MULBERRY BAGS £121M GLOBAL SALES BONANZA

Mulberry has celebrated its 40th birthday by doubling production of women’s handbags and is extending its Somerset factory, creating 50 new jobs.

The bags typically sell for between £450 to £1,300, though some fetch as much as £3,500. But fashion-conscious buyers at home and abroad are shrugging off worries about the economy by snapping them up.

Shares in the company jumped 115p to 1450p yesterday after it reported sales up from £72.1million to £121.6million in the year to the end of March, while pre-tax profits rose fourfold to £23.3million.

Chairman and chief executive Godfrey Davis said: “Our bags are not cheap, but they are made of very good materials. Our products have got longevity and that’s very attractive in these times. The same product sells as strongly in London or Edinburgh as in New York and Hong Kong. We’ve managed to create a brand that works in all markets by investing in marketing and building the brand. We are now beginning to see the benefits.”

Mulberry expects to open 12 stores abroad this year, including the US, Korea, China and Thailand, taking the overseas total to 54 shops, against 42 in the UK.

“We are accelerating the pace and there is more to come,” Davis said.

Sales at its own shops rose 44 per cent over the year, while wholesale shipments to other retailers more than doubled. Overseas sales rose 145 per cent to £40.5million and will overtake UK sales within two years.

Despite the consumer downturn, UK sales rose 33 per cent in the 10 weeks to June 4, helped by “supergrowth” in central London thanks to foreign tourists. Broker Altium said: “We believe this could be just the beginning of the ­Mulberry story outside the UK.

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