Mulberry’s sales fell 4% in the year to March 30 as a dismal second half dragged down its annual performance.
Handbag maker Mulberry’s sales have plummeted as weaker demand casts a shadow over the luxury industry.
The British fashion house is the latest to be hit, with sales down 4 percent in the year to March 30, 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 decline 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 hit by inflation.
Andretta said: “We don’t expect this to change anytime soon.”
The decline in the United Kingdom and China was partly offset by sales in the United States. The shares fell 9.3 per cent, or 10 pence, to 97.5 pence, adding to a loss of nearly 60 per cent over the past year.