Fashion
Mulberry turnaround on track, H1 sales still dip but losses narrow sharply
Published
November 19, 2025
Mulberry delivered its half-year results on Wednesday and the luxury leathergoods business said the 26 weeks to the end of September showed “strong momentum” with the company executing its strategy “at pace”.
Not that this means its numbers were all positive. In fact its revenue fell 4% to £53.9 million but with a strong reaction from Wholesale (+36%) “aligned to the strategic emphasis”.
Overall like-for-like Retail & Digital revenue declined 2%, but in Retail Stores, both full-price and off-price, like-for-like revenue increased 4% in the key markets (UK, Europe and US), with positive momentum building since Q2.
Asia Pacific revenue was down 17% versus last year, driven by like-for-like declines in stores (-14%) and store closures (-3%) as the strategy of structure simplification continued.
The gross margin increased to 69% from 67% by it maintaining a full price, non-discounted offering in Retail and Digital.
Meanwhile, gross profit was only flat at £37.3 million. That said, the operating loss improved by 63% going from £13.1 million a year ago to a much narrower loss of £4.9 million this time. And the loss before tax also narrowed by 56% hitting £6.9 million in the latest period. That includes adjusting items of a net credit of £1 million for the closure of five retail stores and UK head office restructuring costs.
That was all on a reported basis. The group’s underlying loss for the period of £7.4 million was smaller than the £15.2 million of a year earlier and “was delivered through stable gross profit, enhanced by the results of the review of the operating cost base in implemented in FY25 and continuing cost control”.
Trading was in line with the board’s expectations and the focus during the period was on executing the ‘Back to The Mulberry Spirit’ strategy previously outlined, and on “operational discipline to improve margins and cost control”.
New products
The half saw the first product launch under the new creative team with the Roxanne family and continued evolution of key families including the Bayswater 9 to 5. It also saw strong engagement with new marketing campaigns to connect with new and existing customers, including Cynthia Erivo as a brand ambassador in September 2025.
The optimisation of the store network including closure of six stores in Asia, and new wholesale agreements in the UK with John Lewis, Liberty and Harvey Nichols.
The company also said the positive trading momentum is continuing in H2, despite ongoing external headwinds and inflationary pressures for the sector.
The second half also sees the launch of new products — the Hackney, the Lennox and the Boston — and the company is “well set for the key festive trading period”.
CEO Andrea Baldo said that “this has been an encouraging first half as we continue to deliver our ‘Back to the Mulberry Spirit’ strategy. We’re still early in the turnaround, but the foundations we’ve put in place are working, and we’re starting to see that reflected in performance.
“We’re strengthening our margin and improved our cash position through a greater focus on full-price sales and disciplined cost management, while our refreshed product offer and creative direction are reconnecting the brand with customers. The strong response to new icons the Roxanne and Hackney shows that Mulberry’s distinctive spirit continues to resonate”.
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Total apparel shipments fell by 2.66 per cent year on year to $425.44 million in January 2026, compared with $437.07 million in the corresponding month of 2025. The performance underscored uneven global demand conditions that continue to influence sourcing patterns and order flows for Sri Lankan manufacturers.
Sri Lanka’s apparel exports declined 2.66 per cent YoY to $425.44 million in January 2026 amid weak global demand.
Shipments to the US and EU softened, while the UK remained stable with slight growth.
Other markets saw sharper contraction.
JAFF highlighted DCTS benefits and tariff changes while suggesting diversification and efficiency to sustain competitiveness.
Exports to the United States, the country’s largest market, decreased by 2.73 per cent to $165.11 million, while shipments to the European Union excluding the United Kingdom, declined by 1.93 per cent to $126.99 million. In contrast, exports to the UK remained broadly stable, rising marginally by 0.23 per cent to $61.71 million. Apparel shipments to other markets dropped more sharply by 6.07 per cent to $71.63 million.
JAAF noted that the UK’s steady performance offers a constructive signal for the sector, particularly as the revised Developing Countries Trading Scheme (DCTS), effective January 1, 2026, is expected to enhance sourcing flexibility and strengthen Sri Lanka’s competitive position in the British market.
The industry body also highlighted the introduction of a uniform 10 per cent temporary tariff in the US market as a relatively supportive development, reducing the impact of previously higher country-specific rates and providing greater short-term pricing predictability for exporters.
Commenting on the January outcome, JAAF said the moderate decline reflects ongoing volatility in global demand. The association emphasised that the industry remains committed to reinforcing resilience through market diversification, product innovation and operational efficiency, while collaborating with stakeholders to sustain Sri Lanka’s standing as a reliable apparel sourcing destination.
Fibre2Fashion News Desk (KUL)
Profitability remained robust despite a more challenging trading backdrop. Group EBIT stood at €913.4 million, broadly stable year on year (YoY), translating into a 29.2 per cent margin versus 29.5 per cent in FY24. Net profit reached €626.7 million compared with €639.6 million a year earlier, reflecting higher net financial expenses, while maintaining a 20 per cent margin.
Moncler has reported revenues of €3.13 billion (~$3.69 billion) in FY25, up 3 per cent at constant exchange rates, with net profit of €626.7 million (~$739.5 million).
Asia led regional growth, while DTC channels strengthened across brands.
Q4 revenues rose 7 per cent, driven by robust Moncler and Stone Island performance, as the group prepares for continued investment and leadership transition.
Regionally, the group recorded strong momentum in Asia, where revenues rose 7 per cent at constant exchange rates to €1.42 billion, supported by demand in China and Korea and a recovery in tourist flows. The Americas increased 5 per cent to €391.1 million, whereas Europe, Middle East and Africa (EMEA) declined 3 per cent amid subdued tourism-related traffic, Moncler said in a press release.
Channel performance highlighted the continued shift towards direct engagement. Moncler’s direct-to-consumer (DTC) revenues rose 4 per cent to €2.36 billion, accounting for nearly 87 per cent of brand sales, while wholesale declined 4 per cent as the group continued to enhance distribution quality. Stone Island’s DTC channel expanded 11 per cent to €226.4 million, whereas wholesale decreased 4 per cent.
The group’s financial position strengthened further, with net cash reaching €1.46 billion at year-end after dividend payments of €353.2 million. The board proposed a dividend of €1.4 per share and approved the consolidated sustainability statement.
Remo Ruffini, chairman and CEO of Moncler, said: “Moncler and its board of directors wish to express their most sincere thanks to Gabriele Galateri di Genola for his dedication and the highly valuable contribution he has made throughout his more than ten-year term of office. His significant experience, the vision developed over many years in senior leadership positions at leading industrial and financial organisations, as well as his constant commitment to good governance, have represented a key point of reference for our work. With gratitude, we extend our best wishes to Gabriele Galateri di Genola for the future.”
In the fourth quarter (Q4), the group delivered accelerated momentum, with revenues rising 7 per cent at constant exchange rates to €1.29 billion (~$1.52 billion). Moncler brand revenues reached €1.17 billion, up 6 per cent, while Stone Island posted €123.1 million, surging 16 per cent with double-digit growth across all regions.
Moncler’s DTC channel advanced 7 per cent despite a demanding comparable base in the quarter, supported by Asia and the Americas, while wholesale returned to growth, rising 2 per cent. Stone Island recorded broad-based acceleration, with DTC revenues increasing 16 per cent and wholesale climbing 17 per cent, partly reflecting delivery timing shifts from the previous quarter.
Looking ahead, the group emphasised continued investment in brand development and organisational strengthening, including the appointment of Leo Rongone as group chief executive officer from April 2026, as it seeks to sustain long-term growth and value creation.
Fibre2Fashion News Desk (SG)
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