Struggling Mulberry out to bag £20m cash boost

Somerset luxury handbag maker Mulberry has revealed talks to raise more than £20 million as the group warned over widening annual losses and worsening trading conditions.

- Holly Williams

The Chilcompton-headquartered firm said it was launching the cash-call after a “post-2024-25 year-end review by the executive management, and in light of an even more challenging trading environment”.

It added: “The board has concluded that the company will require additional capital to fund its growth strategy and achieve its desired financial targets.”

Shares in the firm plunged after the news.

Mulberry said it was in discussions with majority shareholder Challice a group controlled by Singaporean entrepreneur Christina Ong and husband Ong Beng Seng - and major stakeholder Mike Ashley's Frasers Group over the fundraising.