Mulberry’s Profits Sky Rocket! What Are the Reasons for Their Success?
As some designer brands feel the pinch of the economy, British fashion brand Mulberry have reported that their profits have quadrupled over the year. With the brand also celebrating their 40th birthday this year it would appear that the news couldn’t have come at a better time than any. Pre-tax profits for the year end of March went up by a whopping 358 per cent, owing a lot of sales down to Asia.
What are the Reasons for Mulberry’s Success?
Increase in Store Openings and Online Purchases
Alongside a new flagship store on London’s New Bond Street, Mulberry have opened nine new stores in the past year in Beijing, Hong Kong, Malaysia, Korea, Qatar, UAE, the Netherlands and Sydney. However it doesn’t stop there, with new store openings scheduled for New York, Amsterdam, Germany, Korea, China and Bangkok over the next 10 months.
Offline sales aren’t the only thing that are making success in the Mulberry’s account book as online sales now account for 8 per cent of sales.
Large Celebrity Following
If you have the likes of Alexa Chung, Kate Moss and Liv Tyler all wearing Mulberry then this type of celebrity endorsement can only be good for the brand as many women in the world aspire to be like this celebrity fashion icons. Also, remember the Alexa bag? Mulberry designed a bag in honour of celebrity fashion icon Alexa Chung and sales for the bag increased dramatically as everyone lady wanted a piece of the Alexa.
Smaller Priced Accessories
Not everyone can afford a the cash to pay for a Mulberry bag, which is why creative director of Mulberry Emma Hill decided that she would introduce some affordable accessories to the mix making the Mulberry brand more versatile to a wider audience.