Mulberry appoints new CFO after ‘sub-optimal’ peak trading

Retail sales were down by 16.5%, impacted by “a lack of exposure to outlet and wholesale channels”.

Revenue for the period declined 18.3% year on year "as a result of the continuing challenging macro-economic environment", said the group.

International retail sales declined 8.7%, with trade in Asia-Pacific down 27.9%. This was offset by growth of 11.1% in the rest of the world, as a result of positive momentum in Europe and the US, the company said.

Mulberry's trading over the festive period was “in line with the board's expectations”.

“The company continued to take actions to manage costs and inventories during the period to ensure they aligned with revenues. As expected, trading for the full financial year to March 2025 will be weighted towards the second half," said the statement.

Mulberry also revealed details of its strategy “Back to the Mulberry Spirit”, a plan to “restore Mulberry to profitability through simplification, brand realignment and enhanced customer connection”.

The statement said Mulberry’s board “recognises that the company's recent performance has been sub-optimal” and is targeting annual revenue of £200m-plus and 15% adjusted EBIT margins to enhance shareholder value.

The statement also announced the appointment of Billie O'Connor as Mulberry’s new chief financial officer (CFO).

O'Connor will commence the role on 17 February, having previously worked in the consumer and retail sectors, most recently as the CFO and CIO of Milk & More, a subsidiary of the Muller Group. She previously held a variety of finance roles at Selfridges Group, Marks & Spencer, Walgreens Boots Alliance and Esporta Group.

CEO Andrea Baldo said: “Our new strategy sets out our commitment to turnaround this business and return to sustainable profitability.

“We need to get back to where we came from and return to the spirit of Mulberry. First created by Roger Saul more than 50 years ago, it is this Britishness, cultural relevance, creativity and responsible craftsmanship that is so loved by our customers. These strengths, along with our unique price position, sets us apart from the market.”