16th June 2011
Mulberry said its pre-tax profit for the year to March rost to £23.3m, from £5.1m a year ago, while like-for-like sales increased by 43%.
Mulberry's results follow profit increases at fellow luxury brand Burberry.
The BBC News website reports Guy Salter, deputy chairman of Walpole which represents luxury goods companies in the UK, as saying he was not surprised by the boom in the sector.
"This is absolutely not about a tiny elite of super-rich buying expensive toys. This is about many, many people buying small items which count as luxury goods items," he told the BBC.
"Around the world the middle class are getting richer and richer and they want to express themselves. They express themselves by buying new things."
Mulberry said it had opened nine new stores during the past year and planned to open six more around the world in the next 10 months.
It also said it was expanding its factory in Somerset, adding 30% to its UK production capacity and creating 50 new manufacturing jobs.
Other luxury brands benefitting from the boom include Prada, which announced a £1.6bn flotation on the Hong Kong stock exchange earlier this month.
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