Mulberry’s turnaround gathers pace as festive sales lift 5.3%

Mulberry has today announced it delivered a 5.3% increase in group sales over the festive trading period, as its "Back to the Mulberry Spirit" turnaround strategy begins to translate into growing customer demand.

For the 13 weeks to 27 December 2025, retail full-price sales jumped 19%. The performance marks a step-change from the first half of the year, when Mulberry remained loss-making but began laying the foundations for recovery under Chief Executive Andrea Baldo.

The update builds on Mulberry’s November half-year results, which showed early signs of stabilisation after years of decline. At the time, revenues fell by 4% and the group posted a £6.9 million pre-tax loss, but like-for-like sales returned to growth, gross margin strengthened to 69% and operating expenses fell 16%, almost halving the underlying loss.

This latest trading update suggests those early green shoots are now translating into customer demand. Like-for-like digital and ecommerce sales increased 11% during the quarter, supported by stronger full-price performance and a more disciplined promotional stance.

The UK returned to growth during the period. Total retail and digital sales rose 3.5%, with like-for-like sales up 6.5%. Internationally, growth accelerated across Mulberry’s core markets. Sales in the US rose 12.7%, while Europe delivered the strongest performance, with sales up 14.9%. In Asia Pacific, sales also increased by 12.2%.

Baldo said: "We have delivered a strong performance during the festive period. While there remains plenty more to be done, it is encouraging to see the early signs of our 'Back to the Mulberry Spirit' strategy delivering. We have maintained disciplined cost control, while at the same time growing full-price sales by having products that resonate at the right price.

"I'd like to thank my colleagues whose hard work ensures we enter the final quarter of our financial year - Jan to March 2026 - with good momentum. We remain laser focused on continuing to deliver our strategy and build a sustainable, profitable business for the long term."