Mulberry's share price has fallen 39% since January, amid a global decline in the luxury sector, mainly driven by shoppers from Asia cutting back. Luxury giant Mulberry has dispensed with the services of chief executive officer (CEO) Thierry Andretta because of falling sales and a sharp deteriorating in its share price. Andretta is to be replaced by Andreas Baldo, previously chief executive of Ganni, a mid-range luxury brand.
He has also worked at Coccinelle and Marni Group. Andretta had been with Mulberry since 2015, having previously worked at rival brands LVMH and Kering. Since its establishment in 1971, Mulberry has been a staple on the British high street, including celebrity names such as Cara Delavigne, Kate Moss, Lana Del Ray and Alexa Chung among its fan base.
However, the company has been struggling over the past few months caught up within the global decline in the luxury goods sector. This is especially seen in China and other parts of Asia, as rising inflation and increased interest rates affect disposable income. As a result, consumers in key markets such as China are being more careful about buying luxury goods, such as handbags, watches and expensive gadgets, focusing instead of essential purchases.
Mulberry's share price has fallen 39% already since January this year, trading at €1.09 at the time of writing. Chris Roberts, chairman of Mulberry said in a statement: "Following our search process, it was clear that Andreas' international fashion brand expertis.
