Mulberry Group plc
Mulberry Group plc designs, manufactures and sells luxury leather goods and lifestyle accessories under the Mulberry brand, with UK craftsmanship (two Somerset factories) underpinning a tight, predominantly direct-to-consumer (c.85%) distribution model spanning own stores, digital, franchise and wholesale channels across the UK, Europe, USA and Asia Pacific. The FY26 year was the first full year of the 'Back to the Mulberry Spirit' turnaround strategy focused on simplification, brand refresh and customer connection, aiming to restore profitability before pursuing medium-term growth to £200m+ revenue and a 15% adjusted EBIT margin.
FY2026 in sixty seconds
year to 28 Mar 2026 · approved 21 Jul 2026 · 160 pages · Companies House
Mulberry Group plc, which makes and sells Mulberry luxury leather bags and accessories, grew revenue to £125.5m in the year to 28 March 2026, from £120.4m the year before. Its loss after tax shrank to £8.4m, from £30.8m.
The report credits stronger sales in its own shops and website, less discounting so more goods sold at full price, new department store partners and lower running costs. One-off items pulled both ways: money set aside for a possible penalty in a US legal claim and redundancy costs, against gains from store closures and reversed write-downs on store leases.
Cash at the year end was £6.7m, while borrowings rose to £35.5m after the two largest shareholders lent £20m through a loan that can convert into shares. No dividend was paid. Sales in the 13 weeks after the year end were 23% higher, which management said was in line with its expectations. The auditor gave a clean opinion with no doubt raised about the company's ability to keep going, and after the year end its banks relaxed some loan conditions until March 2028.
Retail & Digital like-for-like growth of 9%, accelerating to 11% in H2
Group revenue up 4% to £125.5m; Retail & Digital LFL +9%
page 4Reduced promotional/discounting activity
Gross margin improved 5.1pp to 71.9% (2025: 66.8%) on stronger full-price trading and lower unit production cost from improved overhead absorption
page 19The Board maintains an asset-light, two-phase strategy: near-term rebuilding of gross margin and restoring profitability, then a mid-term expansion phase targeting £200m+ revenue and a 15% adjusted EBIT margin
page 8No dividend declared for the 52 weeks to 28 March 2026 (2025: £nil); Board has decided Group resources will be focused on growing the business
page 2114 years on one page · FY2015–FY2026
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
15 figures restated in a later report
Every figure is read again from the following year’s report: 368 confirmed, 2 differ, 15 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2025 | −£23.7mFY2025 report | −£24.1mFY2026 report | |
| FY2025 | £11.6mFY2025 report | £11.8mFY2026 report | |
| FY2025 | £5.0mFY2025 report | £5.1mFY2026 report | |
| FY2025 | −£30.4mFY2025 report | −£30.8mFY2026 report | |
| FY2025 | −£26.9mFY2025 report | −£27.1mFY2026 report | |
| FY2025 | £14.7mFY2025 report | £14.8mFY2026 report | |
| FY2025 | −£31.8mFY2025 report | −£32.2mFY2026 report | |
| FY2025 | not printedFY2025 report | £2.3mFY2026 report | |
| FY2025 | £26.7mFY2025 report | £27.4mFY2026 report | |
| FY2025 | £86.7mFY2025 report | £87.5mFY2026 report | |
| FY2025 | −£10.8mFY2025 report | −£12.3mFY2026 report | |
| FY2025 | £97.5mFY2025 report | £99.8mFY2026 report |
3 more figures were restated in FY2015 to FY2023, which a free account opens.