LONDON — Mulberry‘s turnaround plan is taking hold as on Monday the company posted a 5.7 percent increase in total sales at constant currency over fiscal 2026, driven by a 13.6 percent jump in the second half.
Under chief executive officer Andrea Baldo’s rejuvenation plan, “Back to Mulberry Spirit,” the brand recorded 5 percent growth year-over-year in total group sales for the 52 weeks ending March 28, with like-for-like retail and digital sales up in all end markets in the second half.
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The British lifestyle brand, which recently tapped Christopher Kane as creative director of a new ready-to-wear collection, said the performance in the second half underscored the traction of its reset plan, which is aimed at restoring profitability and cultural relevance by reconnecting with the brand’s British heritage, craftsmanship, and a 2000s-era “It-brand” aesthetic.
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By channel, the standout performer was the franchise and wholesale business, which advanced 35.5 percent in the first half and 31.2 percent in the second, delivering 33.3 percent growth for the full year as Mulberry’s repositioning resonated with global partners.
Digital sales, which were down 9.9 percent in the first half, rose 9.2 percent in the second six months, ending the year up 1.1 percent. Store sales posted 12.5 percent growth in the second half, bouncing back from a 7.0 percent decline in the first half, for a 2.9 percent gain over the full year. Combined retail sales improved 11.1 percent in the second half and 2.2 percent for fiscal 2026 overall.
Breaking down by regions, Mulberry reported positive like-for-like retail and digital sales growth in every market in the second half. The U.K. retail and digital sales increased 13.7 percent, the U.S. rose 20.1 percent, the European Union market, excluding the U.K., jumped 37.8 percent, and Asia Pacific advanced 20.8 percent year-over-year.
The company, controlled by Singaporean entrepreneur Christina Ong and her husband Ong Beng Seng through Challice Limited, said this broad-based momentum has been achieved while cutting back on discounting and emphasizing full-price sales.
The brand said it has doubled down on customer engagement, both with its existing base and new audiences, through a tighter product assortment and improved availability across retail and digital throughout the year.
Mulberry touted its new “Rooted in Craft” campaign, which focuses on its Somerset factory, The Rookery, and the artisans behind its leather goods production, lifted visibility and brand awareness, while hero product initiatives helped validate the new direction.
As for its returning to ready-to-wear after a six-year hiatus led by Kane, which will debut in September and land in-store and online next January, the brand said the move has sparked heightened interest from the industry and key wholesale partners, including Selfridges in the U.K. and The Webster in the U.S.
“This has been a year of decisive progress. Despite a challenging economic and geopolitical environment, we have delivered growth across all channels and geographies, with clear momentum right across the business. This performance reflects the disciplined execution of our ‘Back to the Mulberry Spirit’ strategy, and demonstrates that our turnaround is firmly underway,” said Baldo, who joined Mulberry in 2024 from Ganni.
He pointed to “improved sales quality, stronger margins and growing engagement from both existing and new customers,” adding that as the brand simplifies its model, restores full-price discipline, and reignites creativity, it is building momentum at pace and remains confident in its ability to deliver a “sustainable, profitable business for the long term.”