Mulberry replaces CEO amid slump in luxury sales – TheIndustry.fashion

Luxury bag maker Mulberry has replaced its Chief Executive Thierry Andretta with the former boss of Danish fashion brand Ganni.

Andrea Baldo will replace Andretta and join the board on 1 September, while the current Chief Executive will step down with immediate effect.

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.

Mulberry reported a 4% drop in group revenues for the year to 30 March 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.

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, 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.