BAGS NEWS : It's in the bag as Mulberry reaches its global target. The boss of Mulberry today hailed its emergence as a global luxury player as the handbags maker raised its profits forecasts for the second time in six weeks. "Mulberry has reached a tipping point. Later this year we will have more shops overseas than in the UK for the first time," said chief executive and chairman Godfrey Davis. "We are a mature brand in the UK and in parts of Europe, but we are becoming a really desirable label in Asia and the US, showing that Mulberry is a brand which works worldwide." He added that the VAT rise had not hurt UK sales, despite Mulberry upping its prices in line with the tax. In a surprise statement, made necessary by rocketing demand, the company said like-for-like sales in its full-price stores rose 70% in the six weeks to 15 January, compared with the same period last year. Wholesale orders for its spring 2011 collection are up 104% thanks to strong demand from Asia and increased confidence among department store buyers.

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