Mulberry have unveiled plans to launch in South Korea as it stated that its annual pre-tax profit have risen by 36% to £11.3 million when start-up costs and expenses related to its expansion in Asia are excluded.
Thierry Andretta, Mulberry chief executive, said: "We have made significant progress during the year on our international strategy, creating new Mulberry subsidiaries in China, Hong Kong, Taiwan and Japan. We are also pleased to announce today the formation of a new majority owned venture to develop the business in South Korea. Our international business is growing following the completion of this set up phase in Asia, we will focus on omnichannel, digital partnerships and marketing investment in the region.”
Andretta added: “Although the UK market remains challenging, we will continue to invest in our strategy to develop Mulberry into a global luxury brand to deliver increased shareholder value."
