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

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Staff at Mulberry are braced for job cuts after the beleaguered British luxury handbag maker reported that half-year sales slumped by almost a fifth and losses have widened.

The company, which last month rejected a £111m bid from 37% shareholder Mike Ashley’s Frasers Group, reported a 19% fall in revenues to £69.7m in the six months to the end of September. Losses widened by 23% to £15.7m.