Mulberry replaces chief executive amid slump in luxury sales
The British upmarket bag maker has hired the former chief executive of Danish fashion brand Ganni.
Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
Luxury bag maker Mulberry has replaced its chief executive Thierry Andretta with the former boss of Danish fashion brand Ganni.
Andrea Baldo will replace Mr Andretta and join the board on September 1, while the current chief executive will step down with immediate effect.
Mr Baldo served as Ganni boss from 2018 until April, during which time it expanded to the UK, US, China, Australia and Thailand.
He will be tasked with steering the company through a period of depressed demand in the luxury goods sector.
I am thrilled to join Mulberry at such a pivotal moment
Mulberry reported a 4% drop in group revenues for the year to March 30 as it said trading conditions worsened in the final three months of its financial year.
The company, which was founded in 1971 by the entrepreneur Roger Saul and his mother, Joan, said international business had jumped by 7.2% but UK retail sales fell by 3.2%.
The company’s share price has fallen 42% since the start of the year, and it warned in May that there was no immediate end in sight to trading woes in the UK and China.
Shares fell 6% on Tuesday after the announcement.
Mr Baldo said: “I am thrilled to join Mulberry at such a pivotal moment and to build upon the strong sustainability credentials of this iconic luxury brand.
“I look forward to leading the business and its talented team into the next chapter.”
Chris Roberts, chairman at Mulberry, said: “Following our search process, it was clear that Andrea’s international fashion brand expertise, creativity and strategic thinking meant he was absolutely the right person for this role. I’d also like to thank Thierry for his contribution to the business.”
Prior to Ganni, Mr Baldo was chief executive at Italian leather goods and accessories brand Coccinelle from 2016 to 2018, and board director at Italian luxury goods company Marni Group from 2013 to 2016.
He also held senior positions at Diesel for 10 years, including as chief operating officer of its US business.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.