Mulberry narrowed its losses in the first half of fiscal 2025, despite a 4% revenue slip to £53.9 million.

The British luxury brand slashed its operating expenses by 16% to £42.7 million in the 26 weeks ended September 27. A move away from discounting to focus on full-price sales helped to boost its gross margin to 69%, from 67% during the same period a year prior.

The company reported an underlying group loss of £7.4 million before tax, down from a £15.3 million loss in the first half of 2024, driven by strong cost control and a focus on profitable store locations in core markets. It more than halved its reported loss before tax to £6.9 million (2024: £15.7 million).

“This has been an encouraging first half as we continue to deliver our Back to the Mulberry Spirit strategy,” said Mulb

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