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AIM:MUL · Consumer Discretionary · AIM-listed British luxury leather goods and lifestyle accessories designer, manufacturer and retailer

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.

Export the Mulberry Group plc factsheetfree accountOpen the FY2026 report
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11 annual reports read, FY2016 to FY2026

Open a year to see what its report said. Every line in it carries the page it was read from.

Sources: Companies House (11)

  1. FY2027Next report expected 19 Jul 2027

  2. Open the reportJSONComing soon
    Sixty seconds on the FY2026 report

    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.

    From the reportevery line sits on the page it names
    What drove revenue

    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 4
    And

    Reduced promotional activity / full-price trading

    Gross margin rose to 71.9% from 66.8% on stronger full-price trading

    page 4
    What moved the margintailwind

    Reduced 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 19
    Andtailwind

    Cost reduction programme

    Operating expenses down 10% to £96.2m (2025: £107.4m); staff costs down £2.2m on prior-period headcount reductions

    page 20
    One-offs in the year

    £1.2m charge: Restructuring (redundancy) costs

    page 108
    What management said

    The 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 8
    After the year end

    RCF increased from £17.5m to £19.5m and supplier trade finance facility increased from £6.0m to £8.0m, while the £4.0m overdraft was removed, keeping total facilities constant at £27.5m; performance (Fixed Charge and Net Leverage) covenants waived to 31 March 2028 and a minimum EBITDA covenant introduced; facilities committed to 31 July 2028

    page 65
    The dividend

    No 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 21
    Going concern and the audit

    Auditor Grant Thornton UK LLP issued an unmodified/unqualified opinion; going concern basis adopted covering the period to end-July 2027, supported by base case, downside (9% revenue decline) and reverse stress test (18.2% decline before covenant breach) scenarios; key audit matters were occurrence of unusual revenue transactions, impairment/reversal of store right-of-use assets, and going concern — no material uncertainty identified

    page 70
    The risks it names first
    • Domestic and global economic climate impacting discretionary luxury spending, consumer confidence and tourist footfall (risk level: Increased)p.39
    • Brand and reputational risk from supply chain, partner, celebrity/influencer or social media issues (risk level: Unchanged)p.40
    • Global consumer spending changes, especially in the USA or Asia Pacific (risk level: Unchanged)p.40
    • Financial risk — cash management, wholesale/concession debtor defaults, FX exposure on Sterling/Euro/US Dollar transactions (risk level: Improved)p.40

    Read from C000880-AR-2026-ch.

  6. FY2023Year to 1 Apr 2023 Opens with a free accountThe report, its reading and its figures
  7. FY2022Year to 2 Apr 2022 Opens with a free accountThe report, its reading and its figures
  8. FY2021Year to 27 Mar 2021 Opens with a free accountThe report, its reading and its figures
  9. FY2020Year to 28 Mar 2020 Opens with a free accountThe report, its reading and its figures
  10. FY2019Year to 30 Mar 2019 Opens with a free accountThe report, its reading and its figures
  11. FY2018Year to 24 Mar 2018 Opens with a free accountThe report, its reading and its figures
  12. FY2017Year to 31 Mar 2017 Opens with a free accountThe report, its reading and its figures
  13. FY2016Year to 26 Mar 2016 Opens with a free accountThe report, its reading and its figures