The U.K. Takeover Panel has given Mike Ashley’s group a deadline of Dec. 17 to decide whether or not it wants to buy Mulberry, which is majority owned by Christina Ong.
Chief executive officer Thierry Andretta said the group had reacted swiftly to the impact of the pandemic, managing capital and reducing costs to protect its “robust” liquidity position.
The company has been shape-shifting, due partly to the effects of COVID-19, tightening operations and planning to lay off about 25 percent of its workforce.
The brand said 25 percent of the workforce, approximately 474 workers, could lose their jobs internationally, and across the various business divisions.
The brand is following Burberry, Barbour and E. Tautz in its manufacturing efforts for hospitals.
All customers will pay the same price for Mulberry products, regardless of where they buy them.
The British brand said it had expected to be profitable, and cash generative, in the six months ended March 28.
The brand has begun a hunt for Coca’s successor.
The purchase is part of a wider-ranging strategy in the Far East and internationally.
Montague had previously served as chief executive officer of Aspinal of London and Loewe.
The pre-Christmas “golden” season has gotten off to a slow start, but retailers are still hopeful.
First-half revenues were down and losses grew into the millions in a tough start to the year.
The British group has created a new company to manage its South Korean business.