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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In the course of a meeting with Hun Manet at the Peace Palace in Phnom Penh, Ambassador DesRoches expressed appreciation for the long-standing diplomatic ties, highlighting the steady progress in bilateral relations, particularly in trade and Canadian investment in Cambodia.
The envoy underscored his country’s commitment to supporting Cambodia’s successful hosting of the 20th Francophonie Summit. He stressed Canada’s commitment to further strengthening and expanding cooperation between the two countries, especially in trade and economic relations, while also reaffirming support for Cambodia’s development priorities.
Cambodian PM Hun Manet and Canadian ambassador to the country Christian DesRoches recently discussed strengthening economic ties, while advancing preparations for the 20th Francophonie Summit scheduled for November.
The envoy stressed Canada’s commitment to further strengthening and expanding bilateral cooperation, especially in trade and economic ties, and reaffirmed support for development priorities.
He thanked Cambodia for its support in promoting Canada’s economic cooperation with the Association of Southeast Asian Nations (ASEAN) and advancing negotiations for the ASEAN-Canada Free Trade Agreement (ACFTA), expected to be concluded and signed soon, according to Cambodian media reports.
Fibre2Fashion News Desk (DS)
CBP is developing the Consolidated Administration and Processing of Entries (CAPE) functionality within the Automated Commercial Environment (ACE) to streamline the submission and processing of valid refund requests for duties imposed under the International Emergency Economic Powers Act (IEEPA), as authorised by court order or applicable law.
US Customs and Border Protection will launch on April 20 an electronic system that importers can use to claim tariff refunds authorised by court order or applicable law.
Phase 1 will be limited to certain unliquidated entries and certain entries within 80 days of liquidation.
Refunds will be issued within 60-90 days of the Consolidated Administration and Processing of Entries declaration getting accepted.
Phase 1 will be limited to certain unliquidated entries and certain entries within 80 days of liquidation.
CAPE is designed to consolidate refunds of IEEPA duties including interest rather than processing refunds on an entry-by-entry basis.
CBP plans to implement CAPE through a phased development approach, adding more functionality in subsequent phases for more complicated scenarios, it said in a release.
Valid IEEPA refunds will generally be issued within 60-90 days following acceptance of the CAPE declaration, unless a compliance concern requires further CBP review.
However, certain scenarios, such as entries that are extended, suspended or under review, and warehouse entries, will maintain their liquidation status with validated refunds issued at liquidation.
Fibre2Fashion News Desk (DS)
Named in honor of Gap Inc. co-founder Doris Fisher, the program reflects her legacy of creativity, curiosity, and belief in people. It also builds on Gap Inc.’s commitment to helping bridge the opportunity gap by creating stronger connections between education and careers in the fashion industry.
Gap Inc., led by Richard Dickson, has launched The Doris Fisher Creators Program with the Fashion Institute of Technology to mentor students in fashion careers.
Starting Fall 2026, the programme will offer structured mentorship, industry exposure, and networking for select students, honouring Doris Fisher and strengthening pathways from education to careers.
“Gap Inc. is a house of iconic American brands guided by our purpose — to bridge gaps to create a better world. That includes bridging the opportunity gap. FIT embodies that same spirit, bringing education and industry together to unlock talent and expand what’s possible. We’re committed to opening doors, investing in emerging creatives, and building meaningful pathways into this industry for the next generation,” said Dickson.
The Doris Fisher Creators Program will connect FIT students with Gap Inc. leaders and creatives through a structured mentorship experience designed to provide exposure to the business of fashion, industry insights, and meaningful professional connection.
The program will launch in Fall 2026 and run through the academic year, and the inaugural cohort will include students from select disciplines, including Fashion Design, Graphic Design (Apparel), and Fabric Styling.
“Supporting emerging talent is a core expression of Gap Inc.’s purpose in action. Through initiatives such as The Doris Fisher Creators Program — alongside This Way ONward, the Rotational Management Program, and our broader internship and mentorship efforts — the company continues to bridge the opportunity gap for young people looking to start meaningful careers in fashion and retail,” added Amy Thompson, Chief People Officer at Gap Inc.
“We are incredibly proud to be the first public college to partner with Gap Inc. on this groundbreaking mentorship program. This remarkable opportunity with one of the world’s most iconic brands will support 30 talented FIT students over the next year, placing them at the intersection of innovation and impact,” said Jason S. Schupbach, president of FIT.
A benefit for the FIT Foundation, this year’s FIT Annual Gala honored Gap Inc. President & CEO Richard Dickson and was attended by distinguished guests and alumni including Ciara, Aloe Blacc, Zac Posen, Bob Fisher and others.
The FIT Foundation provided scholarships totaling more than $3 million in 2025.
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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