Its shares peaked at 2500p in the summer, but tumbled 314p or 23.8% yesterday to 1006p after the company followed Burberry in warning of slowing demand from emerging markets in Asia.

Mulberry, which recently announced plans to open a second factory in Somerset to keep up with demand, said profits for the year to March will be below expectations and the previous year. It blamed lower-than-expected international sales and a 4% decline in wholesale shipments, taking the shine off a 13% hike in retail sales to £46.5 million, including a 10% rise in UK sales.