Mulberry stock price - so last year, darling To be fair to Mulberry, the British "luxury" label, it has done an admirable job of building an international business based on two unremarkable yet over-priced handbags. Namely, the "Bayswater," a snip at £1,100 (pictured on the left), and the "Alexa," a modest £925 (on the right). But the party could only last so long. The company issued a warning on Tuesday, saying that full year profits are expected to be down on last year, partly due to a "challenging external environment in Asia." The problem is that last year's results were also a disappointment and the market was hoping for a much stronger set of numbers. At pixel time, Mulberry was down almost 29 per cent. The company has been trying to compensate for the boring handbags by branching out into impractical clothes and questionable footwear for some time now, apparently convinced that this is what women are desperate for during a recession. This is Emma Hill, Mulberry's creative director, speaking to London's Evening Standard last year: People are always going to want gorgeous things. What a lot of [luxury labels] tried to do to ride out the recession was to play it safe. But when you are being much more conservative with your money, you are only going to part with it for something that makes you press your nose up against the window, slobbering - you're not going to do that for a safe bag. So, with that in mind, Hill went away and designed a collection that includes these must-haves. The leather trousers and the bomber jacket are yours for just £995 each. If there was any mystery as to why the company is struggling, a quick glance at this offering has all the answers. Related links: London Fashion Week: day five - FT Mulberry falls 22% after slower sales - FT