"Combined with our unique position in the market, offering responsible luxury products of unmatched quality and longevity, crafted in our Somerset factories, Mulberry truly is one of a kind. We are now working on initiatives to renew the brand's relevance, initially for UK consumers and then for our international audience. "In response to current market conditions, we have taken decisive steps to streamline operations, improve margins, reduce working capital, and strengthen our cash position. This has also meant reviewing our internal team structure to ensure we become a leaner, more agile organisation. Additionally, we've made strategic adjustments to our product, pricing, and distribution strategies, and we've begun discussions with luxury wholesale partners to ensure we are present wherever our customers shop." Last month, Mike Ashley's Frasers Group said it was abandoning its pursuit of Mulberry after it rejected a second takeover proposal of £111m, or 150p a share, saying it was "untenable".