Mulberry has a bag range out with Alexa Chung
(Picture: Mulberry)Demand for luxury handbags has been high in the months since lockdown rules eased on the High Street, new figures from Mulberry show.
Fashion stores were among those that could welcome back customers in April when non-essential retailers were allowed to reopen in England from the latest lockdown. Mulberry was among the brands hit by temporary branch closures last year, and it saw sales drop 23% in the 12 months to March 27.
But today AIM-listed accessories brand Mulberry also pointed to encouraging trading since the current financial year started in late March. Group revenue is 45% ahead of the same period in 2020 when bricks and mortar retail was hammered by the pandemic.
Mulberry added that retail revenue is 30% higher, helped by “a strong recovery in the UK”, as well as growth in China.
The company, led by Thierry Andretta, saw strong customer reaction to its relaunch of the popular Alexa bag last November. Last week it revealed two new bags in collaboration with designer and presenter Alexa Chung, priced at £795 and £1095. Andretta said the range is selling “really well”.
The boss added that footfall is still below pre-pandemic levels, but a number of shoppers are spending more.
In the year to March 27 the company recorded a 23% fall in sales to £115 million, but underlying pre tax profit rose to £5.9 million from a £14.2 million loss.
During the period digital sales leapt 55%. Mulberry has offered virtual appointments to customers that have not been able to come to shops.
The shares jumped 7%, or 20.4p, to 310.4p.
Elsewhere, shares in Harry Potter publisher Bloomsbury also improved, up 9.8p to 359.8p.
The company said in the four months ended June 30 sales soared 28%, “maintaining momentum” from a strong performance last year. Bestsellers during the period included Tom Kerridge’s Outdoor Cooking.
Bloomsbury added that its consumer arm has had strong print and e-book sales.
