NEW YORK — Mulberry, the British apparel and accessories firm, is closing in on a site for its second store here, at 605 Madison Avenue between 57th and 58th Streets, said a person close to the transaction.
A spokeswoman for Mulberry said the lease for the Madison Avenue space has not been signed, but confirmed the company is looking for a second property.
It’s part of a larger push by Mulberry in the U.S., an expansion plan that includes six to eight stores in 2006, said sources with knowledge of the company’s strategy. Mulberry is setting its sights on Newbury Street in Boston, the Forum Shops in Las Vegas and major retail thoroughfares in Greenwich, Conn., and Philadelphia, among other locations.
Financial backing for Mulberry’s U.S. expansion is said to come from Presidio International, which is controlled by Singapore financier Ong Beng Seng, who is the majority shareholder in Mulberry. Presidio also is the owner of
A|X Armani Exchange in the U.S. Calls to Presidio’s New York offices were not answered on Monday.
Mulberry’s first U.S. store is scheduled to open at 387 Bleecker Street in August. It will carry the full range of accessories for men and women as well as offer a bespoke bag service, which is now available only in the U.K. A men’s bespoke service will be available in the fall. Customers can choose their own colors and materials, and the bags are engraved with the customer’s initials.
Mulberry, which is designed by Stuart Vevers, has been in a steady turnaround since 2002, when new management stepped in to stem years of losses and hammer out a viable growth strategy. The company had sales of $33.2 million in the first quarter ended Sept. 30, a 58 percent increase over the same year-ago period, when sales were $21.1 million.
Wholesale volume accounts for about half the company’s turnover; the rest comes from Mulberry’s own stores.
Mulberry has four freestanding units in London and also sells to Harrods, Harvey Nichols, Selfridges and House of Fraser in the U.K. The brand is scheduled to open its first Edinburgh shop, a second store in Thailand and a unit in Taiwan this month.
Related Articles
You May Also Like
In the U.S., Mulberry is sold at Bergdorf Goodman, Barneys New York and select Neiman Marcus stores.
Mulberry handbags have been photographed on the shoulders of celebrities such as Kate Moss, Sienna Miller and Scarlett Johansson.
The company is expanding its product range with men’s wear and furniture, including classically shaped sofas and chairs covered in wool, chenille and damask. Mulberry also produced Giles Deacon’s first handbag collection, which was sold at its stores.