Mulberry takes a tip from Michael Kors handbags

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Mulberry has announced a Michael Kors style slash in handbag prices, with a new collection due in June. Here's how to save enough money for a new Mulberry in just two months.

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© Instagram / Mulberry

Let's start with the good news. After a fourth profit warning, Mulberry has announced that it'll be dropping the price of its leather handbags, starting with a new collection this June priced from just £495.

Though prices have been climbing over the past few years (the Alexa satchel launched at £695 but now costs £1,100), newly reinstated Mulberry boss Godfrey Davis today apologised to British bag lovers, while announcing a new sales strategy.

"Prices have moved up considerably. We got slightly out of line. We are doing this [cheaper handbag collection] for our British customers."

Though Louis Vuitton and Hermes have been hiking prices to boost their exclusivity, Mulberry is taking its lead from brands like Michael Kors and Coach, which are currently cleaning up at the lower end of the luxury scale.

Now, for the excellent news.

We have a fool-proof (or near enough) money saving plan, to help you gather enough dosh to buy a new Mulberry in just two months.

How to save £500 in 2 months

1. Cut back on coffee: Say a standard coffee costs roughly £3, now imagine you have one every morning before work. That's £15 per week, £60 per month.

2. Watch out in Boots: You might just pop in for a stick of deodorant, but if you normally walk out with a pack of face wipes and new lipstick too, that's approximately an extra £10 per month.

3. Stop buying lunches out: The average lunch might only cost £5, but if you're doing that everyday, you're looking at around £100 per month.

4. Bring back the big shop: The average family spends £77 per week on groceries, but we reckon you could cut this down to £40 with some forward planning.

5. Watch out for bottled water: Picking up an 80p bottle of water every day is a sure-fire way to spend a fortune. Taking your own tap water to work instead of buying a bottle could save you £192 per year.

6. Cut back on internet subscriptions: If you're a Netflix fan, £5.99-a-month probably sounds like an incredible deal, and it is, but if you're teetering on the red this amounts to £71.88 per year.

7. Watch your apps and books: Amazon's click-to-buy feature is great, but it's also deadly when it comes to spending money. Think about it this way, would you really spent £3.99 twice a week on books if you had to go into the shop?

If you've got what it takes to stick to all that, you could save £250 in just one month.

Come June? You'll have enough for a new generation Mulberry handbag, hurrah!

Mulberry Spring/Summer 2014 handbag collection

Tweet us if you're getting excited about the Mulberry news @handbagcom



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