British luxury brand Mulberry has reported a 19% decline in revenue for the first half of the year, reaching 56.1 million British pounds ($69.4 million), with a pre-tax loss of 15.7 million British pounds ($19.4 million). The brand is restructuring and plans to cut 25% of its headquarters staff to increase flexibility. By region, the Asia-Pacific market, where Mulberry operates in China, saw a 31% drop in revenue, while the UK market declined by 14%, mainly due to the cancellation of the UK duty-free shopping policy and weak demand in the Chinese market. Mulberry rejected a previous offer from Frasers Group of 130 pence per share ($1.58), arguing that it undervalued the company.