The British luxury label is set to close its Paris store, which is located at 275 Rue Saint Honoré following a drop in tourism.
Mulberry has confirmed that it will be terminating the lease of the store and expects it close for the final time in September. However, it has been revealed that a new store could open in the French capital once international tourism rebounds after the effects of the global pandemic.
The brand expects to generate £13.2M, or £10.8M after tax from the store closure, which will be used to strengthen its cash position and support further investment opportunities in line with its current strategic plans.
The decision came following a strategic review that was launched by Mulberry last year to find the most ‘cost-effective ways to maintain a presence and serve customers in Europe.’ Mulberry isn’t the only brand to rethink its physical store estate, US fashion giant Gap has announced plans to close its entire UK estate and Dutch retailer HEMA has announced it will close all six of its UK stores.
