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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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)
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)
South Korea’s Misto Holdings completes planned leadership transition
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