Mulberry continues expansion with Paris flagship store
LONDON Dec 5 (Reuters) - British luxury fashion group Mulberry said it would open a new flagship store in Paris in 2014/15 as it posted a 28 percent fall in first half profit.
The Bayswater and Alexa handbags maker said on Thursday pretax profit for the six months to Sept 30 was 7.2 million pounds ($12 million), down from 10 million a year ago, as the firm invests in overseas expansion to help build a global profile, particularly around Asia.
First half revenue, over 80 percent of which currently comes from Europe, grew 2 percent to 78.1 million pounds, with retail revenue up 6 percent and wholesale sales down 5 percent.
The group said it was on track to open 15 new stores during 2013/14 and had would in 2014/15 open a flagship store on Paris's Rue Saint-Honore street, a key tourist destination for luxury shoppers.
Retail revenue for the nine weeks to Nov. 30 was up 3 percent, the firm added, with international revenue up 49 percent. ($1 = 0.6119 British pounds)
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