Luxury fashion firm Mulberry has slashed its losses by more than half amid its major turnaround efforts.

The handbag maker said it is “well set” for the key Christmas trading period as it also reported a slowdown in sales decline, benefiting from growth in its wholesale business.

Boss Andrea Baldo said it saw an “encouraging first half” despite wider inflationary pressures in the sector.

“We’re still early in the turnaround, but the foundations we’ve put in place are working, and we’re starting to see that reflected in performance,” he said.

The group has been pushing forward with a major overhaul programme, which saw the group cut costs sharply and axe around 85 jobs late last year to help improve its performance.

Mulberry also raised £20 million in June to help support its transfo

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