UK's Mulberry reaffirms $256 mn revenue target despite FY25 headwinds
In the UK, retail and digital revenue dropped 20 per cent, impacted by reduced consumer spending amidst economic uncertainty. North American retail revenue declined just 1 per cent, supported by the full-year trading of new Nordstrom stores and the launch of a Nordstrom online concession.
Mulberry Group plc has reported a 21 per cent YoY revenue decline to £120.4 million (~$140.87 million) in FY25 amid global luxury market contraction. Despite losses and margin pressure, the brand remains cautiously optimistic for FY26. Strong digital sales, full-price growth, and wholesale momentum support recovery. CEO Andrea Baldo highlighted strategic simplification and brand reinvigoration.
The group reported an underlying loss before tax of £23.7 million, primarily due to reduced revenue and stock optimisation efforts. The reported loss before tax improved slightly to £31.8 million from £34.1 million in FY24, aided by operating cost savings that are expected to carry into the current fiscal (FY26), Mulberry said in a press release.
The gross margin of the company fell to 66.8 per cent, down from 70.1 per cent in FY24, as inventory optimisation initiatives involved significant promotional and markdown activity, along with a shift in the wholesale customer mix.
In September 2024, Mulberry raised £10.35 million through a new share issue to strengthen its balance sheet and enhance financial flexibility during the strategic shift and turbulent market conditions in the second half (H2) of FY25.
Despite the tough environment, Mulberry remains cautiously optimistic about FY26. Trading in the first nine weeks of the new fiscal has aligned with the board's expectations. Total group revenue declined 18 per cent, primarily due to planned store closures, but like-for-like retail and digital revenue fell by only 5 per cent. Notably, full-price sales outperformed YoY in both the UK and North America, signalling improving consumer engagement.
The group's digital channel via the official site of Mulberry continues to show strong performance, reinforcing the strength of its direct-to-consumer (DTC) strategy. The wholesale division is positioned for growth, with Spring/Summer 2026 orders showing double-digit gains over the previous year, bolstered by new leadership and partnerships with Harvey Nichols and Liberty.
Key product families like Bayswater and Mini Bags maintained solid demand. Following the launch of its new brand campaign 'A Return to Somerset', Mulberry has reaffirmed its strategic focus on full-price sales, brand desirability, and operational efficiency.
'We have made significant progress in laying the foundations for Mulberry's turnaround. Since launching our 'Back to the Mulberry Spirit' strategy in January, we have acted at pace to simplify the business, reduce costs, and refocus on our most profitable channels and markets. This is an ambitious transformation, underpinned by operational discipline and a commitment to placing creativity at the heart of everything we do,' said Andrea Baldo, chief executive officer (CEO) at Mulberry Group. "At the same time, we are reinvigorating the brand to reassert its cultural relevance and emotional resonance with customers. The launch of our new campaign, 'A Return to Somerset', marks an important milestone, celebrating our roots, values and the distinct British voice that defines Mulberry.'
Looking ahead, the group reaffirmed its mid-term goal of surpassing £200 million (~$256 million) in annual revenue and achieving an adjusted EBIT margin of 15 per cent, underpinned by its renewed strategy and ongoing commitment to disciplined execution, the release stated.
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Hans India
3 hours ago
- Hans India
The end of registered post: The seal of trust now lives in memories
The chime of the postman's bicycle bell, the anticipation of letters peeking from his bag, and the thrill of signing for a registered post—those moments are etched in the hearts of Indians like an era, which sadly is coming to an end. The Indian Postal Department has decided to discontinue its 50-year-old registered post service from September 1, merging it into Speed Post. This is not merely the end of a service, but the closure of a history tied to the emotions, memories, and the trust of millions. Registered post, once the carrier of appointment letters, legal notices, or loved ones' messages, will now fade into memories. The history of registered post dates to the British era, introduced for the secure delivery of important documents. Known for its reliability and legal validity, documents sent through it were accepted as evidence in courts. According to the Indian Postal Department's 2024-25 report, nearly 98 million registered post items were sent nationwide, reflecting its widespread popularity. The acknowledgment of delivery feature, with the recipient's signature confirming receipt, made it even more trustworthy. In that era, the postman was no less than a messenger, delivering letters of joy, hope, or sorrow to every doorstep. The digital age and the growing influence of private courier services have compelled the postal department to reorganize its operations. The government argues that merging registered post with Speed Post (launched in 1986) will enhance efficiency, improve tracking, and provide faster service. It offers international delivery to over 230 countries, whereas registered post's tracking was limited and primarily effective for domestic deliveries. However, this change will inevitably impact the common person economically. The starting fee for registered post was ₹25.96, with an additional ₹5 per 20 grams. In contrast, Speed Post begins at ₹41 for up to 50 grams, 20-25% more expensive. In rural India, where 89 per cent of the 1.56 lakh post offices (2025, Indian Postal Department) are the primary means of communication, this change could burden small traders, farmers, and ordinary citizens. The emotional impact of this decision is profound. The younger generation, accustomed to digital communication, may see this as routine, but for the older generation, registered post was part of their life's stories; it was a bridge of emotions. This change is a step toward modernising the postal department. Can Speed Post fully replace the trust and affordability of registered post? Will rural India embrace this change seamlessly? Well, only time will tell. The end of registered post is not just the closure of a service; it is the end of an era that was woven into the soul of Indian postal history. Prof R K Jain,Barwani (MP)
India Today
3 hours ago
- India Today
Can Indian bananas stop the invasion of colonial Cavendish?
