Mulberry Group Wants To Reshape Its Core Brand Strategy

Mulberry, the UK's top leather brand, announced its latest financial results. By March 31st, the group lost 1 million 400 thousand pounds (about 2 million 200 thousand US dollars), and the wholesale business revenue was down by 29%. Sales fell 9% to 148 million 700 thousand pounds (about 227 million 900 thousand US dollars).

However, with the promotion of new stores, retail sales increased by 1%.

The group said in a statement that retail sales rose by 17% at the beginning of the new year, up 15% from comparable sales last year.

In addition, it rose 15% in digital sales, accounting for 12% of group sales.

It is understood that Mulberry has recently adjusted its price system, mainly for handbags and accessories series. In order to recapture its core customers, the cost control is between 500 pounds to 1000 pounds (about 775 to 1550 dollars), of which leather products account for more than 90% of sales.

In the future, the group will plan to adjust the price points of footwear and clothing series handbags, in order to make the series "more relevant" to the group's core customers.

Due to the listing of new products in November, retail sales have seen positive progress, which is the adjustment of product pricing strategy in the first half of the year.

During this period, the group opened four new international outlets and granted a franchise franchise.

Last November,

Announces that C Johnny line former accessories designer Johnny Coca will join the group as brand creative director. Earlier this year, the group appointed senior industry insiders and Mulberry independent non-executive director Thierry Andretta as chief executive officer.

Mulberry chairman Godfrey Davis said, "since November, we have seen that.

Positive progress has been made, and as a result of this initiative, we will begin to act this year.

We are committed to creating ideal new products across the entire category of Mulberry, and will continue to invest for a long time.

Our initiatives to re connect with customers have also achieved good results.

In the direction of Thierry Andretta's leadership and Johnny Coca's innovation, we expect Mulberry brand to realize its global potential.

Two years after the dramatic upheaval of the company,

He resigned as CEO in March last year.

During his term of office, he blindly entered the high-end market, leading to the group issued several profit warning, also caused the resignation of creative director Emma Hill and the group's stock price plummeted 68%, the market value evaporated 2/3.

After leaving Guillon, Godfrey Davis aims to reduce the price points of some key products in order to win the support of its core consumers.

After Mulberry adopted too much emphasis on the high-end market pricing structure, it gradually implemented these measures.

In the past few years, Mulberry has been developing into the international market.

The group has set up a series of stores in North America, Europe and the Far East, and plans to open this spring flagship store in Paris.

Mulberry is mainly owned by Singapore billionaire couple OngBengSeng and Christina Ong's Challice Ltd. holdings.

They own 56.2% of the shares and the rest are listed on the London Stock Exchange's alternative investment market AIM.