British luxury brand Mulberry has announced plans to raise 20 million euros ($23.2 million) to accelerate its transformation strategy, following a sharp 21% drop in annual revenue to 120 million euros ($139.2 million) and a projected pre-tax loss of 23 million euros ($26.7 million) for the fiscal year ending March 2025. The funds will be used to rebuild core inventory and strengthen direct retail, wholesale, and e-commerce channels. This fundraising follows an earlier 10.4 million euros ($12.1 million) round completed last fall, underwritten by major shareholders Christina Ong and Ong Beng Seng. Mulberry is currently in talks with key shareholders Challice and Frasers Group to finalize the structure of the new transaction.