England luxury handbag maker Mulberry revealed a 22% rise in full year profit after strong demand in Asia. Mulberry said its Asian business was growing particularly rapidly, with wholesale revenues expected to more than double as its partners open stores in Hong Kong, Korea, Qatar, Dubai and Kuala Lumpur. Chaiman and chief executive Godfrey Davis commented, “We have achieved another year of strong sales growth, delivering an increase of 23% for the year. We have started the new financial year strongly. Current indications are that sales will grow more rapidly during the next financial year than the one just ended.” Mulberry said retail sales were up 36% during the first 10 weeks of the new financial year with like-for-like growth of 35%.
Alex has written for Vanity Fair, Barrons, Bloomberg and Condé Nast Traveler.