Mulberry Group (AIM:MUL) has unveiled a plan to simplify and reinvigorate its business, including by turning efforts away from China and rebranding product offerings.
Alongside appointing former Milk & More’s Billie O'Connor as chief financial officer, the fashion group laid out plans to simplify its operations and refresh offerings.
Mulberry now plans to refocus on the UK and aims to buoy growth in the US, it said in a statement.
A rebranding to “celebrate British lifestyle” will also be carried out, alongside efforts to strengthen direct-to-consumer operations.
Targets for mid-term annual revenue of above £200 million and a 15% adjusted earnings margin were laid out.
“We need to get back to where we came from and return to the spirit of Mulberry,” chief executive Andrea Baldo commented, adding the business needed to be “simplified”.
Mulberry also laid out figures for the 13 weeks to December 28 showing an 18.3% drop in revenue as sales in the likes of the UK and the Asia Pacific region tumbled.
Shares climbed 2.6% to 100p.