Luxury British brand Mulberry sees shares plunge after profit warning, poor Christmas sales
{{#rendered}} {{/rendered}}Mulberry, the luxury British handbag maker, has warned that its full-year profits will "substantially" miss expectations after a tumble in U.K. sales over the Christmas period.
The news sent shares of the company down 22 percent on Wednesday.
Mulberry said retail sales over Christmas were down 7 percent as it lost out to discounting from rivals. It said profits this year are also hit by wholesale order cancellations in South Korea, its largest Asian market.
{{#rendered}} {{/rendered}}Mulberry, one of Britain's best-known exports, has already suffered two years of falling profits with tougher trading conditions in Asia and the domestic market.
It is still searching for a replacement for creative director Emma Hill, who has been credited with turning the company into an internationally recognized brand. Hill left last year.