6th Jul 2021 09:41
(Alliance News) - Mulberry Group PLC on Tuesday said it has exited a property lease for a Paris store early, netting the handbag retailer GBP13.2 million.
Mulberry will only 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," the luxury leather accessories firm said.
As of March 27, the French property was valued at GBP7.9 million.
Bath, England-based Mulberry added: "The net proceeds after tax, expected to be around GBP10.8 million, will strengthen further the company's cash position and support investment opportunities in line with its strategic plans.
Mulberry shares were untraded on Tuesday morning in London, last quoted at 291.00 pence.
By Eric Cunha; [email protected]
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