For the year ending March 30, 2024, Mulberry posted a 4% drop in revenue compared to a year before amid “challenging” macro-economic conditions and a decline in luxury consumer spending, particularly during the last quarter.

Mulberry CEO Thierry Andretta said: “While we achieved positive revenue growth in the first half, Mulberry has not been immune to the broader downturn in luxury spending experienced in recent months, particularly in the UK and Asia. This decline was partially offset by positive trading in the US, where we have benefitted from increased brand awareness. Looking ahead, the trading environment in the UK and China remains challenging and we do not expect this to change in the short term. We are therefore managing the business prudently, focusing on executing our strategy and vision to become a global sustainable luxury brand.”