Mulberry has tapped former Ganni chief executive Andrea Baldo to replace longtime CEO Thierry Andretta, reported the Financial Times. Andretta will depart the British handbag label, effective immediately, and Baldo will take over on Sept. 1.
Baldo, who led international growth for the Danish label starting shortly after L Catterton took a majority stake in the business in 2018, joins at a tough time for Mulberry. In May the company reported a 4 percent decline in sales for the financial year 2024, ended March 30, and has seen its share price drop nearly 60 percent this year.
The move comes after Ganni hired former Balenciaga deputy CEO Laura du Rusquec in April.
Learn more:
Mulberry’s Full-Year Sales Fall 4%
The British brand’s share price, which has fallen by almost 60 percent this year, declined by a further 4.5 percent in early trading on Wednesday.
