Mulberry comeback continues, with sold-out launches and thumbs-up for Kane appointment

Mulberry has been in the news quite a bit of late with its announcement of Christopher Kane joining it, plus new campaigns and updates on its turnaround strategy. And on Monday it updated further, saying FY26 saw it on a definite recovery trajectory.

Looking at the year to late March (FY26), it said that sales growth on a constant currency basis in the second half was a pleasing 13.6%. Along with “significant financial and operational progress across the group”, this resulted in total sales growth for the full year of 5.7%.

Constant currency sales had dipped 3.2% in the first half, but that second-half recovery was clearly a strong one. And it's particularly encouraging that all of its channels were in positive territory by the year end.

Looking at the figures on a reported basis (rather than a constant currency one), in digital, revenue had dropped 9.9% in the first half but rose 9.2% in H2 for a full-year positive figure of 1.1%. And while its physical stores were down 7% in H1, they rose 12.5% for the second half of the year to give it a figure of 2.9% growth overall. This meant that Retail in total was up 2.2% for the year with an 8.1% decline in H1 and an 11.1% rise in H2.

Franchise and wholesale revenue was positive in both halves of the year, with a 35.5% rise in the first half and a 31.2% jump in the second for a total yearly surge of 33.3%.

This all meant that total group sales fell 3.9% in H1, rose 12.8% in H2 and rose 5% for the year as a whole on a reported basis.

Regionally in the second half, all of the group’s end markets reported positive like-for-like sales growth with UK retail and digital up 13.7%, US retail and digital up 20.1%, the EU retail and digital up 37.8%, and Asia pacific retail and digital up 20.8%.

Recovery gains traction

The company said its “strong performance and sustained momentum in H2 reflects the continued execution of the group's 'Back to Mulberry Spirit' strategy, focused on simplifying the business, reigniting the brand, and strengthening customer connection”.

We’re told the strategy “is gaining traction across all group regions. This has been achieved alongside a disciplined focus on full-price sales and a reduction in discounting, supporting an improved gross margin for FY26”.

During FY26, Mulberry “remained firmly focused both on re-engaging its existing customer base, as well as attracting new customers across its retail and digital channels. Targeted investment has strengthened Mulberry's positioning as a distinctive British lifestyle brand, supported by a tighter, more focused product offer and improved availability”.

It said that the Bayswater Limited Edition sold out within minutes of launch in February. The Boston bag “has also performed strongly, underlining the appeal of the refreshed product direction”.

And the appointment of Christopher Kane as Ready-to-Wear creative director “marks a further important step in re-establishing creative leadership as the group prepares to launch new ranges in the current financial year”.

CEO Andrea Baldo said it’s “been a year of decisive progress. Despite a challenging economic and geopolitical environment, we have delivered growth across all channels and geographies, with clear momentum right across the business.

“We are simplifying the business, restoring full-price discipline, strengthening our connection with customers, and reasserting Mulberry's position as a distinctive British lifestyle brand. The early results are clear: improved sales quality, stronger margins and growing engagement from both existing and new customers.

“At the same time, we are reigniting creativity and since announcing the relaunch of Ready-to-Wear under Christopher Kane leadership, we have seen a remarkable engagement from the industry as a whole, including leading partners ranging from Selfridges in the UK and The Webster in the US to a growing numbers of other prestigious doors.”

近期，英国轻奢皮具品牌 Mulberry  热度持续走高，品牌官宣克里斯托弗・凯恩（Christopher Kane） 加盟、全新广告大片释出，品牌复苏转型战略也陆续落地推进。周一，品牌发布最新业绩公告，确认2026 财年已步入明确的复苏上升通道。

本财年统计周期截至 3 月末（2026 财年），品牌披露：下半年固定汇率口径销售额同比增长13.6%，表现亮眼。集团整体财务状况与运营效率大幅改善，全年总销售额同比上涨5.7%。

此前上半年固定汇率销售额一度下滑 3.2%，但下半年实现强势反弹。更值得关注的是，截至年末，品牌全渠道业务悉数实现正向增长。

以财报呈报汇率（非固定汇率）口径来看：

线上电商业务上半年营收下跌 9.9%，下半年回升 9.2%，全年最终录得1.1%正向增长；

线下实体门店上半年营收下滑 7%，下半年大幅反弹上涨 12.5%，全年增长 2.9%；

综合零售板块上半年下跌 8.1%、下半年大涨 11.1%，全年整体营收提升2.2%。

特许经营与批发业务上下半年均保持稳健增长：上半年增幅 35.5%，下半年攀升 31.2%，全年暴涨33.3%。

综合集团整体财报口径数据：集团上半年总营收下滑 3.9%，下半年大涨 12.8%，全年同比增长5%。

区域市场方面，下半年所有终端市场同店销售额全部实现正增长：

英国零售及线上业务 +13.7%

美国零售及线上业务 +20.1%

欧盟零售及线上业务 +37.8%

亚太零售及线上业务 +20.8%

复苏势能全面增强

品牌表示：“下半年业绩强劲、增长势头稳固，得益于集团持续落地 **‘回归迈宝瑞精神’** 核心战略，聚焦业务精简优化、重塑品牌魅力、深化用户联结三大核心方向。”

该转型战略已在全球各区域稳步落地。品牌严格把控正价销售、缩减折扣促销力度，有效推动2026 财年毛利率改善提升。

2026 财年内，Mulberry 持续深耕存量用户维护，同时通过线下门店与线上渠道积极吸纳新客。品牌精准投入资源，精简产品矩阵、优化货品供给，进一步巩固自身英伦特色生活方式品牌的差异化定位。

爆款单品表现突出：2 月发售的Bayswater 限量款手袋上线数分钟内即刻售罄；经典波士顿包市场热度居高不下，充分印证品牌全新产品升级路线广受市场认可。

而克里斯托弗・凯恩出任成衣创意总监，标志着Mulberry 重塑创意核心实力的关键一步，品牌计划于本财年陆续推出全新成衣系列。

Mulberry 首席执行官 安德里亚・巴尔多 表示：

“过去一年，品牌实现突破性进展。即便面临经济承压与地缘政治挑战，我们仍达成全渠道、全区域增长，整体业务增长势能清晰强劲。

我们持续精简业务架构、严格规范正价销售体系、拉近与消费者距离，重新确立迈宝瑞独具辨识度的英伦生活方式品牌定位。现阶段成果已充分显现：销售质量优化、盈利毛利提升、新老用户品牌粘性持续增强。

与此同时，品牌全面重启创意革新。自官宣由克里斯托弗・凯恩主导成衣线重启后，收获整个时尚行业高度关注，合作渠道持续扩容，合作版图涵盖英国塞尔福里奇百货、美国 The Webster 等全球顶级高端零售渠道，高端优质合作门店数量稳步增长。”

｜消息来源：https://ww.fashionnetwork.com/news/Mulberry-comeback-continues-with-sold-out-launches-and-thumbs-up-for-kane-appointment,1824887.html

Luxury handbag maker Mulberry returns to sales growth as turnaround accelerates