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

Fund launched to support new entrepreneurs in Grenfell...

June 21, 2023

Data blunder behind Trump tariffs on remote Norfolk...

April 4, 2025

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

July 29, 2024

Secrets of Success: Emma-Louise Fusari – Founder of...

March 8, 2024

UK growth forecast upgraded after Reeves’s £70bn spending...

December 4, 2024

Four-day working week requests to come ‘flooding in’ 

March 27, 2023

Britain pays £2.3bn fine to EU over cheap...

February 10, 2023

Top Tips for Sending Money Overseas

August 31, 2022

When Accountability Fades: The Toxic Reality Facing Bramley...

September 20, 2024

Co-operative Bank looking for buyer amid profits slide

November 9, 2023

    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

    • IVF parents should have right to paid fertility leave, says GMB union

      June 9, 2025
    • Reform UK clashes with Bank of England over interest payments to lenders

      June 9, 2025
    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025

    Categories

    • Business (8,154)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • 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