Fashion
Mulberry hails Q3 strength, shows turnaround plan is working
Published
January 14, 2026
With a brand that’s as loved as Mulberry has been for years in the UK, it’s been painful to watch it going into decline in recent years. Each new trading update can bring disappointment. But recent ones have held out some hope. So what did the latest update on Wednesday tell us? Well, there was not only hope but some tangible good news, showing that the turnaround plan put in place around a year ago is paying off.
The company said it saw a “strong festive trading period” underpinned by its full-price sales mix and newness. And there was “positive customer response” to its “right product, at the right price” strategy. You may remember that in November 2024, its still-new CEO Andrea Baldo said it was aiming to sell most of its luxury handbags for less than £1,095 (that is, less than the price of the star Bayswater) to broaden the brand’s appeal and boost sales.
For Q3 (the 13 weeks to 27 December) that translated into total group sales (that is, physical retail, e-tail and wholesale) rising 5.3% with retail and digital sales rising 11% on a like-for-like basis.
In the UK, those two figures were a positive 3.5% and 6.5%, respectively, while in the US they were an even bigger 12.7% and 12.6%. In Europe excluding the UK, the rises were 14.9% and an impressive 27.2%. In Asia Pacific, the total sales rise was just 0.8% (due to the continued right-sizing of its store estate as part of its simplification strategy) but on a like-for-like basis, sales rose 12.1%.
During the period, the group delivered revenue growth across all markets, with “a successful focus on full-price sales in the lead up to and during the festive period, against a highly promotional wider retail market”. This resulted in the previously mentioned group like-for-like sales rise in digital and e-commerce of 11%, with retail full-price sales up 19%.
The company said that the “strength of this performance reflects the group’s ongoing delivery of its new strategy – focused on simplifying the business, refreshing the brand, and more fully leveraging customer insights”.
Success at home and abroad
Part of its new strategy had been about refocusing on the UK market and customer, and this appeared to have been successful as sales in its home market rose. Full-price was the lynchpin, and it also delivered a larger proportion of the sales mix online than the prior year, “amid a backdrop of more challenging growth in the broader retail market”. This tells it that “the product is resonating positively with the UK consumer”.
As for the rest of the world, those figures for the US, Europe and Asia Pacific show that the strategy is working elsewhere too. The strength of the Apac like-for-like rise was a reflection of strong trading during the Double 11 shopping festival in November 2025.
The company added that it’s seen customers responding enthusiastically to its “differentiated product range, at a time when we have been realigning Mulberry’s identity as a British lifestyle brand, and reinvigorating its cultural relevance. Mulberry has successfully re-engaged their existing customer base as well engaging new shoppers across both retail and digital, reinforcing the core offering and signalling the Back to the Mulberry Spirit strategy is working”.
It’s something that’s also being seen at larger peer Burberry and in the case of both companies is a sign that focusing on Britishness and brand heritage doesn’t have to mean products and campaigns that are traditional, even boring.
In fact, both firms have been adding new products and reworking existing ones, using heritage materials, and promoting them via campaigns where creativity is to the fore.
CEO Andrea Baldo said that “there remains plenty more to be done” but the early results are “encouraging” and the business is also maintaining “disciplined cost control, while at the same time growing full-price sales by having products that resonate at the right price”.
He also said the response to its Christmas campaign “has been in line with expectation, with particularly strong demand for the Roxanne, the Hackney and the continued resurgence of the Bayswater”.
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Nominal GDP, or GDP at current prices, is estimated to grow at 8.6 per cent to reach ₹345.47 trillion in FY26 against ₹318.07 trillion in 2024-25.
India’s real GDP is estimated to grow at 7.6 per cent to ₹322.58 trillion (~$3.54 billion) in FY26 compared to the first revised GDP estimate of ₹299.89 trillion for FY25 (7.1 per cent growth).
It released the new series of annual and quarterly national accounts estimates with FY23 base.
Real GVA is projected to grow at 7.7 per cent to reach ₹294.40 trillion in FY26 against ₹273.36 trillion in FY25.
Real gross value added (GVA) is projected to grow at 7.7 per cent to reach ₹294.40 trillion in FY26 against ₹273.36 trillion in FY25 (a 7.3-per cent growth rate).
Nominal GVA is estimated to grow at 8.7 per cent to hit ₹313.61 trillion during FY26, against ₹288.54 lakh crore in 2024-25.
Robust economic performance in FY26 is primarily on account of robust real growth observed in the second quarter (8.4 per cent) and third quarter (7.8 per cent).
The manufacturing sector has been the major driver of resilient performance of the economy the consecutive three fiscals after rebasing, a release from the ministry said.
Both private final consumption expenditure and grossed fixed capital formation exhibited more than 7-per cent growth rate in FY26.
Fibre2Fashion News Desk (DS)
The transition marks the formal handover of executive leadership to President and CEO Keun-Chang (Kevin) Yoon, reinforcing management continuity while preserving the founder’s long-term strategic vision.
Misto Holdings founder Gene Yoon has transitioned to honorary chairman in a planned leadership succession, formally handing executive control to president and CEO Kevin Yoon.
The founder, who expanded the group through the FILA global trademark acquisition and the takeover of Acushnet, will continue guiding long-term strategy as the rebranded Misto focuses on governance and sustainable growth.
Gene Yoon founded the business that would become Misto Holdings in the early 1990s, introducing the FILA brand to the Korean market and later leading a series of transformative transactions. In 2007, the company acquired the global FILA trademark rights through a leveraged buyout, followed by the 2011 acquisition of Acushnet Company, owner of the Titleist and FootJoy brands. The transaction was among the largest cross-border deals in Korea’s consumer sector at the time and significantly expanded the group’s global footprint.
Under his leadership, the company evolved into a multi-brand global portfolio spanning sportswear, golf equipment and apparel, generating approximately USD 3.08 billion in annual revenue.
As Honorary Chairman, Gene Yoon will remain closely engaged with the company, providing guidance on long-term strategy and global portfolio development while supporting management from a broader strategic perspective.
The leadership transition marks a new chapter under President and CEO Kevin Yoon, who has spent nearly two decades in senior roles across the group’s global operations, building deep operational and strategic expertise.
The company’s 2025 rebranding to “Misto” underscores its evolution into a global brand house focused on disciplined capital allocation, enhanced shareholder returns and sustainable long-term growth.
“Building on the founder’s legacy, our priority is to expand our global portfolio, strengthen governance and deliver sustainable value creation,” said Kevin Yoon, President and CEO of Misto Holdings.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (RM)
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