Mulberry to close Paris store, will return once tourism picks up
Mulberry Group
105.00p
13:50 15/11/24
-4.55%
-5.00p
Luxury handbag maker Mulberry said on Tuesday that it was ending the lease on its Paris store early and will open a new store in the French capital once tourism picks up again.
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Mulberry said it will receive £13.2m once it leaves the site on the Rue Saint Honoré. Net proceeds after tax, which are expected to be around £10.8m, will "strengthen further the company's cash position and support investment opportunities in line with its strategic plans," it said.
The retailer said it plans to open a new store in Paris once international tourism returns. "The objective will be a location which supports the company's omni-channel approach and optimises its customer centric retail experience," it added.
At 0950 BST, the shares were down 3% at 291p.