Mulberry takes a leathering as its handbags fall out of fashion
Mulberry, the exclusive handbag retailer, has become even more exclusive with shoppers deserting the leather goods brand as it falls out of fashion.
Having already posted several profit warnings this year the accessory brand is reportedly preparing to announce a £1m loss in its first half results this week – a rapid decline on the £7.2m profit it posted over the same period last year.
Despite slipping into the red Mulberry is optimistic that it will post a profit for the year as a whole, with expectations of a £4m profit courtesy of lucrative Christmas sales.
Mulberry has also poached creative director Johnny Coca from its rivals Celine, a move it hopes will revitalise its designs following the departure of Emma Hill in September.