Mulberry posts impressive profits
Mulberry has more than doubled its half-year profits.
The luxury leather goods company has defied the on-going global economic crisis by posting strong sales figures for the first half of the year.
Profits have risen 231%, with the company notching up an intake of £15.6 million.
Part of the reason for the outstanding rise in funds is the company's expansion, including a store in New York City and five in the Asia Pacific. International revenue has soared by 115% to £29.4 million.
"Our strategy to focus on international expansion continues to bear fruit. Against the backdrop of economic uncertainty, Mulberry continues to build market share internationally and we remain cautiously optimistic about the future prospects of the business," said chairman and chief executive Godfrey Davis in a statement.
The outlook for the rest of the year is also positive. Over the last ten weeks sales have risen by 14%, while there are 29% more Spring/Summer orders than last year.
There are also plans to open nine more shops over the next half year.
Mulberry is renowned for creating leather bags which are named after celebrities, such as the Alexa in honour of Alexa Chung.
Emma Hill is the firm's creative director and has helped make Mulberry a formidable fashion powerhouse.
Earlier this year, she commented on why the label continues to thrive despite the recession. "Whenever it was a recession, my family would always buy British, to help keep the economy afloat. I may have a romantic view of it, but I think people still do that," she told British newspaper The Evening Standard. "Obviously, as we get bigger, the percentage of what we make in the UK gets smaller, but we still proudly manufacture here. There are a lot of good things about recession. People take stock of how we got to this point: a lot of it was mass consumption without really enjoying it - staggering down Bond Street laden with bags."
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