Mulberry is a British leather-goods brand run from a factory estate in Somerset, best known for the Bayswater and Alexa handbags. It belongs to Mulberry Group plc, a company quoted on London’s AIM market, in which Challice Limited holds 56.34% and Frasers Group 37.00%, according to Mulberry’s own shareholder page as at 5 August 2026.
Mulberry has no store in India, and no Indian partner is named in anything read. Its India page of mulberry.com prices bags in US dollars and ships them from the United Kingdom; its shipping page says duties may be charged on arrival, and the same page also says they are shown at checkout. On Myntra, the 40 Mulberry records read on 22 September 2026 named Darveys Global Store Private Limited as seller of record and NR Wardrobe Fuss Private Limited as importer of record.
Mulberry is a British brand, controlled by one shareholder and sold to India either direct from the UK in US dollars or by a Delhi reseller on Myntra. The median Myntra listing sold at ₹1,57,240, 83.9% of its MRP. Its guarantee is 12 months and applies to Mulberry’s own channels and authorised stockists, and Mulberry lists no stockist in India.
Snapshot
- Company
- Mulberry Group plc, Companies House 01180514, incorporated 12 August 1974, registered office The Rookery, Chilcompton, Somerset
- Founded
- 1971, by Roger Saul with his mother Joan, according to a published company history
- Listing
- London Stock Exchange AIM market, ticker MUL
- Major holders
- Challice Limited 56.34%; Frasers Group PLC 37.00% (Mulberry shareholder page, as at 5 August 2026)
- Latest full year
- 52 weeks to 28 March 2026: revenue £125.5m, loss before tax £8.9m (results announcement, 22 July 2026)
- Route to India
- mulberry.com India page in US dollars, operated by Mulberry Company (Sales) Limited, UK; no Indian store
- Myntra brand listing
- 48 products at “Mulberry” (47 handbags, 1 wallet), 22 September 2026
- Price band in India
- Luxury — median paid ₹1,57,240 against median MRP ₹1,87,500, whole Myntra shelf of 48, 22 September 2026
- Declared country of origin
- Italy 17, Turkey 11, United Kingdom 10, China 2, on 40 Myntra records read
Who owns Mulberry
The brand belongs to Mulberry Group plc, a UK public company registered at The Rookery in Chilcompton, near Bath. Its shares trade on AIM, London’s growth market. Mulberry’s shareholder page gives the issued capital as 70,577,191 ordinary 5p shares as at 5 August 2026, and lists two holders above 3%.
Challice Limited holds 39,765,344 shares, or 56.34%, and the 2025 annual report calls it “the majority shareholder”. Frasers Group PLC holds 26,110,537 shares, or 37.00%. That is a large minority, not control.
Companies House shows who stands behind those holdings in a different form. Its register of persons with significant control names Mr Beng Seng Ong and Mrs Christina Ong, each in the band “more than 25% but not more than 50%”, notified on 6 April 2016. Frasers Group was added in the same band on 8 October 2025. The register does not name Challice itself, and no filing read states how the Ongs’ interest relates to Challice.
Mulberry sells one brand, so the group’s revenue is the brand’s revenue. We give Mulberry no ownership tag: it is a listed company with one controlling holder, which is neither an independent family business nor a brand inside a multi-brand group.
The Frasers approach, 2024
In autumn 2024 Frasers tried to buy the company and did not get there.
- 1 October 2024Mulberry’s board rejects a possible offer at 130p a share
- 13 October 2024Frasers raises its indication to 150p; Challice says it will not sell
- 22 October 2024The board calls the proposal “untenable”
- 23 October 2024Frasers says it does not intend to make an offer
Four stock-exchange announcements, one month, and no change of control at the end of it.
At the first announcement Challice held “56.1 per cent” and Frasers “approximately 36.8 per cent”; the 22 October announcement put Challice at 56.4%. Frasers’ own statement of 23 October said it “does not intend to make an offer for Mulberry under Rule 2.7”, binding it for six months under the UK takeover rules.
