I always like to hear of ways retailers move with the times and innovate their brands, its especially more interesting when companies return to their roots to sustain sales. Mulberry has returned to lower price points in order to boost sales, which I proving promising at the start of this financial year.
Mulberry on Rue Saint-Honoré in Paris
The company is renowned for its classically styled leather bag, however the lacked the ability to move further upmarket by selling products over £1000. This failed to appeal to their customer base, therefore they lowered their exit price point – “I think the figures show the strategy we have been adopting is working, regaining our core UK customers,” Chairman Godfrey Davis said. He stated 66 percent of SS 2015 bags were now priced under 1,000 pounds versus 45 percent in 2014. It seems the CEO has chosen to emulate this strategy to Mulberry’s shoes and RTW collections.
Article can be found here: http://uk.fashionmag.com/news/Mulberry-s-return-to-its-roots-helps-sales-after-profit-plunge,539610.html#utm_source=newsletter&utm_medium=email