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Mulberry's cheap shot backfires

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June 12, 2014 2014, aaparel, british, business, creative, director, draper, draper.com, equities, equity, equtiies, finance, guillon, handbags, hermes, jakobiak, lea, lea jakobiak, leather, london, louis vuitton, luxury, luxury fashion, luxury industry, luxury sector, luxury tax, lvnm, michael kors, mulberry, mulberry boss, mulberry handbags, mulberry leather, mulberry results, mulberry trouble, news, prada, profit, profit warnings, results, retail, retail sales, sales, saxo, saxo bank, saxo bank trading, saxo tv, strategy, television, trading, tradingfloor.com, tv, uk, vido
There are plenty of people who accused the British luxury handbag maker, Mulberry, of greed when it tried to break in to the highest end of luxury retail by upping its prices. After a series of profit warnings, it would appear it's learnt its lesson. Like-for-like sales in the ten weeks to June were down some 15 percent. Profits are down from GBP 26 million last year to GBP 14 million in 2014.
The company says it will introduce cheaper products in an attempt to win back customers. It's also looking for a new Chief Executive after Bruno Guillon quit in March. It's also looking for a new Creative Director. The Editor of Drapers tells Saxo TV's Lea Jakobiak in London that the company's facing another challenging year.