Once the brand of the young aspirational fashionista with bags named after the likes of Alexa Chung and Lana Del Rey, the British brand has started to lose its identity and around £140m in the last twelve months.
A master of the accessible luxury market, Mulberry increased its profits by a reported 526 per cent from 2010 to 2011 exceeding £1bn. It was at this point, however, that some decisions made by the company proved too challenging and alienated their followers.
The company appointed Bruno Guillon to CEO from the French label, Hermes, the mark of prestige and luxury leather goods. As he forced prices up in an attempt to compete with leading luxury brands, Mulberry lost its connection with middle England and opened up the market for a host of designers who were only too happy to take its place.
They paved the way for designers marketing to the mid-to-high price point sector but now they have left, the gap has closed with Kate Spade, Michael Kors and diffusion lines from bigger brands taking the opportunity.
With the dismissal of Bruno Guillon, hopefully Mulberry will be able to re-establish itself and reconnect with its market, its true market although this will take time. It has been reported this week that they will be lowering their price points and the Cara Delevingne collection for the brand is step backwards to backing popular icons that young people can relate to. It’s going to be a difficult ride for the British brand but it will be an interesting one to watch.
Although the prices are yet to be released on their website, the collection is available to view. Here are some of the pieces and you can find the rest here