UK-based leathergoods brand Mulberry has said it expects to report revenues of £120 million for the 12 months ending March 29, 2025. By Leatherbiz.

It provided the figure in an update in June, saying that it remains subject to audit. If confirmed, this result would represent a fall of 21.4% compared to the previous year.

As part of the same update, Mulberry said it intended to raise additional capital of £20 million to help fund growth.

It said it aimed to reach annual revenues of £200 million “in the medium term”, with pre-tax profit levels of 15%.

Its aim is to raise the new capital through a change in its banking arrangements. Some new funding will also come from an affiliate of Challice Limited, the Singapore-based investment group that is Mulberry’s majority shareholder. It will also embark on fundraising efforts from other sources, including its other major shareholder, Frasers Group.

Last year, retail group Frasers made several attempts to acquire full ownership of Mulberry, but without success.

Mulberry has said it would invest the new capital in rebuilding “core stocks” of its products, investing in new sales opportunities, and some selective marketing in the UK and the US.

Chief executive, Andrea Baldo, who joined the company a year ago, said the leathergoods manufacturer was “firmly in turnaround mode”. But he added: “The board and I are confident that, with additional funding, we can accelerate momentum and deliver against our targets at pace.”