AN international brand based in Somerset has had bosses speak out after a drop off in sales over six months. Mulberry's boss has said he needs to “rebuild the business” after the sales drop off and, in an attempt to keep the business afloat, consider a leaner operation. Roger Saul founded Mulberry in 1971 in Somerset, England.
The company began as a kitchen table operation making buckled leather belts. Mulberry has multiple factories across Somerset including one of their biggest which resides in Bridgwater. Known as the largest manufacturer of luxury leather goods in the UK, Mulberry supports and trains a community of craftspeople across two factories in Somerset, where over 50% of their bags are made.
The Somerset company, which was recently the target of takeover efforts by shareholder Frasers Group, is among firms to have been hit hard by a sharp slowdown in luxury spending. Mulberry told shareholders that group revenues fell by 19% to £56.1 million for the six months to September 28.
Revenues from its wholesale and franchise business dived by 46% to £5.4 million as it was particularly affected by partners in Italy and Denmark reducing their orders due to tough conditions. Elsewhere, sales in its Asia Pacific division slid by 31% to £9.
3 million as it was impacted by weakness in China and South Korea. Somerset-based Mulberry turns down Frasers' £111m takeover: Read More . Bridgwater-based Mulberry hit by luxury spending decline: Read More .
Meanwhile, UK revenues .
