Mulberry has seen sales slide 15% after it slashed prices on its soft leather bags to win back English shoppers.
In a "sale" on the Mulberry website, prices have been slashed to £770 from £1,100 for many classic Bayswater,
Mulberry said the new Tessie collection, with a small satchel priced at £495 and a tote costing £595, had been "well received", and is preparing to open a new flagship store in
Davis has said that it was a mistake to follow other luxury brands in putting up prices to appeal to high-end shoppers in the
Davis admitted in April that introducing cheaper bags would hit sales and profits in the short term, but insisted this was necessary to revive the Mulberry brand. Results released on Thursday showed like-for-like sales plunged 15% in the 10 weeks to 7 June. Profits crashed to £14m in the year to 31 March from £26m the previous year, partly caused by costs related to opening nine new international stores. The company also built a second
Mulberry said the new spring/summer collection 2015 had been well received by its wholesale customers, but business will take a while to recover and it expects a double-digit decline in wholesale sales this year.
During Guillon's two-year reign sales and profits slumped and Mulberry's creative director
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