REG - Mulberry Group PLC - FY26 Trading Update

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RNS Number : 0171B  Mulberry Group PLC  20 April 2026

Mulberry Group plc

FY26 Trading Update

Strong H2 sales momentum, driven by 'Back to Mulberry Spirit' strategy

Mulberry Group plc (the "Group" or "Mulberry"), the British lifestyle brand,
is pleased to provide a trading update for 52 weeks to 28 March 2026 ("FY26").

 

The Group delivered strong sales growth on a constant currency basis of 13.6%
over the second half of FY26 which, along with significant financial and
operational progress across the Group, resulted in total sales growth over
FY26 of 5.7%.

 

FY26 Group Sales

 

 Revenue                        Channels                 H1      H2      FY26
 Reported YoY % ( 1 )           Digital                  (9.9%)  +9.2%   +1.1%
                                Stores                   (7.0%)  +12.5%  +2.9%
                                Retail (omni-channel)    (8.1%)  +11.1%  +2.2%
                                Franchise and Wholesale  +35.5%  +31.2%  +33.3%
                                Total Group              (3.9%)  +12.8%  +5.0%
 Constant Currency YoY % ( 2 )  Total Group              (3.2%)  +13.6%  +5.7%

 

 1  All Sales at Actual Currency Rates

 2  All Sales at Constant Currency

 

FY26 Regional Performance

 

All of the Group's end markets reported positive Like for Like (LFL)( 3 )
sales growth in the second half of FY26 ("H2"):

o  UK retail & digital +13.7%

o  US retail & digital +20.1%

o  EU (excluding UK) retail & digital +37.8%

o  Asia Pacific retail & digital +20.8%

 

 3  Group LFL sales are adjusted to reflect comparable digital and store sales

 

The strong performance and sustained momentum in H2 reflects the continued
execution of the Group's 'Back to Mulberry Spirit' strategy, focused on
simplifying the business, reigniting the brand, and strengthening customer
connection.

 

The strategy is gaining traction across all Group regions, with LFL sales
growth in every market in H2. This has been achieved alongside a disciplined
focus on full price sales and a reduction in discounting, supporting an
improved gross margin for FY26.

 

During FY26, the Group has remained firmly focused both on re-engaging its
existing customer base, as well as attracting new customers across its retail
and digital channels. Targeted investment has strengthened Mulberry's
positioning as a distinctive British lifestyle brand, supported by a tighter,
more focused product offer and improved availability.

 

This approach is resonating with customers, and has been reinforced by a
number of impactful brand and product initiatives. The new 'Rooted in Craft'
campaign has driven high visibility and elevated brand awareness, while the
Bayswater Limited Edition sold out within minutes of launch in February. The
Boston bag has also performed strongly, underlining the appeal of the
refreshed product direction. The appointment of Christopher Kane as
Ready-to-Wear Creative Director marks a further important step in
re-establishing creative leadership as the Group prepares to launch new ranges
in the current financial year.

 

aNDREA BALDo, CHIEF EXECUTIVE OFFICER, COMMENTED:

 

"This has been a year of decisive progress. Despite a challenging economic and
geopolitical environment, we have delivered growth across all channels and
geographies, with clear momentum right across the business. This performance
reflects the disciplined execution of our 'Back to the Mulberry Spirit'
strategy, and demonstrates that our turnaround is firmly underway."

 

"We are simplifying the business, restoring full price discipline,
strengthening our connection with customers, and reasserting Mulberry's
position as a distinctive British lifestyle brand. The early results are
clear: improved sales quality, stronger margins and growing engagement from
both existing and new customers."

 

"At the same time, we are reigniting creativity and since announcing the
relaunch of Ready-to-Wear under Christopher Kane leadership, we have seen a
remarkable engagement from the industry as a whole, including leading partners
ranging from Selfridges in the UK and The Webster in the US to a growing
numbers of other prestigious doors."

 

"While we remain focused on the work ahead, we are building momentum at pace.
We are confident in our strategy and in our ability to build a sustainable,
profitable business for the long term."

 

 

FOR FURTHER DETAILS PLEASE CONTACT:

 

Mulberry

Billie
o'Connor
            Tel: +44 (0) 20 7605 6793

 

Headland (Public Relations)

Lucy Legh / WILL SMITH / ELEANOR EVANS
         Tel: +44 (0) 20 3805 4822

mulberry@headlandconsultancy.com

HOULIHAN LOKEY UK LIMITED (FINANCIAL ADVISER AND NOMAD)

Tim Richardson
 
            Tel: +44 (0) 20 7389 3355

 

PEEL HUNT (CORPORATE BROKER)

JAMES THOMLINSON
 
   TEL: +44 (0) 20 7419 8900

 

 

 

 

 

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