Mulberry Profits Plunge, £1.4m Loss
Throwback to Happier Days for Mulberry when Lindsey Wixon starred in their 2012 campaign themed "Where the Wild Things Are".
At present day, Mulberry seems lost in the woods. Today, the retailer reports that group sales have plunged 9% for the year ended March 2015. The company registered an after-tax loss of £1.4m during that period.
This comes after Georgia May Jagger was recruited as the latest face of the ailing British luxury fashion brand that was once famous for its Bayswater bag.
Although sales have improved slightly than compared to last year, this was largely due to Mulberry lowering the price of their handbags to make it more affordable to the masses.
The brand that is 42% owned by Singaporean fashion billionaire Christina Ong and her business magnate husband Ong Beng Seng has to compete with the likes of contemporary brands Coach, Micheal Kors and Polo Ralph Lauren.
Failure to innovate and adapt to the times are just some of the many reasons why Mulberry is going downhill.
Cheaper prices would mean cutting costs for the raw material, manufacturing process, service and operations. As a result, the quality of Mulberry's leather goods would never be the same as it was again.