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Mulberry’s return to its roots helps sales after profit plunge

British handbag maker Mulberry said on Thursday a return to more affordable prices had boosted sales in the first few weeks of its new financial year after an ill-fated move upmarket led to a 74 percent fall in full-year profit.

Mulberry has spent the past year reconnecting with its roots in affordable luxury after an attempt to become more exclusive backfired, prompting a string of profit warnings and the departure of Chief Executive Bruno Guillon.

The company, known for its classic leather bags, has been trying to win back customers in Britain put off by its attempt to shift upmarket with bags costing more than GBP1,000 (USD1548).

(Source: CNBC)