Mulberry Sees Solid Third-Quarter Growth as Festive Full-Price Sales Gain Traction

Mulberry (LSE:MUL) reported a strong trading performance in the third quarter for the 13 weeks ended 27 December 2025, supported by healthy festive demand and a continued focus on selling at full price in an otherwise heavily discounted retail environment. Group revenue increased 5.3% year on year, while like-for-like sales across retail and digital channels rose 11%.

Performance was driven by a 19% uplift in full-price retail sales, alongside broad-based growth across all regions. Europe and the US stood out as particularly strong contributors, reflecting improving brand traction internationally. The company said results demonstrate early progress under its “Back to the Mulberry Spirit” strategy, which is centred on simplifying operations, refreshing the brand, and using customer insight more effectively.

Management pointed to renewed customer engagement both online and in stores, with robust demand for core product lines including the Roxanne, Hackney and Bayswater ranges. Strategic actions during the period included a sharper focus on the UK market and continued right-sizing of the Asia-Pacific store estate. Ongoing cost discipline was also highlighted, supporting improved momentum heading into the final quarter and reinforcing efforts to build a more sustainable, profit-focused business over time.

Despite the encouraging quarter, Mulberry’s broader outlook remains shaped by structural challenges, including historically declining revenues and elevated leverage. That said, technical indicators have recently turned more positive, and recent strategic initiatives and corporate developments suggest some improvement in the company’s longer-term trajectory.

More about Mulberry

Mulberry Group plc is a British sustainable luxury brand best known for its leather handbags and accessories. Positioned as a British lifestyle label, the group operates across physical retail and digital channels in the UK, the US, Europe and Asia Pacific, targeting premium consumers with a focus on full-price sales and brand-led, non-promotional growth.