Mulberry RTW Spring 2018

LONDON — Mulberry Group’s sales were broadly flat and losses were stable in the six months to Sept. 30, as the British brand put a focus on full-price sales, new product launches and Japanese expansion.

Mulberry said Wednesday that revenue reached 74.6 million pounds, compared with 74.5 million pounds in the corresponding period last year. Losses were 348 million pounds, slightly higher than last year’s 342 million pounds.

Thierry Andretta, chief executive officer, said the group has been delivering on its strategy to grow Mulberry as a luxury brand.

“Our international platform is taking shape, and we have seen a successful initial trading period in Japan, through our collaboration with OGB,” or Onward Global Fashion Co. The company now has five stores in Japan.

He added that Mulberry’s focus on full-price sales was working, and said the brand did not take part in any Black Friday sales in-store or through outlets such as Selfridges and John Lewis. That’s one reason why retail like-for-like sales grew 1 percent in the 10 weeks to Dec. 2, with international up 12 percent and digital growing 9 percent.

New launches such as the Amberley bag, which debuted in June, were another sales driver. The best-selling Amberley, designed by Mulberry’s creative director Johnny Coca, ranges in price from 450 pounds for the Mini Satchel to 1,395 pounds for the Hobo.

About 75 percent of Mulberry’s offer is less than 1,100 pounds, and Andretta said the company was committed to its pricing policy and position in the luxury market and was determined to become “more relevant” to its customers.

That’s just one of the reasons why the brand has switched fully to a see-now-buy-now model that will debut in February during London Fashion Week.

Mulberry has also created an Artisan Studio that oversees special and limited-edition products, which are tailored and adapted to different markets and individuals. It also continues to invest in its two Somerset, England, factories, which make nearly 50 percent of the bags.

Tourist demand in London continues to be strong due to the weaker pound, and Andretta said Mulberry outstripped overall luxury tax-free sales to tourists in the six-month period. Overall tax-free sales were up 17 percent, while Mulberry’s were up 36 percent, driven mostly by Asian tourists.

He added that the company would continue to invest in developing the customer experience in key international markets and enhancing its U.K. design and manufacturing base.