Mulberry is cutting a quarter of its head office staff, with 85 out of 350 roles eliminated, as the company struggles with a 19% sales decline and widened losses.
Andrea Baldo, the new CEO, noted that the first-half results underscore the urgent need to reprioritize and rebuild the business to renew the brand’s relevance.
Sales in the UK accounted for over 60% of total revenues, with consumer confidence issues leading to a 14% year-on-year revenue drop, signaling challenges ahead.
In Asia Pacific, sales plummeted by 31%, driven largely by disappointing performances in China and South Korea, highlighting the brand’s international market challenges.
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