Mulberry Group plc

Quarter 3 Trading Update

Strong festive trading period underpinned by full price sales mix and newness; Positive customer response to "the right product, at the right price" strategy

Mulberry Group plc (the "Group" or "Mulberry"), the British sustainable luxury brand, is pleased to announce a strong trading performance for the 13 weeks to 27 December 2025 (the "period").

[1] All Sales at Actual Currency Rates. "Group" indicates inclusive of Wholesale

[2] LFL sales represent the result of comparable digital and store sales

During the period, the Group delivered revenue growth across all markets, with a successful focus on full-price sales in the lead up to and during the festive period, against a highly promotional wider retail market. As a result, Group LFL sales in Digital & Ecommerce were +11%, with Retail full-price sales at +19%.

The strength of this performance reflects the Group's ongoing delivery of its new strategy - focused on simplifying the business, refreshing the brand, and more fully leveraging customer insights.

As part of the strategy, there was a refocus on the UK market and customer, and total sales in the region were up 3.5%, with LFL up at +6.5%. Within this, full-price was the focus, and delivered a larger proportion of the sales mix online than prior year, amid a backdrop of more challenging growth in the broader retail market. This indicates the product is resonating positively with the UK consumer. In the US, we accelerated growth and achieved sales growth of 12.7%, while in Europe we saw sales increase by 14.9%. In Asia Pacific, sales also increased, despite the continued right-sizing of our store estate as part of our simplification strategy - and LFL sales were +12.2% following a strong response to the Double 11 shopping festival in November 2025.

The Group's performance is particularly encouraging as it is driven by a strong customer response to our differentiated product range, at a time when we have been realigning Mulberry's identity as a British lifestyle brand, and reinvigorating its cultural relevance. Mulberry has successfully re-engaged their existing customer base as well engaging new shoppers across both retail and digital, reinforcing the core offering and signalling the Back to the Mulberry Spirit strategy is working.

aNDREA BALDo, CHIEF EXECUTIVE OFFICER, COMMENTED:

"We have delivered a strong performance during the festive period. While there remains plenty more to be done, it is encouraging to see the early signs of our 'Back to the Mulberry Spirit' strategy delivering. We have maintained disciplined cost control, while at the same time growing full-price sales by having products that resonate at the right price.

"The growth in sales across our markets show that our products are resonating with customers around the world, as we continue our focus on re-invigorating Mulberry and injecting creativity back into an iconic brand so many people know and love. The response to our Christmas campaign has been in line with expectation, with particularly strong demand for the Roxanne, the Hackney and the continued resurgence of the Bayswater.

"I'd like to thank my colleagues whose hard work ensures we enter the final quarter of our financial year - Jan to March 2026 - with good momentum. We remain laser focused on continuing to deliver our strategy and build a sustainable, profitable business for the long term."

FOR FURTHER DETAILS PLEASE CONTACT:

Mulberry

Billie o'Connor                                                                                                       Tel: +44 (0) 20 7605 6793

Headland (Public Relations)

Lucy Legh / WILL SMITH / ELEANOR EVANS                                                            Tel: +44 (0) 20 3805 4822

mulberry@headlandconsultancy.com 

HOULIHAN LOKEY UK LIMITED (FINANCIAL ADVISER AND NOMAD)

Tim Richardson                                                                                                       Tel: +44 (0) 20 7389 3355

PEEL HUNT (CORPORATE BROKER)

JAMES THOMLINSON                                                                                                                                    TEL: +44 (0) 20 7419 8900