Mulberry CEO Andretta leaves, replaced by Baldo from Ganni

Mulberry Group surprised on Tuesday with the news that its long-time chief executive was leaving the position with immediate effect and that a successor had been appointed.

The luxury handbag brand said Andrea Baldo “has been appointed to Mulberry’s board of directors as CEO, replacing Thierry Andretta, who is stepping down from the board and leaving the company.”

Andretta joined the company in 2015 as CEO.

Baldo, a British native, has more than 20 years of experience leading brands in the fashion industry, most recently serving as CEO and executive director of Ganni from 2018 to this year.

“He drove the company’s international growth, focusing on retail network development, product innovation and enhancing brand identity to increase customer engagement.”

He previously worked at Coccinelle from 2016 to 2018 and Marni Group from 2013 to 2016. We’re told that at both companies, he “redefined strategic priorities for the businesses, ultimately leading to improved sales and profitability.”

He also held management positions at Diesel for over 10 years, including as director of operations for the US branch.

Although Andretta is leaving immediately, his successor will not join until early September.

Chairman Chris Roberts said: “Following our search process, it became clear that Andrea’s international experience across fashion brands, creativity and strategic thinking meant he was absolutely the right person for the role. I would also like to thank Thierry for his contribution to the business.”

He did not give a reason for Andretta’s departure.

In its latest trading update for May, the company said sales were down 4% in the year to the end of March, or 2.7% at constant exchange rates (CER), while gross margin remained broadly in line with the first half of the year.

Retail sales rose by 0.3% (or 1.9% CER), with overseas retail sales up 7.2% (or 11% CER) and UK retail sales down 3.2%.

The company will be loss-making this year, with Andretta saying it was “not immune to the broader decline in luxury spending that has occurred in recent months, particularly in the UK and Asia”.

He added that this situation will also persist in the short term.

The company’s full-year results have not yet been released, although those for 2023 were revealed in late June.