Mulberry Group plc
Half Year Trading Update
Strong first half performance driven by product momentum, brand elevation and full-price sales growth
Mulberry Group plc (the “Group" or "Mulberry"), the British lifestyle brand, is pleased to announce a strong trading performance for the 26 weeks ended 26 September 2026 (“H1” or the "period") in line with the Mulberry Board’s expectations.
|
Sales YoY % [1] |
LFL Sales YoY % [2] |
|
|
Group |
+18% |
|
|
UK |
+10% |
+9% |
|
USA |
+28% |
+34% |
|
Europe (ex UK) |
+23% |
+21% |
|
Asia Pacific |
+5% |
+24% |
|
Franchise and Wholesale |
+52% |
[1] All sales at Actual Currency Rates
[2] LFL sales are adjusted to reflect comparable digital and store sales
Continued sales growth momentum in H1 of 18.1% in Actual Currency, and 18.2% in Constant Currency, are further proof points of the ongoing delivery of our “Back to the Mulberry Spirit” strategy.
Performance in H1 was supported by strong customer demand across both seasonal and core collections. New product introductions, including Raffia, Crochet, Stevie and Darley Camera Bag performed particularly well, alongside continued demand for icons such as the Bayswater and Lily. Recent performance has also benefited from heightened brand visibility following the Mulberry by Christopher Kane runway show at London Fashion Week. This represented a significant milestone in the evolution of the brand, generating strong customer engagement.
The Group maintained a disciplined approach to trading, resisting discounting and generating strong full-price sales. Excluding markdown activity, promotional sales represented a 300 basis point lower proportion of sales than the prior year period, supporting gross margin performance.
Our US business continued to perform well, benefiting from increased customer demand, positive digital performance, including the launch of Bloomingdale’s Marketplace, and the expansion of the brand's wholesale presence. Our European business also performed strongly.
Wholesale and third-party channels benefited from increasing demand across priority markets, the brand’s wholesale presence representing 17% of total sales for the period (H1 26: 16%).
Against a challenging macro environment, Mulberry entered the second half with increased customer engagement, a strong product pipeline with the recent launches of Delilah, Oxblood and Vintage Oak colourways, and a continued focus on full-price growth.
The Group remains focused on continuing to rebuild gross margin and on restoring profitability, targeting annual revenue of more than £200m and a 15% adjusted EBIT margin over the medium term.
The Group will announce its H1 results on 19 November 2026.
aNDREA BALDo, CHIEF EXECUTIVE OFFICER, COMMENTED:
“We are very pleased with the progress made during H1. The strength of our performance reflects the work undertaken over the past year to refocus the Group around product, brand and customer, while maintaining a disciplined approach to trading and cost management. The growth in full-price sales is particularly encouraging, demonstrating that our collections are resonating with customers across our key markets.
We have seen strong performances both from iconic families such as Bayswater and Lily and from newer introductions, including Stevie, Raffia, Crochet and Darley Camera Bag, which have helped broaden our appeal and attract new customers. The launch of Mulberry by Christopher Kane and our return to London Fashion Week marked a significant moment for the brand, celebrating our British heritage and generating strong customer engagement, greater brand visibility and increased traffic across stores, digital platforms and third-party partners.
There remains much more to achieve as part of our strategic plan, and we are operating in a challenging trading environment. However, we enter the second half with a strong product pipeline, increased brand desirability and a clear focus on delivering our strategy.”
FOR FURTHER DETAILS PLEASE CONTACT:
Mulberry
Billie o’Connor Tel: +44 (0) 20 7605 6793
Headland (Public Relations)
Lucy Legh / Joanna clark / ELEANOR EVANS Tel: +44 (0) 20 3805 4822
mulberry@headlandconsultancy.com
HOULIHAN LOKEY UK LIMITED (FINANCIAL ADVISER AND NOMAD)
Tim Richardson Tel: +44 (0) 20 7389 3355
PEEL HUNT (CORPORATE BROKER)
JAMES THOMLINSON TEL: +44 (0) 20 7419 8900
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