Mulberry Group plc
Launch of Mulberry Asia
Further to the announcement on 8 December 2016, Mulberry Group plc ("the Group"), the English luxury brand, today announces the launch of Mulberry (Asia) Limited ("Mulberry Asia"). As previously communicated, this is a new business agreement with Challice Limited ("Challice") and will operate the Group's business in Hong Kong, China and Taiwan. Mulberry Asia will commence trade in Hong Kong from 3 April 2017 with a subsidiary in China and a branch office in Taiwan expected to be operational during 2017 upon receipt of the relevant business licences for those territories.
The Group owns 60% of the share capital of Mulberry Asia, with Challice holding the remaining 40%. Mulberry Asia will initially operate four stores (two in China, one in Hong Kong and one in Taiwan) and manage regional wholesale operations. These are supported by the Group's Chinese language mulberry.com site and omni-channel platform throughout the region.
Mulberry Asia and the Group plan significant marketing investment in North Asia. In addition to local marketing initiatives, the Group plans to invest c. £3.0 million in additional support over the next two years to build brand awareness in the region and capitalise on international tourist flows to the UK, Europe and North America. In the near term, the brand's store network will be enhanced with a new store in Shanghai as well as relocation of its existing stores in Hong Kong and Beijing.
THIERRY ANDRETTA, CHIEF EXECUTIVE OFFICER, COMMENTED:
"We are delighted to launch Mulberry Asia, which enables us to advance our international strategy of developing the brand's retail and omni-channel model in a key luxury market. We see significant growth opportunity in the region and look forward to taking this major step forward in fulfilling Mulberry's global potential."
FOR FURTHER DETAILS PLEASE CONTACT:
Mulberry Investor Relations
Allegra Perry 020 7605 6795
Bell Pottinger
Daniel de Belder / Anna Legge 020 3772 2559
GCA Altium
Sam Fuller / Tim Richardson 020 7484 4040
Barclays
Nicola Tennent / Thomas Dugarin 020 3134 9801