Both large holders have since put money in. The 2025 annual report records 10,000,000 new 5p shares issued at £1 each to Challice and Frasers on 4 October 2024. On 20 June 2025 Mulberry announced a £20.0m convertible loan note, “with both its major shareholders Challice Limited and Frasers Group Plc participating”. Whether those notes have converted, and what that would do to the percentages, is not established; the shareholder page still showed 56.34% and 37.00% in August 2026.
The money
The latest full year is the 52 weeks to 28 March 2026, announced on 22 July 2026. Group revenue was £125.5m, up 4% from £120.4m. The reported loss before tax narrowed to £8.9m, and underlying EBITDA, a profit measure before interest, tax and depreciation, was positive at £0.8m. Net debt fell from £15.1m to £7.4m.
| Region, year to 28 March 2026 | Revenue |
|---|---|
| UK | £67.2m |
| Asia Pacific | £17.8m |
| Franchise and wholesale | £14.6m, up 33% |
| Europe | £14.3m |
| USA | £11.6m |
| Group | £125.5m |
Mulberry Group plc full-year results announcement, 22 July 2026. Group revenue is brand revenue; Mulberry sells one brand.
India is not named anywhere in the results announcement. The directors’ going-concern statement reports “no material uncertainties identified”, resting on the year’s results, first-quarter trading and “detailed reverse stress test modelling”.
Where Mulberry bags are made
Mulberry owns two factories in Somerset. The 2026 annual report says The Rookery “opened in Chilcompton, Somerset in 1989 and is our centre of excellence for product development”, and that The Willows opened in Bridgwater in 2013. It says more than 240 people work across the two. The rest comes from “a select group of long-standing partners in Italy, Türkiye, China and Vietnam”.
Neither annual report says how many partners there are or how much each country makes. An undated investor-relations page says Somerset produces about half the bags; no annual report read repeats it.
Two lines on the brand’s own pages matter to a buyer checking a label. Product pages say “branding may read either ‘Mulberry’ or ‘Mulberry England'”, so on the brand’s own wording that stamp is not a statement of where a bag was made. And where a product page names a country, it is the tannery’s: the Bayswater in Oak says “The leather for this product was sourced from our partner tannery in Italy.” No product page read named a country of manufacture.
The Indian declarations fill that gap for the bags on Myntra. Of 40 records read on 22 September 2026, 17 declared Italy as country of origin, 11 Turkey, 10 the United Kingdom and 2 China. Ten of the 40 declared British origin.
How Mulberry reaches India
There is no Mulberry shop in India. The brand’s store list, read on 22 September 2026, covers 16 countries, from 42 stores in the UK and 12 in South Korea to one each in Singapore and Italy, plus two each in Malaysia and Thailand. India is not among them, and the India page of the store locator lists no store.
No Indian company is named as Mulberry’s in anything read; companies with “Mulberry” in their names on the Indian register are silk, plantation, property and apparel businesses with no link to the brand. If you are comparing Mulberry with Indian bag brands such as VIP Industries, Safari or Wildcraft, that is the first difference.
What the brand does hold here is its name. A mirror of the Indian trade-mark register shows the word mark “Mulberry” registered in class 18, for leather goods and luggage, valid to 30 November 2030, and a Mulberry logo in class 35, for retail services, valid to 2 September 2028. Both are in the name “Mulberry Company Public Limited” at The Rookery address.
The route the brand does run is its own website. Mulberry.com has an “India (English)” section that prices the Bayswater in Oak at US$1,845, with no rupee price, no MRP and no “inclusive of all taxes” line. Its privacy policy names the data controller as “Mulberry Company (Sales) Limited of The Rookery, Chilcompton, Bath, Somerset, BA3 4EH, England”, a company Companies House lists as 01508155. The terms of sale on the same section name that company and Mulberry Company (Design) Limited, and carry no India clause and no grievance officer.
The shipping page says orders delivered outside the UK “may be subject to import duties and taxes which are levied once the package reaches your delivery country”, and that clearance charges “must be borne by you”. The same page also says taxes and duties “are calculated on the site” and shown at checkout. Rest-of-world delivery is listed at “$25.00”, while British product pages offer “Free international shipping to over 190 destinations”.
