MULBERRY boss Godfrey Davis yesterday pledged to get the fashion firm back on track after revealing that profits had almost halved following a disastrous move further up market.
Pre-tax profits slumped to £14 million in the year to 31 March, from £26m a year earlier.
The firm blamed costs associated with store openings and other one-off items, but even without these the figure was lower.
Davis, who oversaw the rapid growth of Mulberry between 2002 and 2012 and has returned to the helm on an interim basis, said: “We are taking steps to restore the business to growth by creating desirable new product across the entire Mulberry range whilst continuing to invest for the longer term.
“We have listened to our customers and are introducing attractive new products in the key £500-800 price range.”
Under the leadership of previous boss Bruno Guillon, the firm sought to move up market, but the resulting increase in prices alienated the company’s core customer base and triggered a series of profit warnings.