Andrea Baldo has been named to the Mulberry board as Chief Executive Officer, succeeding Thierry Andretta, who is standing down from the board and departing the firm.
Andretta started as CEO in 2015.
UK-based Baldo has over 20 years of experience leading fashion brands, most notably as CEO and Executive Director of Ganni from 2018 to this year.
He additionally “drove the international growth of the business through a focus on retail network development, product innovation, and a sharpening of the brand identity to increase customer engagement.”.
Prior to this, he worked at Coccinelle from 2016 to 2018 and at Marni Group from 2013 until 2016. He transformed the businesses’ strategic priorities, resulting in improved sales and profitability at both companies.
He has held top positions at Diesel for over ten years, including COO of the company’s US operations.
While Andretta is leaving immediately, his replacement will not join until the beginning of September.
He did not explain the cause of Andretta’s departure.
In its most recent trading update in May, the company stated that revenues decreased 4% in the year to the end of March, or 2.7% at constant exchange rates (CER), but gross margins remained consistent with the first half of the year.
Retail sales increased by 0.3% (or 1.9% CER), with international sales up 7.2% (or 11% CER) and the UK down 3.2%.
It will be loss-making for the year, and Andretta stated that the company “has not been immune to the broader downturn in luxury spending experienced in recent months, particularly in the UK and Asia.”.
He stated that the situation would persist in the short term as well.
The firm’s full-year results have yet to be published, despite the fact that they were released in late June of 2023.
