To sell more luxury handbags priced below £1,095 (£1,095) ($1,383/€1,314) aims Mulberry Group Plc to broaden the struggling brand’s appeal and increase sales, according to the company’s new chief executive.

The main product of the British company, the Bayswater bagis sold at that price, and Andrea Baldo is trying to reduce the cost of other products so that 60% of the range is sold at lower prices than Bayswater.

“We were asking customers a little more than we should have“, he said in a phone interview with Bloomberg News. “In fact, we are becoming somewhat of a trusted choice in the luxury market».

Baldo, who took over the reins of the company in September, is trying to turn things around by targeting customers looking for more affordable luxury goods amid a slump in demand hitting other fashion houses. Earlier on Tuesday, the company announced that the pre-tax loss expanded to £15.7 million ($19.9 million/€18,792,565) for the 26 weeks to September 28. OR Asia-Pacific region recorded the biggest drop in retail sales at 31%, due to the decline in China, an important market for luxury goods.

Mulberry’s difficulties forced it to announce plans for cut about 85 corporate positionsincluding trading, product and financial services divisions.

Last month, the company rejected a takeover offer by billionaire Mike Ashley of Frasers Group Plc, who owns 37%, according to Bloomberg data. At the same time, Frasers criticizes Mulberry’s board for failing to provide a clear commercial plan while only contacting Challice, its main shareholder, about funding options.

Mulberry shares have fallen by a third this year.

Baldo previously served as CEO of the Danish clothing brand Ganni, which became a favorite choice of young shoppers in the 2010s. During his more than five years at the helm of Ganni, he oversaw a significant international expansion of the brand.