Mulberry, the British luxury handbag brand, has reported an 18% rise in sales for the first half of its financial year, with growth across all major markets and a deliberate shift away from promotional pricing.
Group revenues rose 18.1% in the 26 weeks to 26 September, with the US leading the way at 28% growth, Europe up 23% and the UK up 10%.
Chief executive Andrea Baldo said the figures reflected work over the past year to refocus the business around product, brand and customers while keeping a tight grip on costs.
The company said it had resisted discounting, with promotional sales accounting for a smaller share of revenue than in the same period last year, a trend it said was supporting profit margins.
New product lines including the Raffia, Crochet, Stevie and Darley Camera Bag performed well alongside continued demand for established styles such as the Bayswater and Lily.
The group said its return to London Fashion Week, where it staged a runway show under the Mulberry by Christopher Kane label, boosted brand visibility and drove traffic to stores and digital platforms.
Wholesale and third-party channels grew strongly, rising 52%, with that segment now accounting for 17% of total sales.
Mulberry said it entered the second half with a strong product pipeline, including new Delilah, Oxblood and Vintage Oak colourways, and maintained its medium-term targets of annual revenues above £200 million and an adjusted operating margin of 15%.
Full first-half results are due on 19 November.
