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Mulberry remains a relatively small brand, albeit a powerful one in its affordable luxury market segment. Its balance sheet remains strong. Early signs from the new CEO’s tenure are promising. However, even taken together, these elements cannot support current valuation metrics. One needs to take a very long view to justify current multiples.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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