Next 30 to 90 days will be defined by holiday execution with a full-price stance anchored by new icons Roxanne and Hackney, tighter markdown controls, and wholesale sell-out support in new doors. Cash discipline plus the GBP 20m raised for core stock and marketing should fund in-season replenishment and targeted media to convert momentum, especially in Europe where sell-through is accelerating.

Over 6 to 12 months, a structurally higher gross margin and leaner cost base reset breakeven lower, enabling profitable growth even in a mid-single-digit demand environment. The pivot toward high-quality wholesale alongside DTC rationalisation de-risks underperforming geographies, but requires stronger brand governance and shop-in-shop execution to protect pricing power and clienteling depth.

In accessible luxury, margin resilience and product heat are becoming key differentiators as peers lean on promotions. Mulberry's 69% gross margin approaches top-tier levels for the segment, and a hero-product led assortment narrows the gap versus Coach and other leather goods leaders, while UK heritage positioning and circular growth offer defensible points of difference versus promotion-heavy rivals.

Suppliers benefit from steadier order patterns and fewer late-stage cancellations as inventory turns improve; select partners gain volume through expanded wholesale while concessions with weak economics face rationalisation. Customers see fewer promotions and stronger newness, increasing perceived exclusivity and full-price conversion; wholesale partners receive higher sell-out support and stricter door productivity targets.