Mulberry is planning to cut 25 per cent of its workforce due to the impact of ongoing coronavirus pandemic.
On Monday, the British luxury retailer said that it would be “launching a consultation process on proposals to reduce employee numbers by approximately 25% across the global business.” The five-decade-old brand has about 1,400 employees across its 120 owned and partner stores in 25 countries, with five international offices in Paris, New York, Hong Kong, Tokyo, and Seoul.
After the relaxed lockdown restrictions in U.K, plans on a phased reopening of some of its local stores with new safety guidelines from June 15 onward. The brand is known for stylish leather handbags which can cost up to $5,000 and have been a royal household favourite, especially for both Kate Middleton and Meghan Markle.
“Launching a consultation process has been an incredibly difficult decision for us to make but it is necessary for us to respond to these challenging market conditions, protect the maximum number of jobs possible and safeguard the future of the business,” said Thierry Andretta, Mulberry’s chief executive. “We remain confident in the strength of the Mulberry brand and our strategy over the long term.”