Some unfortunate news to report for the retail sector as Mulberry has now unveiled plans to axe around 350 jobs across its global workforce, which equates to twenty five percent of its global workforce, the move comes as the luxury retailer endures ongoing uncertainty amid the coronavirus pandemic.
While Mulberry has already reopened some stores in China, South Korea, mainland Europe and Canada and will begin a phased re-opening of its UK stores from next week, it still expects the recovery of sales over the medium term to be gradual.
”We reacted swiftly to manage the impact of Covid-19 and continue to execute a well-developed plan to manage capital, reduce costs and maintain a robust liquidity position. In spite of the good performance of our sector leading digital and omni-channel platform, and our global network of digital concessions, the shutting of all our physical stores has had, and will continue to have, a marked effect on our business.” – Thierry Andretta, Mulberry Chief Executive.
“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. We remain confident in the strength of the Mulberry brand and our strategy over the long-term.” – Andretta concluded.