On the Indian side, IGST, the integrated goods and services tax on imports, is 18% on heading 4202, which covers handbags, under Notification No. 9/2025-Integrated Tax (Rate) of 17 September 2025. The Budget 2026-27 annexure cut the duty on goods imported for personal use from 20% to 10% from 1 April 2026. Whether a courier order from mulberry.com is assessed under that personal-import heading in practice is not established.
Mulberry on Myntra
Myntra’s “Mulberry” facet carries 48 products, 47 handbags and a wallet. A second facet, “Mulberry Living”, holds 194 home-furnishing products from a different business.
| Declaration line | What 40 Mulberry records said, 22 September 2026 |
|---|---|
| Seller of record | Darveys Global Store Private Limited, 40 of 40 |
| Importer | NR Wardrobe Fuss Private Limited, Okhla Industrial Area Phase 2, Delhi, 40 of 40 |
| Manufacturer line | “The Rookery, Chilcompton, Somerset BA3 4EH, United Kingdom”, 40 of 40 |
| Country of origin | Italy 17, Turkey 11, United Kingdom 10, China 2 |
The manufacturer line needs reading carefully. The Rookery is Mulberry’s head-office address, the registered office of the listed company, and the line names no company. It says whose bag it is, not who made it. For 30 of these 40 bags, the origin line names a country other than the UK.
Darveys Global Store Private Limited, CIN U52609DL2018PTC331151, is a private company incorporated in Delhi on 19 March 2018, and NR Wardrobe Fuss is also an Indian company. They are the seller and importer of record; Mulberry publishes no Indian stockist list.
Every Myntra record put Mulberry’s Somerset address on the maker’s line; the origin line said the United Kingdom on 10 of 40.
Mulberry’s guarantee, set out below, names its own channels and authorised stockists, so any buyer outside those channels can check its terms with the brand before paying.
What Mulberry costs in India
The whole Myntra shelf of 48 had a median MRP of ₹1,87,500 and a median price paid of ₹1,57,240 on 22 September 2026, so buyers paid 83.9% of MRP. Forty-seven of the 48 were reduced, and they carried 40 different MRPs. That puts Mulberry in our Luxury band for bags, above ₹40,000, on actual Indian selling prices.
| Bag | Myntra, 22 September 2026 (MRP / paid) | Mulberry UK site, 22 September 2026 |
|---|---|---|
| Myntra “Black Small Zipped Bayswater Satchel” / UK Bayswater Satchel, Black Small Classic Grain, HH9216 | ₹2,47,000 / ₹2,09,890 | £1,095, shown as sold out |
| Myntra “Black Alexa Hand Bag” / UK Alexa, Black Heavy Grain, HH6746 | ₹2,56,500 / ₹1,92,390 | £1,245, shown as sold out |
| Bayswater, Oak NVT, HH7941 | Not read on Myntra | £1,295 (UK); US$1,845 on the India and rest-of-world pages |
The first two rows are name matches, not code matches: no article code was read on the Myntra listings. UK pages print no VAT line. Indian MRPs are declared inclusive of taxes; the US-dollar price is shown without Indian duty and tax, which the shipping page says may be charged on arrival or shown at checkout.
The prices are printed raw, in their own currencies, with no conversion and no computed gap. The British bags showed as sold out or coming soon, so these are list prices rather than available stock.
The guarantee, and where it applies
Mulberry’s FAQ says: “Items purchased through Mulberry.com, one of our stores, or authorised stockists all have a 12-month guarantee from the date of purchase.” Pre-loved items get six months. Faults in that period are “repaired or, if necessary, replaced at no extra cost”, and “an original proof of purchase will be required”.
The word “lifetime” appears in the brand’s copy, but not as a guarantee. The annual report says the Lifetime Service Centre “has repaired and restored products for over 35 years”, and the FAQ says that after 12 months it “is available to you, however the repair work will be charged”. Repair work itself carries a 12-month warranty, and the care page warns that “not all bags can be repaired”.
