Luxury fashion house Mulberry has posted a 44 percent increase in its first-half sales owing to the rapid growth of its Asian market.
The maker of leather goods has said that due to the increasing number of affluent buyers in Asian countries, sales have increased in spite of the continuing economic gloom.
Currently, the brand has 86 stores and concessions worldwide and is further planning to open nine new stores during the second half of the year. In the Asia-Pacific region, the company has opened five new stores.
Apart from this, the fashion house has also signed a 10-year deal in Oct last to sell its products in south-east Asia.
Our strategy to focus on international expansion continues to bear fruit, the Financial Times quoted CEO Godfrey Davis as saying. Against the backdrop of economic uncertainty, Mulberry continues to build market share internationally and we remain cautiously optimistic about the future prospects of the business.
Earlier, the company mentioned that it expected sales in the overseas market to exceed that in its home market within the next two years and that particular expectations are from China and the U.S.
In the six months till Sept.30, 2011, pre-tax profit of the brand reportedly rose from £4.7 million to £15.6 million whereas online sales increased by 52 percent at £4.8 million, representing 7 percent of group sales.