LONDON — Mulberry Group saw first-half revenues climb 9.9 percent to 74.5 million pounds, or $102.1 million, following Johnny Coca’s debut as creative director, although the company notched a small loss in the six months to Sept. 30.
Thierry Andretta, Mulberry’s chief executive officer, said Coca’s first collection, which appeared during London Fashion Week in February, had been “well-received,” with nine new bags launching in the months that followed, and current trading in the 10 weeks to Dec. 3 showing good growth.
Losses in the six months were 342,000 pounds, or $468,540, compared with a profit of 120,000 pounds, or $184,800, in the corresponding period last year. The company attributed the loss to investment costs and currency headwinds after the pound lost ground against the euro and dollar in the wake of the Brexit referendum.
All figures have been converted at average exchange rates for the periods to which they refer.
On Thursday, Mulberry also announced it had formed a new company together with its majority owner, Challice Ltd. The company, Mulberry (Asia) Ltd., will operate the brand’s business in China, Hong Kong and Taiwan. It will debut with four stores in the region, a Chinese-language site and a wholesale and omnichannel network.
The company said the second half is off to a solid start, with retail sales up 4 percent in the 10 weeks to Dec. 3, and sales to tourists in London benefitting from the weaker pound, as domestic demand softens. Like-for-like sales were up 3 percent in the period.
The company said that for the full year to March 31, the group anticipates additional costs of 1 million pounds, or $1.3 million, due to foreign-exchange movements, and an additional 2 million pounds, or $2.6 million, for strategic investments in north Asia, linked to the new company with Challice.