British heritage label Mulberry is showing clear signs of renewed energy, with recent updates pointing to a steady and credible comeback. The brand has remained firmly in the spotlight thanks to a mix of strategic announcements, creative shifts and commercially successful product launches.
Most notably, the appointment of Christopher Kane has generated strong industry approval, signalling a fresh chapter for the label as it works to rebuild its fashion authority.
Financially, the picture is becoming more encouraging. For the year ending late March (FY26), Mulberry reported a full-year sales increase of 5.7% on a constant currency basis, driven largely by a robust second half. After a modest 3.2% dip in the first half, sales rebounded with a 13.6% rise in the latter half of the year, with all channels returning to growth.
Digital and physical retail both followed a similar trajectory, recovering from early declines to finish the year in positive territory. On the other hand, franchise and wholesale continued to outperform throughout.
On a reported basis, the pattern is the same: a dip early in the year followed by a sharp rebound. By the end of FY26, group sales were up overall, with retail recovering and wholesale continuing to perform strongly. Growth wasn’t limited to one market either—sales rose across the UK, US, Europe and Asia Pacific, pointing to a broader reset rather than a short-term boost.
Behind the scenes, the brand’s “Back to Mulberry Spirit” strategy is doing the heavy lifting. The focus is straightforward: simplify the business, cut back on discounting and get customers paying full price again. That shift is already feeding through into better margins and a tighter, more focused product offer.
And customers are responding. The Bayswater Limited Edition sold out within minutes of its February drop, while the Boston bag is gaining traction as part of the updated line-up. It’s a clear sign that Mulberry’s mix of heritage and refresh is landing.
There’s also renewed interest from key retail partners, including Selfridges and The Webster, as the brand rebuilds its presence in premium spaces.
Under CEO Andrea Baldo, the company is positioning itself for sustained recovery. The focus remains on disciplined growth, stronger customer engagement and a reinvigorated creative vision. While the wider economic backdrop remains uncertain, Mulberry’s recent performance suggests a brand regaining its footing—one measured step at a time.
