QuickView: A slow recovery, but the right strategy
Mulberry has had a difficult couple of years, culminating in the departure of the CEO in March 2014. However, following on from the thesis published in our sector report Challenging the internet premium, we believe that in combination, its focus on product and stores, supported by its recent investment in supply chain management, could prove to be the correct strategy. This is no quick fix, with the benefit only expected to be seen in the year to March 2016. However, its strong balance sheet (£23.4m cash) provides good financial support to the investment.Mulberry Group designs, develops, manufactures, markets and sells products under the Mulberry brand name. Co. is organized into two operating divisions: Retail business, which is engaged in the sale of Mulberry branded fashion accessories, clothing and footwear through a number of shops and department store concessions; and Design business, which is engaged in brand management, marketing, product design, manufacture, sourcing and wholesale distribution for the Mulberry brand. As of Mar 31 2017, Co. distributed its products globally via 119 stores in 26 countries (67 directly operated, 52 partner), the brand's digital site (mulberry.com) and selected wholesale partners.
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