Mulberry announces surprise CEO change amid market headwinds

British handbag maker Mulberry on Tuesday announced an unexpected shift in its executive suite, with Andrea Baldo stepping in to replace Thierry Andretta as chief executive, effective immediately.

Mulberry’s revenue fell 4 percent in its full year filing in May, as it navigates a challenging luxury landscape, particularly in China and the UK. The company has also been vocal about the UK’s tourist tax, arguing that it has negatively impacted sales of luxury goods.

In a statement Mulberry said Baldo has over 20 years' experience leading brands in the fashion industry, most recently as CEO and Executive Director of Ganni and previously at Italian handbag maker Coccinelle and the Marni Group.

Chris Roberts, Mulberry’s Chairman said: "I am pleased to be able to announce the appointment of Andrea Baldo. 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."

Andrea Baldo commented: "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."

Mr Baldo will join the Mulberry Board as CEO on 1 September 2024.