Mulberry's profits eaten up by rise in leather prices

9 December 2013

Mulberry's half-year profits fell because hard-up consumers ate less beef and the shortage in cow hides drove up leather prices.
The luxury goods firm, whose latest ad campaign is pictured, also said sports car makers had driven strong demand for leather hides contributing to a 28 per cent fall in pre-tax profit to £7.2million for the year to September 30, 2013.
Chief executive Bruno Guillon also blamed the cost of opening stores in international markets, and a 5 per cent fall in wholesale revenues as European shops took a more cautious approach to placing orders, for the drop in earnings.

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