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Mulberry · London20 September 2026

Mulberry's own FY26 accounts restated FY25's reported loss before tax from £31.8 million to £32.2 million, as Christopher Kane's ready-to-wear collection, the category Mulberry dropped in 2020

Mulberry shows its first ready-to-wear collection in six years at London Fashion Week on 20 September, and the clothes reach its own stores and website from January 2027. On 10 July 2025, the day it published that 2025 loss, Mulberry also raised £20 million through convertible loan notes taken up by Challice Limited and Frasers Group, its two largest shareholders. Growth ran at 11% in the second half of the year to March 2026, and revenue for the 13 weeks to 27 June 2026 was 23% higher than a year earlier. The restatement sits in note 5 of the 22 July 2026 announcement. Mulberry had previously charged the cost of refitting closed stores straight to the income statement; it now carries a dilapidation provision instead, and applied that change back to the earlier year. Underlying loss before tax for the year to March 2026 came in at £8.0 million.

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01MULBERRY, THE BRITISH LEATHER GOODS HOUSE, HAS RESTATED ITS 2025 ACCOUNTS, WEEKS BEFORE CHRISTOPHER KANE'S FIRST READY-TO-WEAR SHOW FOR IT ON 20 SEPTEMBER.

02MULBERRY DROPPED CLOTHING IN 2020. A LICENSEE, ONWARD LUXURY GROUP, HAD MADE ITS READY-TO-WEAR AND FOOTWEAR, AND MULBERRY DID NOT RENEW THE DEAL.

03IN MARCH 2026 MULBERRY NAMED CHRISTOPHER KANE TO BRING CLOTHING BACK. ITS ACCOUNTS GIVE HIS TITLE AS READY-TO-WEAR CREATIVE DIRECTOR, A MANDATE OVER ONE CATEGORY.

04THE YEAR TO 29 MARCH 2025, PUBLISHED ON 10 JULY 2025: REVENUE DOWN 21% TO £120.4 MILLION, AND A REPORTED LOSS BEFORE TAX OF £31.8 MILLION.

05THE SAME PAGE GAVE AN UNDERLYING LOSS BEFORE TAX OF £23.7 MILLION, UNDERLYING MEANING WITH ONE-OFF ITEMS STRIPPED OUT.

06A YEAR LATER, TO MARCH 2026: REVENUE UP 4% TO £125.5 MILLION, WHILE THE REPORTED PRE-TAX LOSS SHRANK TO £8.9 MILLION.

07THE NEW ACCOUNTS, PUBLISHED 22 JULY 2026, GIVE THE EARLIER YEAR'S LOSS BEFORE TAX AS £32.2 MILLION, NOT THE £31.8 MILLION FIRST PUBLISHED.

08THE EARLIER YEAR'S UNDERLYING LOSS MOVES TOO, FROM £23.7 MILLION TO £24.1 MILLION: £0.4 MILLION ADDED ON EACH LINE.

09MULBERRY'S NOTE CALLS IT A PRIOR PERIOD ADJUSTMENT: A DILAPIDATION PROVISION, MONEY SET ASIDE IN ADVANCE FOR REFITTING STORES IT CLOSES.

10SO THE 72% NARROWING MULBERRY REPORTS IN ITS PRE-TAX LOSS IS MEASURED AGAINST THE RESTATED £32.2 MILLION, NOT THE ORIGINAL FIGURE.

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