Luxury leather goods brand Mulberry has announced plans to raise £20 million (US$27.52 million) to support a major turnaround strategy, following a sharp drop in full-year sales and continued financial pressure.
Credit: Mulberry
The company said the funds are needed to drive its medium-term goals, including returning to profitability and boosting annual revenues to £200 million (US$275.22 million).
For the financial year ending March 2025, Mulberry expects revenues of around £120 million (US$165.13 million), down from £152.8 million (US$210.26 million) the previous year, and a slightly wider pre-tax loss of £23 million (US$31.65 million).
Major shareholder Challice has agreed to fully underwrite the capital raise if needed, though the board is also in discussions with fellow shareholder Frasers Group to finalise the fundraising structure. Together, the two groups control over 85% of Mulberry’s shares.
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