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”.
Copyright © 2025 FashionNetwork.com All rights reserved.
Published
November 19, 2025
South Indian fine jewellery brand Tibarumal Jewels has expanded its presence in the lab-grown diamond market with the launch of its new label Elevé Diamonds. The move marks Tibarumal Jewels’ shift from a heritage jewellery brand to expanding into the contemporary, global market.
“Elevé began as a way to serve the community that has always trusted Tibarumal Jewels,” said Elevé Diamonds’ co-founder and managing director Trishank Gupta in a press release. “Over time, it has grown into its own brand, a tribute to the century-old name, tradition, and legacy of Tibarumal’s quality. Having grown up surrounded by jewellery and wanting to create something fresh and meaningful, Elevé became the perfect blend of heritage and modern style, a brand that connects with today’s generation while honouring the past. In simple words, with Elevé, we’re not just continuing the family tradition; we’re elevating it.”
Based in Hyderabad, Elevé Diamonds has debuted with flagship stores in Kokapet, Kompally, and Warangal, and has plans to open at more locations. Next year, the brand will expand internationally with the aim of building a strong global presence.
“Luxury today isn’t about indulgence, it’s about intention,” said the brand’s CEO Prajay Maganlal. “I see it every day in our customers; they want beauty that feels good, not just looks good. At Elevé, we’ve reimagined the experience of the family jeweller, where trust and warmth meet exquisite design and modern craftsmanship. Every collection is thoughtfully created to make our jewellery feel closer, more personal, and effortlessly accessible, an experience that celebrates both brilliance and conscience.”
Elevé Diamonds uses advanced CVD (Chemical Vapor Deposition) technology to create its lab-grown diamonds, which are IGI-certified. The brand targets the accessible luxury segment of the market and counts collections including ‘Nizam’ and ‘Victorian Polki.’
Copyright © 2025 FashionNetwork.com All rights reserved.
China’s retail and industrial indicators for the first 10 months of 2025 signalled steady economic recovery, with consumption and high-tech manufacturing showing notable strength, according to data released by the National Bureau of Statistics (NBS).
China’s economy showed steady recovery in the first 10 months of 2025, with retail sales up 4.3 per cent to $5.82 trillion and online sales rising 9.6 per cent.
October retail grew 2.9 per cent.
Industrial value-added rose 6.1 per cent in Jan–Oct and 4.9 per cent in October.
Profits reached ¥5.37 trillion.
PMI was 49, while expectations stayed upbeat at 52.8.
Retail sales of consumer goods rose 4.3 per cent year on year (YoY) to ¥41.2169 trillion (~$5.82 trillion). Online retail sales reached ¥12,791.6 billion, up 9.6 per cent, with physical goods contributing ¥10,398.4 billion, accounting for 25.2 per cent of total retail sales.
In October alone, retail sales grew 2.9 per cent YoY to ¥4,629.1 billion. Urban retail sales rose 2.7 per cent, while rural consumption expanded 4.1 per cent, the National Bureau of Statistics (NBS) said in a release.
Industrial activity also gained traction. The total value added of industrial enterprises above the designated size increased 4.9 per cent YoY in October and 0.17 per cent month on month (MoM).
For January–October, industrial value added grew 6.1 per cent YoY. Industrial enterprises earned profits of ¥5,373.2 billion in the first nine months, up 3.2 per cent YoY. October’s Manufacturing Purchasing Managers’ Index stood at 49 per cent, while the Production and Operation Expectation Index reached 52.8 per cent, indicating continued optimism among manufacturers despite short-term pressures.
Fibre2Fashion News Desk (HU)
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