Business

Mulberry Sales, Profits Flat in Year of Asia Investment

LONDON — Sales and profits at Mulberry Group were broadly flat in the year ended March 31, as the company continued to invest in new subsidiaries in Asia.
On Wednesday, the group announced it had taken its Korean operations in-house via the creation of a new, majority-owned company with its existing Korean partner SHK Holdings Ltd. Mulberry Korea will commence trading by autumn 2018.
The company said Mulberry and SHK will together invest 4.6 million pounds to purchase assets and develop the business, which consists of 18 points of sale such as concessions, outlets and duty-free, while a Korean Mulberry.com site and omnichannel platform will form part of the new business.
“The new partnership will offer the opportunity to broaden the product range and provide greater service to the customer. Mulberry is at an exciting moment and we are delighted to enter this next phase to further develop this great British brand in South Korea,” said Inn Shick Lee, chairman of SHK.
Mulberry Korea will locate its head office in Seoul and will manage all retail distribution and digital fulfillment for the market. Mulberry will have a 60 percent share in Mulberry Korea with the remaining 40 percent owned by SHK. The group said it anticipates incremental

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