The British brand has had a disastrous year with an over drop of 50%.
We've had our eye on the problems at Mulberry for some time now, things looked especially worrying when they lost their creative director.
And it seems their efforts to claw their sales back from accessible brands like Michael Kors have not gone so well.
They launched their cheaper Tessie collection last month, and Mulberry chairman Godfrey Davis claims it's been well received.
"We have listened to our customers and are introducing attractive new products in the key £500-800 price range.
As a first step, we introduced the new Tessie collection two weeks ago which is proving popular.
While the business faces a challenging year, I am confident that we can build on Mulberry's solid foundations and unique brand positioning in the luxury market to restore growth in the medium term," Davis said.
Meanwhile they've launched a mid-season sale - not a usual move for Mulberry, who's bags carry over every season.
Mulberry's new SS15 collection
MULBERRY'S CHEAPER HANDBAGS ARE HERE
THE BEST HANDBAG SHOPS IN THE WORLD
MORE SHOPPING NEWS