Mulberry records 18 percent H1 revenue growth driven by full-price sales

UK luxury brand Mulberry Group plc (Mulberry) announced an 18.1 percent increase in sales at actual currency rates for the 26 weeks ended September 26, 2026. The group attributed the performance to product momentum, brand elevation, and full-price sales growth aligned with its 'Back to the Mulberry Spirit' strategy.

Regional growth and channels

Revenue in the US grew 28 percent year-over-year (YoY), or 34 percent on a like-for-like (LFL) basis, supported by digital channels such as the launch of Bloomingdale's Marketplace and an expanded wholesale presence. European sales, excluding the UK, increased 23 percent YoY (21 percent LFL).

In the UK, sales grew 10 percent YoY and 9 percent LFL. Asia Pacific total sales rose 5 percent YoY, recorded at 24 percent LFL. The franchise and wholesale division grew 52 percent YoY, representing 17 percent of total revenue for the period compared to 16 percent in the prior year period.

Product performance and strategic focus

Demand was sustained across core product families including Bayswater and Lily, alongside new launches such as Raffia, Crochet, Stevie, and the Darley Camera Bag. Brand visibility was elevated by the Mulberry by Christopher Kane runway show at London Fashion Week.

The company reduced promotional sales, excluding markdown activity, by 300 basis points compared to the previous year, aiding gross margin performance. Chief executive officer Andrea Baldo stated that growth in full-price sales demonstrates collection resonance across key markets despite a challenging trading environment.

Over the medium term, Mulberry targets annual revenue exceeding 200 million pounds and an adjusted earnings before interest and taxes (EBIT) margin of 15 percent. Half-year results will be released on November 19, 2026.