Mulberry Asia has opened new stores in Hong Kong and Shanghai over the last two months, which are expected to drive even further growth for the flourishing UK luxury fashion label.

Mulberry Group has reported an 8 per cent rise in total revenue for the year to March 31, to £168.1 million. Pre-tax profit rose 21 per cent to £7.5 million, and the company decreased inventory to £42.8 million. Like-for-like sales were up 5 per cent.

During the past year, the group established its Mulberry Asia subsidiary, with a local minority partner to develop the brand in Hong Kong, China and Taiwan. It also opened online stores in China and Korea, which helped boost digital revenue by 19 per cent.

Like-for-like retail sales, including digital, were up 1 per cent in the 10 weeks to June 3.

CEO Thierry Andretta said Mulberry had made “good progress” during the year.

“Our sales and profits are growing, enhancing our strong cash position. We have advanced our international growth strategy with the new partnership in Asia and the continued expansion of our omnichannel offer in key markets.

“Looking ahead, we will continue to invest in advancing our international development and increasing Mulberry’s relevance to our customers’ rapidly evolving lifestyle,” Andretta concluded.