The pages read say nothing about territory. They do tie the guarantee to three channels, and Mulberry lists no store or stockist in India. Whether a bag bought from an Indian reseller qualifies is a question to put to Mulberry’s UK repairs team, at customerrepairs@mulberry.com, before you pay.
Checking a Mulberry bag is genuine
Mulberry’s counterfeit page says “the only way to avoid unwittingly purchasing a counterfeit product is to buy from authorised Mulberry stores or recognised stockists”, and points to the store locator. Mulberry publishes no way for a buyer to check a bag: no serial lookup, no QR code, no hologram and no reporting route on its counterfeit page. That page also says “Mulberry also cannot authenticate products bought in this way”, meaning auction sites. Other brands do publish something: Tumi lists its official websites, and Casio India publishes a list of authorised online sellers, as our Casio audit records.
In June 2022 the technology supplier Eon announced that Mulberry would add NFC digital IDs, a chip a phone can read, “to all products by 2025”. Neither the 2026 annual report nor the counterfeit page mentions them, so do not assume a bag carries one. Mulberry Exchange, the brand’s resale scheme, says it will “expertly authenticate” pre-loved pieces, but the annual report lists it in the UK, USA, China, South Korea, Japan and Australia only.
What the leather claims rest on
Mulberry says leather makes up “85-90%” of what it sells, and its claims lean on the Leather Working Group, an industry body that audits tanneries and rates them gold, silver or bronze. The 2026 annual report says 100% of leather “has been sourced from environmentally accredited tanneries”, and that “over 75% of tannery partners achieved gold or silver ratings in their latest LWG audits”.
Product pages print the rating for each bag’s tannery. On 22 September 2026 the Alexa and the Lily named Gold-rated tanneries, in Germany and Italy; the Bayswater Satchel an Italian Silver; and the Bayswater in Oak, sold as “Natural Vegetable Tanned”, an Italian Bronze. The sourcing page still gives targets for “AW21” and “AW22” in the future tense, with no statement that they were met.
The 2026 annual report says Mulberry achieved B Corp certification in September 2024. The 2025 report called both Somerset factories “carbon-neutral since 2019” without naming a certifier; the 2026 report as read does not repeat it. The ECONYL nylon, “crafted from fishing nets and other salvaged waste”, comes with no recycled-content percentage.
The record in India
We found no decided Indian court outcome involving Mulberry Group or its companies, on searches of Indian Kanoon on 22 September 2026 for “Mulberry Company”, “Mulberry Group” and “Mulberry” with handbag. That is nothing found under those names, not proof that nothing exists.
Common questions
Is Mulberry sold officially in India?
Mulberry has no Indian store, and no Indian partner is named in anything read. It sells to India from the UK through the India section of mulberry.com, in US dollars; the shipping page says duties may be charged on arrival, and also that they are shown at checkout.
Who sells Mulberry on Myntra?
The 40 records read on 22 September 2026 named Darveys Global Store Private Limited as seller of record and NR Wardrobe Fuss Private Limited as importer of record. Mulberry publishes no Indian stockist list; ask the brand how its guarantee applies before you buy.
Is a Mulberry bag made in England?
Some are. Mulberry owns two Somerset factories and also uses partners in Italy, Türkiye, China and Vietnam. On Myntra, 10 of 40 records declared the UK, 17 Italy and 11 Turkey, and the brand says an “England” stamp is not a statement of origin.
Does the Mulberry guarantee cover a bag bought in India?
The 12-month guarantee covers bags bought from mulberry.com, Mulberry stores or authorised stockists, and the pages say nothing about territory. Mulberry lists no Indian stockist, so ask the brand before you rely on it.
Does Frasers Group own Mulberry?
No. Frasers Group holds 37.00% and said on 23 October 2024 that it did not intend to make an offer. Challice Limited holds 56.34%, as at 5 August 2026.
