(RTTNews) - Mulberry Group PLC (MUL.L), a British fashion company, Thursday announced the appointment of Billie O'Connor as Chief Financial Officer and unveiled its new strategy, "Back to the Mulberry Spirit", in order to restore profitability.
Billie O'Connor's appointment is effective from February 17. O'Connor most recently worked as CFO and CIO at Milk & More, a subsidiary of the Muller Group.
As part of the new strategy, the Company said, in the near-term, it will focus on increasing its gross margins and returning to profitability. In the longer term, the company aims to reach annual revenues of over £200 million and achieve 15 percent adjusted EBIT margins to create more value for shareholders.
The company added that it would achieve the above set goals through three new strategies- simplification, brand realignment and enhanced customer connection.
Firstly, simplification involves simplifying the Company for disciplined execution, by which it will prioritize the UK market, speed up growth in the US, and adjust its operations in Asia, with less focus on China. It will also use a flexible approach in all markets and bring back wholesale and outlet sales. It will offer fewer products, rely less on discounts, and keep its prices unique to stand out.
As part of brand realignment strategy, the Company plans to refresh its brand by emphasizing its British roots, while also appealing to global, fashion-forward customers. It will also improve its creative and design efforts by bringing in a new team to make the brand more culturally relevant and introduce fresh ideas each season.
Thirdly, under enhanced customer connection, the Company plans to use customer data and tools to better understand and connect with its customers. It will improve personalization for customers and enhance their in-store experience. The Company will also strengthen its direct-to-consumer approach by improving how products are launched.
Mulberry Group is currently trading at 100 pence up by 2.56% on the London Stock Exchange.
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