CEO says he will launch review to make company ‘leaner, more agile’ and the firm will ‘renew its relevance’

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Mulberry is cutting a quarter of its head office staff, as the beleaguered British luxury handbag maker reported that half-year sales slumped by almost a fifth and losses had widened.

The company, which last month rejected a £111m bid from 37% shareholder Mike Ashley’s Frasers Group, is in the process of cutting 85 roles from the 350 staff employed in corporate functions.