Mulberry battered in market handbagging
One of the most worrying insights into confidence amongst consumers was unveiled yesterday from posh bag maker Mulberry and it wasn't pretty.
As a maker of handbags which cost more than many second-hand cars (more than £600 I'm informed) the English company is always going to suffer when high-end consumers are feeling a bit iffy about their future disposable income. However, its profit warning, which caught the market on the hop, saw nearly a quarter of the firm's value wiped out and dented confidence right across the sector.
The contagion effect may be a little overdone because despite its higher-end appeal, Mulberry is as vulnerable to fickle fashions as any other clothing or accessory label.