Mulberry has announced sales growth of 18% in its latest trading update for the first half of 2026. Précisément, group sales rose 18.1% at current exchange rates and 18.2% at constant exchange rates, for the 26-week period ended 26 September 2026.
The États-Unis drove the momentum, with sales up 28% (34% on a like-for-like basis), well ahead of the Royaume-Uni, up 10% (9% like-for-like). Mulberry attributes its American performance to stronger customer demand, positive digital performance and expanded wholesale presence. L'Europe excluding the Royaume-Uni posted growth of 23% year-on-year, while Asia-Pacific grew 5% overall, with like-for-like performance of 24%.
Wholesale and margin improve
The franchise and wholesale division jumped 52% and now accounts for 17% of total sales, up from 16% a year earlier. Mulberry says it resisted markdowns, with a 300 basis point reduction in the promotional share of its sales, which supported gross margins.
On the financial side, the group reduced its underlying losses to £8 million, compared with £24.1 million a year earlier, and returned to a positive underlying EBITDA of £0.8 million, an improvement of £17.6 million year-on-year. Mulberry maintains its annual revenue target of £200 million and an adjusted EBIT margin of 15% over the medium term. In July, the group had already reported a 4% rise in revenue to £125.5 million.
Christopher Kane, a catalyst for visibility
Mulberry attributes this growth to strong customer demand for its seasonal and core collections, as well as increased visibility following its return to London Fashion Week alongside Christopher Kane, appointed creative director of women's ready-to-wear in March. The « Mulberry by Christopher Kane » show, the brand's first runway show in six years, was held in September.
Chief executive Andrea Baldo said he was pleased with the progress made during the half-year and described full-price sales growth as particularly encouraging. He described the launch of « Mulberry by Christopher Kane » and the return to London Fashion Week as a significant moment for the brand, celebrating its British heritage and generating strong customer engagement, increased brand visibility and stronger traffic in stores, online and at third-party partners. He noted, however, that there remains much to accomplish in a challenging trading environment, while approaching the second half with a strong product pipeline.
On the network side, Mulberry plans to open a 979-square-foot store at Liverpool ONE in November. Full half-year results will be published on 19 November 2026.
