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Mulberry has appointed the ex-boss of Ganni as its new chief executive, replacing Thierry Andretta, who is leaving with immediate effect.
The British luxury handbag brand said on Tuesday that Andrea Baldo, who led Danish fashion darling Ganni until earlier this year, will take up the role in September. He previously worked for fashion brands Coccinelle, Marni and Diesel and his brief is to focus on Mulberry’s “next chapter”.
Andretta’s sudden departure after nine years as Mulberry’s CEO pushed the shares up 3.6 per cent, to close Tuesday afternoon trading in London at 106p. The stock has lost 72 per cent of its value since 2021, when it was trading at 368p, with a market capitalisation of £68mn.
In May, it reported a 4 per cent decline in annual sales and said losses would be hit by additional operational costs, becoming the latest luxury brand to warn of a slowdown in spending among affluent shoppers.
Andretta has also previously blamed a lack of VAT-free shopping for dwindling sales, which contributed to the closure of its Bond Street store in London in February 2023.
The luxury sector has been experiencing a divergence of fortunes between the strongest and the weakest players in recent months with companies such as Hermès, maker of the coveted Birkin bag, posting a 17 per cent increase in quarterly revenues while Gucci owner Kering warned on profits in April.
In 2020, Frasers, the retail conglomerate controlled by sportswear tycoon Mike Ashley, bought a stake in Mulberry, and currently owns 36.8 per cent of the shares. Mulberry is a significant supplier to House of Fraser, the department store group also owned by Frasers following its collapse in 2018. Ashley’s group also has a stake in Hugo Boss and owns upmarket department store chain Flannels.
The Singapore-based Ong family also holds a 56 per cent stake in Mulberry.
Mulberry chair Chris Roberts said Baldo’s “international fashion brand expertise, creativity and strategic thinking meant he was absolutely the right person for this role” and thanked Andretta for his contribution to the business.
Baldo was responsible for driving Ganni’s international growth and sharpening the identity of the brand to attract a greater number of shoppers. He also has a record of improved sales and profitability performance, Mulberry said in a statement.
This story has been updated to reflect the correct holding of the Ong family in Mulberry