"It takes multiple rounds of various fruit shops to get one's hands on the sweet, small, thin-skinned Chinia Kela in Delhi NCR," says 45-year-old Shweta, who goes by custom and uses only the Indian banana variety for her rituals, puja and other traditional ceremonies. "One needs to know the right fruit seller in a specific locality to get the Chinia Kela. That's how rare the sought-after Chinia Kela is in urban markets far from home," says the Ranchi native who now lives in of the Chinia Kela, Shweta says she finds the large, bright yellow, uniformly shaped, and firm-textured Cavendish bananas everywhere. From the grocery shop below her society to local markets and even on e-commerce platforms. It is, by far, the most visible variety of banana now in world's favourite fruit, the banana, loved by the Minions and eaten by millions every day, has today become synonymous with the British-origin Cavendish, and its sub-varieties. It has invaded farms, markets, and tables across the globe. The Cavendish has also made its way deep into India, the world's largest banana producer with over 300 native varieties. Now, Cavendish bananas line supermarket shelves and perch on handcarts in local bazaars, becoming the go-to fruit for gym-goers and kids grabbing a quick breakfast. Monoculture farming of high-yielding-aesthetic Cavendish has led to its domination across India."Over 70% of the produce from Maharashtra's kela belt is of the Cavendish variety, specifically the commercial type called Grand Nain," Shahid Khan, a banana trader from Jalgaon, Maharashtra's 'Banana City', tells India Today Digital. Around 250 banana-laden trucks roll out daily from the Jalgaon market to states like UP, Bihar, Punjab, Haryana, and Khan points out, the Cavendish invasion has pushed India's indigenous bananas to the margins. At least it looks so in terms of availability, visibility, consumer appeal, preference, and even Indian varieties, which largely come from their native bastions of Kerala, Tamil Nadu, Assam, West Bengal, and Bihar, are trying not to cede territories of their banana native banana varieties like Chinia, Rasthali, and Nendran are holding steady at 50% of the country's total banana production, and they are even better poised to handle the most pressing threat: climate bigger question, however, is whether India's native bananas could become the next global favourites, just as the British Cavendish is ruling the world, including India?But first, a quick look at how the Cavendish banana invaded the world and came to dominate the Indian palate, market, and trade. Cavendish bananas accounted for 47% of global banana production between 1998 and 2000, and the vast majority of bananas entered international trade. (Image: Author/India Today) HOW COLONIAL CAVENDISH BANANA'S INVASION TOOK OVER THE WORLDThe Cavendish banana variety traces its roots to 19th century England, where it was cultivated in the greenhouses of William Cavendish, the 6th Duke of Devonshire. Slowly and silently, it became a global commercial Cavendish entered India in the latter half of the 20th century and gained popularity after the economy was liberalised. Gradually, it replaced several indigenous varieties across non-traditional banana-growing regions in have been cultivated in India for at least 5,000 banana, the elongated, edible fruit (botanically a berry), originated in the Indo-Malay-Australian region. From there, the fruit gradually made its way to the Indian Cavendish banana's high yields, uniform appearance, and longer shelf life, appealed to global farmers, traders and urban consumers, despite its spread coming at the cost of the diversity of native varieties the world same happened in India too. Farmers and traders were lured by its high example, a bunch of Kerala's red bananas weighs around 15 kg, while a Cavendish bunch can weigh up to 30 the past few decades, the Cavendish banana and its sub-varieties rapidly took over Indian farms and markets, becoming the dominant choice for both growers and Cavendish quickly spread to non-traditional banana-growing areas in India like Maharashtra, Uttar Pradesh, Madhya Pradesh, and Gujarat. Behind its popularity were factors like high yield, uniform appearance, and longer shelf life, which made it suitable for both domestic transport and especially in Indian cities and towns, one rarely gets to see the seeded native bananas, which have been replaced by the seedless INDIA, WORLD'S LARGEST BANANA PRODUCER, CAVENDISH DOMINATES DESPITE OVERALL GROWTHBut are indigenous banana varieties really in such dire straits?Not quite, asserts Selvarajan Ramasamy, the director of India's premier ICAR–National Research Centre for Banana, with a production of 38 million metric tonnes, India is the biggest producer of bananas in the production in India increased from approximately 29.8 million tons in 2010 to around 34.9 million tons in 2023, and further to 38 million tons in the acreage under banana cultivation has grown from about 770 thousand hectares in 2010 to nearly 1 million hectares in 2024, according to data collected by the Ministry of Agriculture, National Horticulture Board, and the the positive