Mulberry Introduced Lower-Priced Bags, and People Are Buying

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Annual earnings were better than expected for Mulberry, Bloomberg reports, and the brand attributes that to careful cost controls and the introduction of more gently-priced bags ranging from around $743 to $1,189. The brand's spring/summer collection, featuring the lower-priced bags, delivered improved sales; retail revenue for the year is expected to be up one percent, according to Reuters.

"The encouraging retail trends over the last five months reflect our reinvigorated product offer and focus upon our customers," Mulberry Executive Chairman Godfrey Davis said in a statement. Last month, Mulberry appointed Thierry Andretta, whose resume includes many luxury brands, as CEO. Andretta replaced Bruno Guillon, who exited the company after his push to raise Mulberry's prices backfired. Former Céline accessories guru Johnny Coca will begin as Mulberry's creative director on July 8.