Shares in British luxury handbag maker Mulberry were hammered on Tuesday after it issued another profit warning as it continues on a painful turnaround strategy.
The company, known for its £5,000-plus Bayswater and Lily bags, reported revenues for the six months to September 30 of £64.7 million ($103.2 million), down 17 percent compared with the same time last year. This prompted shares to fall as much as 23 percent.
"Profit before tax for the full year to March 2015 is expected to be significantly below current expectations," Mulberry said in a statement following earlier profit warnings in the year.
Former CEO Bruno Guillon, who stepped down in March, took Mulberry away from its core customer base by raising prices, positioning the brand as an ultra-premium designer. But this has led to a big hit on the company's profitability.