trends in Indian banana cultivation and production data, Cavendish has come to dominate, largely due to the monoculture of this foreign variety."India's non-traditional banana-growing regions, when they looked to diversify into cash crops, almost exclusively turned to the Cavendish. States like Maharashtra, Gujarat, parts of Uttar Pradesh, Madhya Pradesh, and even Bihar have, to some extent, adopted the British variety aggressively," Ramasamy, the director of India's apex banana research centre, tells India Today the top scientist doesn't paint a doomsday picture for the desi kelas."The reality is, native Indian banana varieties, like Kerala's Nendran and Poovan, Tamil Nadu's Rasthali and Karpooravalli, Assam's Malbhog and Bhimkol, West Bengal's Champa, and Bihar's Chinia and Kothia, aren't as sidelined as some believe," he says. Both banana production volume and acreage have been steadily rising in India over the past decades. (Image: Author/India Today) advertisement"Today, India's indigenous banana varieties account for a solid 50% of the nation's total banana production", Ramasamy tells India Today Cavendish has made advances in India. In the Jalgaon banana belt, "indigenous varieties like Rasthali, Safed Velchi, and Rajeli still make up around 30% of the produce", Shahid Khan, the banana trader, tells India Today Digital."It's the better quantity, higher yield, and its shelf life, which is why the Grand Nain, a Cavendish variety, accounts for 70% of the trucks rolling out of the belt," says the 35-year-old Khan, who joined the region's profitable banana trade seven years says the indigenous varieties of the region had a bigger share of the overall banana produce. This is parallel to the increase in banana pan-India production and the last few decades, both banana production and acreage in India have steadily increased. While Cavendish has expanded rapidly, especially in newly cultivated areas, native varieties continue to be equally sought after in their traditional strongholds, such as the South, Northeast, and Eastern India. This regional preference has helped native bananas retain nearly 50% of the overall market share, despite the boost in commercial cultivation of Cavendish across the gives some striking examples to highlight the surge."In Jalgaon, Maharashtra alone, banana acreage has jumped from 49,000 to 69,000 hectares in recent years. Uttar Pradesh saw a leap from 30,000 to 90,000 hectares in just the last five years. This expansion is largely driven by the Cavendish, prized for its ability to meet rising metro demand with consistency, and for ticking all the boxes: export, appearance, shelf life, and transportability, required," explains Selvarajan BANANAS STILL HOLD HALF OF INDIA'S PRODUCTION SHARE, STEADILYBut despite the Cavendish expansion, India's indigenous varieties have held their ground, even in the face of the colonial varieties' bastions like Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Assam, West Bengal, Bihar, Odisha, and Meghalaya have resisted the takeover, maintaining steady cultivation and accounting for more than half of India's native banana also has to do with the use of the desi varieties in puja and rituals, and use in subsistence central Bihar's famed banana belt in Hajipur (Vaishali district), 52-year-old farmer Vikash Chandra Singh says all the land he cultivates is dedicated to native varieties like Chinia and Muthi (suitable for curries)."Even if bananas take 12–15 months to be ready, varieties like Chinia, Malbhog, Alpan, Muthiya and Barsayan are widely grown and hugely popular among farmers," Singh tells India Today Digital."Everyone in this belt grows native bananas, and has been doing so for generations," says Singh, whose family has been farming bananas for decades."There's a lot of demand within the state itself, especially for daily meals, festivals like Chhath, and special occasions that we rarely get to sell outside the state. We supply Bihar year-round."In another traditional banana bastion, the Northeastern states, native bananas dominate big time."In Assam, native banana varieties face no real threat from non-native ones like the Cavendish. Since the latter's gradual introduction in the early 2000s, non-native bananas account for barely 1% of cultivation today, while 99% continues to be dominated by local favourites like Jahaji and Chini Champa," says Bhabesh Deka, the Centre-in-charge for ICAR-All India Coordinated Research Project on Fruits, at the Assam Agricultural University's Jorhat Centre."No foreign variety can replace the natives here, not now, not in the near future. They might carve out a small space eventually, even that will take a long time," Deka tells India Today Digital. Both banana production volume and acreage have been steadily rising in India over the past decades. (Image: Author/India Today) In other Northeastern states, native varieties are joined by popular wild types, which are a hit among the locals. In the region, the indigenous varieties are actually the main commercial ones, says Deka, who revealed he recently documented 89 banana germplasm samples, of which 62 were in Delhi-NCR, the market has recognised that demand follows the consumers' mouths."Bihar and Jharkhand's favourite Chinia kela makes a definite appearance in the markets during Chhath," says Noida-based Shweta. The large Purvanchali population from eastern UP, Bihar, and Jharkhand in the NCR is the south, in the native banana bastions of Kerala, Andhra Pradesh, Tamil Nadu, and Karnataka, indigenous bananas are a big deal. They are woven into their cuisine and Kerala, there's a saying that every district has its own favourite banana, and all of them are proudly native to the soil. So ingrained are these native varieties to traditions, festivals, lifestyle and daily rituals, that there's little appetite to abandon the indigenous INDIAN BANANAS SHOW RESILIENCE TO CLIMATE THREATSWhile both indigenous banana varieties and the Cavendish (and its sub-varieties) are coexisting in their respective pockets across India, experts like Deka and Ramasamy say it is the native bananas that show greater resilience to threats such as pests, diseases, fungal infections, and the impacts of climate change, including erratic rainfall and rising a recently published report titled 'Going Bananas: How Climate Change Threatens the World's Favourite Fruit', London-based experts associated with Christian Aid warned that bananas are under threat from climate impacts in the near term due to extreme weather events, while rising temperatures and changes to the monsoon pose a long-term threat. In Bengal, Kola Bou, a banana plant draped in a sari, is ritually bathed and worshipped as the symbolic bride of Lord Ganesha during Durga Puja. That's because the banana plant symbolises fertility and prosperity, and is a symbol of nature's nurturing qualities. (PTI Image) The report added that indirect climate-related impacts are also being felt. In India, bananas have faced the threat of fungal diseases like the Panama Disease, and weevils, both of which are being exacerbated by climate change. However, the most immediate danger to India's banana-cultivating belts comes from the practice of monoculture cropping, which the Cavendish (and its sub-varieties) are increasingly being opted for by the threats in India looming over both native and non-native varieties, experts believe this makes banana farming vulnerable to emerging diseases and climatic traditional strongholds across India continue to cultivate their homegrown varieties, helping maintain the genetic diversity of India's banana the experts, Deka and Ramasamy, agree that indigenous banana varieties are better equipped to withstand weather and climate-induced India's diverse native banana varieties offer a sustainable alternative to monoculture-dominated cultivation models?"Yes, definitely. The greater the diversity, the better the resilience against both biotic and abiotic stresses. Many native varieties are more resilient and even immune to threats like TR4 of Fusarium wilt and Sigatoka leaf spots," says ICAR's Ramasamy."They also show greater tolerance to fluctuating temperatures, erratic rainfall, and are relatively more resistant to fungal threats like Panama Disease and pests like banana weevils," Ramasamy tells India Today scientist Bhabesh Deka says, "Certainly, indigenous varieties show tolerance to both biotic and abiotic stresses, and can even withstand drought conditions".Yes, the Cavendish has nutritional benefits too, but native varieties offer unique advantages. For instance, Bihar's Chinia is rich in iron and easily digestible for children, while Kerala's Nendran is high in fibre and beta-carotene, making it nutritionally superior to many commercial varieties. A farmer shows banana plants damaged by strong winds and rain in Tamil Nadu's Kanyakumari. Bananas are under threat from extreme weather events, according to a recent report. (PTI Image) CAN INDIA'S NATIVE BANANAS TAKE ON THE GLOBAL CAVENDISH DOMINANCE?While Indian native bananas may not match the Cavendish in yield or shelf life, their ecological adaptability, cultural significance, and year-round local demand make them a vital asset in India's fight for climate-resilient, sustainable banana farming, and overall food desi bananas fare well in pockets of domestic markets and are important for traditional cuisines and rituals. But can they also beat back the colonial Cavendish on the global stage?The now-dominant Cavendish banana rose to global prominence only after the earlier favourite, the Gros Michel, was wiped out by Panama disease. That brings us to the million-dollar question. Can India, the world's largest banana producer, with over 25 indigenous cultivars being grown commercially, take over the world banana market? Can India's native bananas be the next global favourites?While Ramasamy doesn't offer a definite answer, he underscores a key important factor that sets India apart in global banana comparisons."Other banana-exporting nations depend solely on the Cavendish, but in India, a wide diversity is being preserved and actively cultivated," he said, breaking into the global market won't be easy for India's native bananas, as trade in the fruit remains heavily biased toward the uniformity and shelf life of the Cavendish. While Indian varieties have resilience, are flavourful, and have cultural importance on their side, they lack the standardisation exporters demand. But who knows, a little imperfection might just become the next big trend.- Ends
Time of India
5 hours ago
- Time of India
Iconic Charbagh station wheeling towards a modern makeover
Come 2026, the railway's architectural gem will get two massive concourses, which will handle a rush of up to 10,000 passengers daily and offer a bouquet of facilities to travellers. The iconic Charbagh railway station building is a testament to Lucknow's cultural tapestry, weaving together Awadh's regal charm and British architectural finesse. Since its inception in 1926, this architectural gem—known for its unique design that muffles the clamour of trains—has been a bustling gateway for travellers. Now, it's poised for a major transformation, as the Rail Land Development Authority (RLDA) has laid out a Rs 420 crore redevelopment project to turn Charbagh into a world-class transit hub that blends heritage with cutting-edge functionality. A Vision for the future The project encompassing both the Northern Railway and North Eastern Railway zones will accommodate a staggering 1.40 lakh passengers daily while ensuring seamless connectivity, sustainability, and passenger comfort. The station's redevelopment is a delicate balancing act—preserving its historical essence while introducing modern amenities to meet the demands of a rapidly growing city. At the heart of the transformation are two massive concourses: a 120 metres x 115 metres structure for NR and a 75m x 30m concourse for NER, designed to handle peak-hour crowds of up to 10,000 passengers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is this legal? Access all TV channels without a subscription! Techno Mag Learn More Undo These concourses will be interconnected by multiple foot overbridges (FOBs), including Metro-integrated FOBs, ensuring effortless movement across platforms and city sides. 'The idea is seamless movement,' said a rail official. The western FOB will link directly to the Lucknow Metro's Charbagh station, connecting both NER station and NR concourses, with escalators and lifts for accessibility. The eastern FOB will tie Station Road and Kanpur Road directly to platform No. 1 and further. Elevating the passenger experience A sprawling ground plus six-floor building spanning 45,270 square metres at the rear will house airconditioned waiting areas, food courts, dormitories, and commercial spaces. New blocks on the east and west will enhance accessibility and aesthetics, while dedicated drop-off/pick-up zones and widened roads will ease traffic congestion. Parking facilities for 900 two-wheelers and 900 four-wheelers will cater to the station's bustling traffic. Passenger amenities are at the core of the design. Retiring rooms, cloakrooms, medical facilities, CCTV surveillance, baggage scanners, and smart signage systems will elevate the travel experience. The NR zone, which currently has nine platforms, will get two more — all 11 platforms to be accessible via the elevated concourse. This concourse will double as a vibrant hub with waiting areas, shops, and other facilities for travellers. Sustainability and innovation Sustainability is woven into the project's core. Rainwater harvesting systems, stormwater management, and landscaped public spaces reflect a commitment to environmental stewardship. The use of pre-engineered buildings, modular construction, and building information modelling ensures precision and efficiency, minimizing waste and maximizing durability. Progress amid challenges The transformation is well underway, with over 84% of the rear station building structure complete. Platform panel casting is finished, and external development is progressing. An integrated running room with 326 beds and a new workshop store are ready for handover. However, the journey hasn't been without hurdles. The rear entry project, initially slated for completion by Dec 2025, has been delayed to May 2026 due to challenges like the Kumbh Mela rush, the relocation of railway assets, and land availability issues. A 56-day block is currently in place to develop the concourse over platforms 2 through the rear entry is complete, railway operations will shift to the southern side, freeing up the northern front for Rail Land Development Authority to begin work on the station's iconic facade. Existing railway offices, rest houses, and utility structures are being relocated to make way for these new developments. Honouring a legacy Charbagh's historical significance is not lost in this transformation. The redevelopment respects its 1926 design, celebrated for muffling train sounds legacy, blending timeless elements with modern aesthetics that reflect Lucknow's evolving identity as a vibrant metropolis. A new chapter by 2026 As the project races toward its anticipated completion in the last quarter of 2026, Charbagh railway station is poised to emerge as a beacon of progress, a transit hub that honours its storied past while embracing the future. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
