Jan 14 (Reuters) - British luxury handbag maker Mulberry reported a 5.3% rise in third-quarter revenue on Wednesday, driven by strong full-price, festive-season sales across its markets and its
UK's Mulberry third-quarter sales rise on strong festive demand
Mulberry's Third-Quarter Sales Performance
Jan 14 (Reuters) - British luxury handbag maker Mulberry reported a 5.3% rise in third-quarter revenue on Wednesday, driven by strong full-price, festive-season sales across its markets and its strategy to focus on the domestic customer.
Impact of Festive Season on Sales
The Chilcompton‑headquartered company's shares were up 7% in early trading after the robust update against the backdrop of a weak UK retail market. Consumer card spending in the country was down 1.7% in December and overall sales growth slowed as shoppers held out for discounts.
Company Strategy and Market Response
However, the company's retail full-price sales jumped 19%, with strong demand for its Roxanne, Hackney and Bayswater designer lines.
Future Growth Prospects
Like its larger rival Burberry, Mulberry's strategy is to focus on its "British heritage" to resonate with domestic consumers.
The strategy is bearing fruit, the company said, helping Mulberry drive full-price sales, boosting its UK base, and accelerating growth in the U.S., Europe, and Asia Pacific, while also reconnecting with old customers and drawing new ones.
"We have maintained disciplined cost control, while at the same time growing full-price sales by having products that resonate at the right price," said Chief Executive Officer Andrea Baldo in a statement.
(Reporting by Ankita Bora and Pushkala Aripaka in Bengaluru; Editing by Rashmi Aich and Harikrishnan Nair)
