Deathwatch: Mulberry post a profit warning
Fortunately, in one of those 'it only makes sense in fashion' situations, the company hopes it will be saved by a handbag designed by model Cara Delevingne
The company previously revived itself when it launched the Alexa bag, which is based on the TV presenter Alexa Chung. Alan Hansen is on telly more than her though, and no one wants his bleedin' handbag.
Mulberry’s former designer Emma Hill called the Alexa ‘the anti-It bag that became an It bag’ – and it became so popular that it once had a waiting list that ran into thousands and accounted for a third of Mulberry’s sales.
It's enough to make you want to strap explosives on to your body.
But Mulberry has since struggled to come up with another hit on the same scale - with the launch of its Willow Tote and other designs failing to capture womens’ imaginations. It is now valued at just £340million.
The bad news sent shares to a four-year low at one point yesterday, wiping 17per cent off the value of the Somerset-firm. 17% was wiped off the swanky company's value after the departure of creative director Emma Hill, who was widely credited for the success of the Alexa satchel.
It has since launched a range of cheaper styles and has been trying to replicate its success with Miss Chung by contributing with model of the moment Cara Delevingne this autumn.
Executive chairman Godfrey Davis said: "As expected the first half has been difficult. Profit before tax... is expected to be significantly below current expectations. Despite the current challenges I remain confident that we build on Mulberry’s solid foundations."
As a lure to attract the genuinely quite thick, at £795, there is a Mini Cara Delevingne Bag in black natural leather and this rises to the top end large Cara Delevingne Bag in Black & White Camouflage at £2,500.
Potential deathwatch on our hands here, so we'll keep our eyes on them.