Moulet: European/middle class pronounciation for "mullet".
Both pronounciations mean the same thing i.e. a bloody stupid haircut - commonly thought of as short round the sides, long-ish on top and long at the back (like Chris Waddle - World Cup Italia '90), sometimes with extra long strands at the bottom of the hair line, so that the twat who decided to have their hair cut in that way can play and twist them.
This particular hair style normally encourages the chant:
Moulet, moulet!! Moulet, moulet!!
Get it cut, cut, cut!!
The mullet/moulet is currently attempting a comback at present. All those who read this should take note and realise that you open yourself to public shaming and possible violence (depending on which part of the country you are in) if seen sporting such a hair style - you have been warned.
Focking 'ell Denzel. Did ya see that mullet!! Looked like it'd been cut by t'lawnmower.
My word Jospeh! Did you see that Moulet?
Why yes Helga, i did. Get the shotgun!!