In an attempt to boost sales and appeal to younger consumers, luxury handbag maker Mulberry is introducing less expensive bags and accessories.
The company is introducing a line of several more affordable accessories to appeal to middle class shoppers. The collection includes phone covers, tasseled keyrings, and totes that cost significantly less than other handbags, such as the Cara Delevingne bag that was introduced earlier this year.
In a bid to appeal to younger customers, Mulberry has introduced the Blossom Collection. It includes electric bright totes and rain boots.
Mulberry has introduced a complimentary monogramming service at some of its locations for the holiday season. Customers can have their purchases embellished with letters, numbers, Christmas trees, presents with bows, holly sprigs, and snowflakes.
In a new Christmas advertisement, family members try to outdo each other with their gifts. The grandmother wins by presenting her granddaughter with a new Mulberry handbag.
Mulberry is also introducing products for pets. It has partnered with luxury dog and cat outfitters Mungo & Maud for a collection of collars and leads.
Mulberry has been struggling this year. The British brand has faced four consecutive profit warnings. The last caused it to lose almost 20 percent of its value in a single day. Its share price is down over 70 percent since May 2012.
Emma Hill became creative director in 2007 and created the “Alexa” satchel, which still accounts for 27 percent of Mulberry’s sales, and transformed the company into the fastest-growing luxury brand in 2011. Bruno Guillon, who served previously as managing director at Hermes, was appointed CEO to raise quality and prices. However, Hill soon announced her departure, and prices skyrocketed.
Mulberry is trying to boost sales and make a comeback. Company executives hope that the new products will appeal to customers who are drawn to the brand but who cannot afford a classic Mulberry handbag.
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