But if brand perception is currently weak, the product itself could also be stronger, according to Benjamin Wild, a senior lecturer at Manchester Fashion Institute, part of Manchester Metropolitan University. “Fundamentally, the appearance of Mulberry bags has remained unchanged for years,” he notes. “By contrast, other luxury brands have brought out many new collections, including mini bags and extended tote ranges. These designs draw upon the brands’ heritage, but offer something new and contemporary.”

Wild also believes that Mulberry’s pricing is an issue. “While its declining sales can be linked to a downturn in luxury spending, this is not the whole story. Mulberry bags are costly, but they are cheaper than Loewe and other luxury brands. This makes them more susceptible to shifts in consumer confidence. For an accessible brand like Mulberry, prices will be subject to greater consumer scrutiny, especially during times of stringency.”

At £995 for a Bayswater and £1,195 for an Alexa, Mulberry is still more affordable than Loewe, Prada or Louis Vuitton, whose bags routinely cost upwards of £2,000. But wages haven’t increased in line with luxury handbag brands’ inflation, with the result that even an entry-level Mulberry bag is now out of the reach of most. 

Meanwhile, a slew of handbag brands have come along to steal Mulberry’s “affordable luxury” crown, such as DeMellier, Wandler and Strathberry, a favourite of the Princess of Wales. Priced between £300-600, they’re perfectly placed to seduce those customers whose disposable income hasn’t risen much since they spent £495 on a Bayswater 15 years ago. 

Add to this the allure of cult European brands such as Acne Studios, Ganni and Sézane, whose bags are well designed, competitively priced and amplified by the womenswear collections for which they’re also known and loved, and it’s easy to see why Mulberry is in the doldrums. Loyal as customers are, they’ve never had more choice. 

How to win them back? Enlisting Alexa Chung to design her own bag collection in 2021 was a clever move, but so, too, would be the appointment of a named designer. The allure of Loewe’s Puzzle bag is closely aligned with the allure of its designer, JW Anderson. Quality and heritage are important, but they are hardly USPs. A bag, like a brand, has to stand for something. Mulberry needs to shake off its recent British reserve and shout about its handbags from the rooftops – because they’re certainly still worth shouting about.