Luxury handbag maker Mulberry is shaking ups its top team as it unveiled a surprise change in chief executive today.
Andrea Baldo has ousted Thierry Andretta as the firm’s boss, leaving the company with immediate effect, having been in it since 2015.
The luxury brand has suffered this year as wealthy shoppers continued to slow their spending.
Revenue was down by four per cent year on year due to “challenging” macroeconomic conditions, the company 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,” chairman Chris Roberts told markets this morning.
Baldo has over 20 years experience in the fashion industry. Prior to the move to Mulberry, he worked as chief executive and executive director at Ganni. He has also worked at fashion brands Coccinella Spa and Marni Group and Diesel.
Andrea Baldo, incoming chief executive 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.”
Mulberry’s share price has fallen by around 30 per cent in the last year, wiping millions from its market value.
Demand for luxury goods fell amid the cost-living crisis and a slowdown in demand from China; a study by wealth management firm Saltus showed 16.29 per cent of cash rich Brits had cut down on their personal spending due to financial pressures.
The company – along with sellers like LVMH and Burberry – have continued to rail against the UK’s tourist tax, and have argued that it has damaged sales of their goods.
Baldo will join the Mulberry Board as chief on 1 September.