Mulberry has announced that Andrea Baldo, the former CEO of Ganni, will take over as the new CEO of the company. This change comes at a time when the luxury fashion industry is experiencing a slowdown in spending.
Andrea Baldo will be replacing Thierry Andretta, who has been with the company since 2015 and will be stepping down from his role with immediate effect. Baldo previously held the position of CEO and executive director at Ganni from October 2018 to April of this year. Before that, he was the CEO and board director of handbag company Coccinelle from 2016 to 2018, and a board director at Marni Group from 2013 to 2016.
Chris Roberts, the chairman of Mulberry, expressed confidence in Andrea Baldo, stating, “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.”
Mulberry has experienced a decline in sales for the full year due to challenging economic conditions and a decrease in luxury consumer spending, particularly in the last quarter.
Other luxury retailers like Burberry have also faced challenges, with Burberry’s full-year profit dropping by 36% in May as a result of the slowdown in luxury spending.
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