Mulberry could take up to two years to return to profit growth
Britain’s Mulberry could take up to two years to return to profit growth after deciding to return to an ”affordable luxury” positioning. Mulberry would now sell more bags at cheaper prices as it warned investors on 2013-14 profit for the second time in three months. The price of Mulberry bags will be slashed by 120 euros, on average.
“There’s a change in emphasis, I’m not dramatically changing things but I’m looking at the needs of what I think is an important customer for us,” Interim Executive Chairman Godfrey Davis, a 27-year Mulberry veteran, told Reuters. He added: ”We see the 500 pounds to 1,000 pounds (price range) as being a very important territory and the profile of our range has got a bit skewed toward the top end of that,”