Mulberry

Mulberry is a British fashion company best known for luxury leather goods, particularly women's handbags, alongside leather accessories, footwear and men's and women's fashion collections. The company was founded in 1971 in Somerset, England, by Roger Saul and his mother Joan, starting with buckled leather belts before adding bags and womenswear. Its recognisable tree logo was designed by Saul's sister and, like the company name, references the mulberry trees near his childhood route to school. Signature silhouettes include the Bayswater, Alexa, Amberley and Iris.

The business operates as Mulberry Group PLC and trades on AIM under the ticker MUL. Its ownership is concentrated, with Challice Limited holding 56.4 percent and Frasers Group 37 percent. Mulberry describes itself as the largest manufacturer of luxury leather goods in the UK, with two Somerset factories — The Rookery, its original site, and The Willows, which began production in summer 2013 and was formally named in March 2014 — where more than 50 percent of its bags are made. Historically, other production has been outsourced: a 2013 interview with a Mulberry group supply director described men's bags being made in three Turkish factories and small leather goods and scotch-grain luggage being made in China.

The brand's creative direction has passed through a series of design and creative directors including Scott Henshall (recruited 2000), Nicholas Knightly, Stuart Vevers (2005–2007), Emma Hill (2008–2013) and Johnny Coca (2015–2020). In 2026 Mulberry appointed Christopher Kane as creative director of a new women's ready-to-wear collection.

Founding story

Roger Saul founded Mulberry in 1971 with his mother Joan, working from his kitchen table in Somerset with £500 provided by his mother and using leather offcuts. The first products were buckled leather belts, followed by bags and womenswear. His sister designed the tree logo, and both the logo and the company name derive from mulberry trees Saul passed on his way to school. Saul, born in July 1950 in Lottisham, Somerset, had studied business at Westminster College in London and worked as a trainee buyer for Carnaby Street retailer John Michael before starting the company; he was ousted from Mulberry in 2002.

Business model

Mulberry designs, manufactures and sells luxury leather goods and accessories, selling through directly operated stores and concessions, its own e-commerce sites, and wholesale partners. It also operates joint ventures in Asia and Japan and offers a pre-loved resale category online.

Revenue comes from retail sales through directly operated stores, concessions and online channels, and from wholesale sales to third-party retail partners.

Traction

Reported revenue was £168.5 million in 2012 with operating income of £35.4 million and net income of £36.0 million. Revenue for the year ended 31 March 2015 was £148.7 million, down 9 percent from £163.5 million. Full-year 2024 revenue was £152.8 million against £159.1 million the prior year, with a net loss of £33.5 million.

Latest developments

In September 2024 Mulberry announced plans to raise approximately £10 million, with Challice Limited agreeing to subscribe for 10 million new ordinary shares at £1 per share and other shareholders offered up to 750,000 new ordinary shares. Within 24 hours Frasers Group, holder of 37 percent of the shares, proposed to buy the shares it did not own at 130 pence per share, valuing them at about £52.4 million; Mulberry rejected the offer as undervaluing the company, Frasers raised its bid on 11 October 2024, and on 13 October Challice stated it had no interest in selling. Frasers dropped its plan on 23 October 2024. In 2025 the brand signed new UK wholesale agreements with John Lewis, Liberty and Harvey Nichols, and in March 2026 named Christopher Kane creative director of a new women's ready-to-wear line.