British luxury fashion label Mulberry, known for its Alexa handbags, plans to move further upmarket from its position of “affordable luxury.” The company says this strategy is a critical component of its Asian expansion plans.
Mulberry intends to open more stores in Asia to boost its profile with the hope that a greater mind share in Asia would boost sales in its U.K. and European stores to Chinese tourists.
Some industry players such as Burberry have indicated that demand has slowed from the “aspirational” luxury segment in China, but is still strong among the wealthiest customers.
Mulberry’s recent price hikes of 12 percent and the launch of more handbags priced over 1,000 pounds ($1,600), have been well received in Asia and the U.S., according to Bloomberg.
The company is also trying to maintain exclusivity by limiting the quantities of its best sellers and using higher quality materials.
image credit: mulberry