References
- Companies House, Mulberry Group plc (01180514) — registered number, incorporation date, registered office
- Companies House, Mulberry Group plc, persons with significant control — the persons with significant control and Frasers Group, with dates
- Mulberry, Investor Relations: Shareholders — issued share capital and holdings as at 5 August 2026
- Investegate, Mulberry Group (MUL) announcements — AIM listing and ticker; latest results
- Company-Histories.com, Mulberry Group PLC — founding year and founders (secondary source)
- Mulberry announcement, 1 October 2024 — rejection of the 130p possible offer; holdings at that date; the board’s quoted reason
- Mulberry, Frasers and Challice announcement, 22 October 2024 — the 150p indication, Challice’s statement, “untenable”, Challice at 56.4%
- Frasers Group announcement, 23 October 2024 — no intention to make an offer under Rule 2.7
- Mulberry Group plc, Annual Report and Accounts 2025 — “the majority shareholder”; the October 2024 share issue; “carbon-neutral since 2019”
- Mulberry shareholder circular, convertible loan notes, July 2025 — the £20.0m loan note and general meeting
- Mulberry full-year results announcement, 22 July 2026 — revenue, loss, EBITDA, net debt, regional revenue, going-concern wording, the loan-note participation
- Mulberry announcement, 7 August 2026 — publication of the 2026 annual report
- Mulberry Group plc, Annual Report 2026 — the two factories, staff, sourcing countries, leather share, LWG statements, B Corp, Lifetime Service Centre, Mulberry Exchange countries
- Mulberry, Investor Relations: Company Profile (undated) — the Somerset share of bag production
- ZaubaCorp, “Mulberry” — Indian companies with “Mulberry” in their names (register mirror)
- QuickCompany, trade mark 2061195 and 1727926 — class 18 and class 35 registrations, proprietor and validity (trade-mark register mirror)
- Mulberry, official stores list and store locator, India — 16 countries, none in India, read 22 September 2026
- Mulberry India (English), Bayswater Oak NVT — US$1,845, no MRP or tax line
- Mulberry India (English), privacy policy and terms of sale — the data controller and selling companies; no India clause
- Companies House, Mulberry Company (Sales) Limited (01508155) — the company named on the India section
- Mulberry GB, ordering and shipping and rest of world, ordering and shipping — duties borne by the buyer, checkout wording, the $25.00 delivery rate, India on the delivery list
- Notification No. 9/2025-Integrated Tax (Rate), 17 September 2025, and the Union Budget 2026-27 customs annexure — IGST on heading 4202; the personal-import rate from 1 April 2026
- Myntra brand listing and product records for Mulberry, 22 September 2026 — 48 products, prices, 40 declarations, sellers of record, the named listings
- ZaubaCorp, Darveys Global Store Private Limited and NR Wardrobe Fuss Private Limited — CIN and incorporation (register mirror)
- Mulberry GB, Bayswater Satchel, Alexa, Lily and Bayswater Oak NVT — UK prices, stock wording, tannery countries and LWG ratings, the “Mulberry England” line, free international shipping
- Mulberry rest of world, Bayswater Oak NVT — US$1,845
- Mulberry GB, FAQs and care and repairs — the 12-month guarantee, pre-loved terms, paid repairs after 12 months, repair contacts
- Mulberry, counterfeit goods — buying advice; “cannot authenticate”; no verification tool
- Eon, 13 June 2022 — the digital ID announcement
- Mulberry Exchange — “expertly authenticate”
- Tumi, fraud notice — a published list of official websites
- Mulberry, responsibility: sourcing — the AW21 and AW22 targets; ECONYL
- Indian Kanoon, “Mulberry Company”, “Mulberry Group”, “Mulberry” handbag, 22 September 2026
Mulberry’s own paperwork is unusually complete. It is a single-brand listed company, so its £125.5m of revenue is the brand’s, and it names its own two Somerset factories and the four countries its partners work in. For an Indian buyer who wants the brand’s own guarantee, the clean route is mulberry.com in US dollars, with duties that the shipping page says may be charged on arrival or shown at checkout.
The practical questions for an Indian buyer are about the route. On Myntra the seller and importer of record are Delhi companies, Mulberry publishes no Indian stockist list, and the “Somerset” on the declaration is the head-office address; 30 of 40 bags declared another country of origin.
A British brand that publishes its accounts, factories and owners; at a median ₹1,57,240 on Myntra, ask Mulberry about the guarantee before you pay for the name.
