Mulberry sees London store footfall bounce back and boosts UK sales

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Rabbit in Mulberry rose more than 22% after the handbag maker returned to profit, saying it was well prepared for Christmas and pointing to a revival in central London.

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The luxury accessories group, which counts Mike Ashley’s Fraser Group among its shareholders, is one of several brands that saw sales in the capital, and elsewhere, hurt by lockdowns and travel restrictions in tourist and office worker numbers. There was a decline.

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But today it said revenue jumped 34% to £65.7 million in the six months to September 25, returning to pre-Covid levels.

UK Retail in Business, which launched a new durable bag collection earlier this week, saw UK sales rise 36% to £38 million.

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Mulberry also reported a profit before tax of £10.2 million, compared to a loss of £2.4 million a year earlier.

Furthermore, Thierry Andretta, the boss of the AIM-listed retailer, told the Evening Standard that footfall in central London since April was “slightly up” over the same period in 2019.

Mulberry imported some raw materials earlier than usual to leave production at its Somerset factories less exposed to supply chain challenges.

Shares climbed from 68p to 370p.

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