Mulberry renews De Rigo eyewear license to 2031, scaling quiet luxury
Bottom Line Impact
The 2031 renewal gives Mulberry a capital-light, high-margin growth lever and brand reach, while fortifying De Rigo's portfolio against verticalized rivals, with potential to add £2-3m in annual royalty income by FY26 if scaled, improving margin mix and reinforcing quiet luxury equity.
Key Facts
4- License renewed to 2031, extending the 2018 agreement to a potential 13-year collaboration window
- Scope covers development, production, and global distribution of Mulberry eyeglasses and sunglasses
- Design codes integrate Mulberry signatures (buckles, zips, tree logo, postman lock) with a quiet luxury aesthetic
- Select models use bio-based acetate frames and bio-nylon lenses, aligning with Mulberry's traceability and sustainable materials agenda
Time Horizons
Key Roles Affected
Executive Summary
Mulberry has extended its eyewear license with De Rigo through 2031, locking in a multi-year platform to scale an accessible, high-margin lifestyle category aligned with quiet luxury and sustainability. The renewal strengthens De Rigo's branded portfolio amid intensifying verticalization in luxury eyewear, while offering Mulberry incremental royalty income and global reach without capex.
Actionable Insights
Immediate Actions (Next 30-90 days)
Negotiate royalty escalators (e.g., +100-150bps above thresholds), annual minimum guarantees with 3-5% A&P co-op, and sustainability KPIs (e.g., % SKUs with bio-based materials) embedded in the license addendum.
Rationale: Aligns financial upside with scale, ensures marketing support, and hard-wires ESG delivery to protect brand equity and margins.
Role affected:CFO (Mulberry)
Urgency level:immediate
Secure 12-18 month supply of certified bio-acetate and bio-nylon, implement SKU-level traceability, and reduce lead times by 15-20% via nearshoring or calendar compression to support in-season reorders.
Rationale: Material assurance and agility enable sustainability claims, mitigate cost volatility, and improve sell-through in fast-moving channels.
Role affected:COO (De Rigo)
Urgency level:immediate
Short-term Actions (6-12 months)
Set a 3-year eyewear growth charter with De Rigo, including regional door targets (e.g., +300-400 net doors by FY27), DTC penetration goals (20-25% of eyewear sales via mulberry.com and stores), and capsule drops aligned to leather icon launches.
Rationale: A quantified joint plan drives accountability and maximizes halo effects from leather icons while building a defensible, margin-accretive category.
Role affected:CEO (Mulberry)
Urgency level:short-term
Deploy an always-on quiet luxury campaign tying eyewear to core bags (Bayswater, Alexa) with AR try-on and store-side cross-merch; aim for +150-250 bps attach rate uplift on leather purchases within 6 months.
Rationale: Cross-selling converts traffic from hero products into incremental units and reinforces design codes across categories.
Role affected:CMO (Mulberry)
Urgency level:short-term
Risks & Opportunities
Primary Risks
- Category crowding and verticalized competitors reduce shelf space and bargaining power in key optical and travel retail accounts
- Supply constraints or cost inflation in bio-based materials undermine sustainability positioning and margins
- China and APAC demand volatility limits ramp-up in high-growth regions for entry-price accessories
Primary Opportunities
- High-margin royalty income with limited capex improves Mulberry's earnings resilience
- Sustainability-led design differentiation can win premium placements and Gen-Z consideration
- Travel retail recovery and AR-enabled omnichannel can accelerate discovery and conversion