in Britain have been affected by inflation.
Andretta said: ‘We do not expect this to change in the short term.’
Decline in the UK and China was partly offset by US sales. Shares fell 9.3 per cent, or 10 p, to 97.5 p, adding to a near-60 per cent loss over the past year.
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