Sales slump: Model Cara Delevingne with a Mulberry handbag
Mulberry has replaced its boss after he presided over a sales slump and a collapse in the share price.
In a surprise announcement, the British luxury bag-maker – where supermodel Cara Delevingne had a bag named after her – said chief executive Thierry Andretta has left ‘with immediate effect’.
The 66-year-old veteran has seen the Mulberry share price fall nearly 90 per cent since he took charge in April 2015.
In an update at the end of May, he revealed annual revenues fell 4 per cent last year and warned ‘Mulberry has not been immune to the broader downturn in luxury spending’.
Andretta, who was paid more than £1million a year and has held senior jobs at Gucci-owner Kering and LVMH, will be replaced by Andrea Baldo, most recently boss of Danish womenswear brand Ganni.
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