Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Mulberry urges government to cancel ‘tourist tax’ as sales continue to fall

by January 17, 2024
January 17, 2024
Mulberry urges government to cancel ‘tourist tax’ as sales continue to fall

Mulberry has blamed a slowdown in demand for luxury spending and a lack of VAT free shopping for a nine per cent decline in sales over the golden quarter.

The designer, best known for its handbags, said UK retail sales took and four per cent hit, and total retail sales were knocked 1.5 per cent.

International sales managed to grow by 3.9 per cent, however group revenue in the period was down 8.4 per cent.

Alongside, taking a cost hit from the opening of new stores in Sweden and Australia, the luxury retailer blamed upmarket shoppers scaling back for the slide in sales.

Thierry Andretta, chief executive officer, also blamed the UK’s government’s hesitancy to reinstate VAT shopping for international tourists for damaging sales of its expensive garments.

He said: “In the UK, we continue to believe the lack of VAT-free shopping is impacting the retail landscape, as well as the hospitality, leisure and tourism sectors.

“Looking ahead, we are continuing to execute our plans and remain confident that our investments will underpin future sustainable growth.”

He added: “In the run up to Christmas, the macro-economic environment continued to impact consumer spending in the luxury retail sector, which Mulberry was not immune from.

The results mirror that of fellow designer Burberry who also blamed economic pressures for flattening sales.

Burberry shares plummeted by over 10 per cent in response to the news.

Read more:
Mulberry urges government to cancel ‘tourist tax’ as sales continue to fall

0
FacebookTwitterGoogle +Pinterest
previous post
UK inflation rate rises unexpectedly to 4%
next post
BT scraps above-inflation price rises for mobile and broadband customers

You may also like

British producers of free range turkeys urge shopper...

December 4, 2022

10 UX UI Design Stats and Trends that...

April 2, 2024

What are the Top Digital Marketing Trends for...

February 23, 2023

PM condemns ‘appalling miscarriage of justice’ of Horizon...

January 8, 2024

Gary Lineker’s podcast empire achieves £1.4m profit surge

March 1, 2025

Reeves scraps winter fuel payments for 10M pensioners...

July 29, 2024

The power of offline marketing

June 5, 2023

Stagnant Income Growth Leaves UK Households Struggling, Reports...

June 28, 2024

The art of leadership in business

February 7, 2024

How are payday loans calculated?

October 21, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Bank of England expected to cut interest rates to 4% amid weakening UK economy

      August 7, 2025
    • OpenAI in talks over $500bn share sale, potentially surpassing SpaceX in value

      August 7, 2025
    • UK construction activity slumps to lowest level since Covid amid housing slowdown

      August 7, 2025
    • Getting to Know You: Stuart Davis, CEO & co-founder, Dubs Universe

      August 7, 2025
    • TSB brand under threat as £2.65bn sale to Santander approved by Sabadell shareholders

      August 7, 2025
    • Junk food banned from SNAP benefits in 6 more states, a win for MAHA advocates

      August 7, 2025

    Categories

    • Business (8,696)
    • Investing (2,179)
    • Politics (16,329)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved