UK: Euro shoppers boost Mulberry

The weak pound persuaded wealthy European shoppers to ignore the credit crunch and make a beeline for Mulberry's London shops to purchase the luxury fashion brand's Mitzy handbags over Christmas and into 2009.

Mulberry said that like-for-like UK retail sales during the week ended 27 December, January and the past two weeks rocketed by more than 30 per cent, blitzing many rival luxury brands and struggling mid- market retailers. After previously warning that its financial performance for the year to the end of March would fall short of market expectations, Mulberry yesterday revealed that its full-year results would be ahead of consensus.

The star performer was its Mitzy collection of handbags, above, which start at £350. Mulberry has 15 UK stores, including six in London, and concessions in department stores.