Mulberry Eyes Asia\'s Rich With Luxury Prices

by:GF bags     2019-09-04
Luxury fashion group Mulberry defended its plan to push prices further, saying it was critical to Asia\'s expansion plan.
Mulberry, known for its Bayswater and Alexa handbags, has more than 80% sales in the UK and continental Europe, but has recently been hit hard by weak consumer spending.
Many European sales are sought by Asian tourists during the holidaysend lines.
The company has issued two profit warnings since October, with annual profits expected to fall 27% on Thursday to 26 as of the third year.
Its total revenue fell 2% to the pound.
While 17 new international stores have been opened this year, wholesale revenues have fallen by 16% to £ 57. 9m.
In addition to European consolidation, the company blamed the decline in revenue on \"destocking\" in Asia \".
Part of the company\'s chief executive, Bruno Guillon, responded by pushing the group from its traditional \"affordable luxury\" position to higher-end markets.
In November, the price of Sang mulberry rose 12% and introduced more handbags for more than 1,000, which the company said fell well in Asia and the United States.
However, this move has caused some criticism, which is reported to be highly
Emma Hill, the acclaimed creative director, announced earlier this week that she plans to leave.
Gilon played down the upward trend, saying 60% of the products are still being sold for less than £ 1,000.
Retail revenue increased by 9% in the 10 weeks ended June 8,for-
Sales, for example, rose 6%, it said.
He added that the group is going through a difficult period because it does not have enough visibility in Asia and is addressing the issue by opening more stores in the region.
\"Greater visibility in Asia will enable us to grow our business locally while benefiting from travel traffic in Europe and the United States,\" he said . \".
The Frenchman, who has just returned from China, added that while demand for luxury goods in Asia has slowed, there are still far more opportunities than in Europe.
Several luxury groups, including rival Burberry, said demand had slowed,
In China, it is known as \"aspiring\" luxury shoppers, and is still strong among the wealthiest customers.
Sang mulberry plans to open 15-
By the end of the fiscal year next March, major locations and flagship stores were found in Asia and North America.
Currently Y has 42 stores in Asia and 6 in North America, with a total of 118.
The group is also using higher quality materials and limiting the number of best sellers to remain exclusive.
\"We don\'t think for a long time
\"The long-term goal of becoming a global brand is beyond Mulberry, so we expect the market to support these stocks at these levels,\" said Philip Dorgan, an analyst at Panmure . \".
Sang shares, whose market value halved more than a year ago, fell 0.
4% early trading.
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