LONDON, United Kingdom — Mulberry Group Plc said creative director Emma Hill wants to leave the British luxury-goods maker after six years, sending the shares down the most in two months.
The timing of Hill’s departure is under discussion and has yet to be finalized, Somerset, England-based Mulberry said today in a statement. No reason was given for why the designer wishes to quit the maker of 2,500-pound ($3,880) ostrich leather bags.
Mulberry fell 9.1 percent to 970 pence at 11:47 a.m. in London trading, the steepest intraday drop since April 5.
The announcement is the latest in a series of setbacks for Mulberry, which said in March that reduced tourist spending in London would cause full-year sales and profit to miss estimates. The luxury-goods maker is experiencing a period of consolidation while it lays the foundations for future growth, Chief Executive Officer Bruno Guillon said at the time.
Hill joined Mulberry in 2007. Her spring-summer 2014 collection has been completed and she continues to work in the business finalizing the London Fashion Week collection which will be unveiled on Sept. 15, Mulberry said.
By: Andrew Roberts; Editors: Paul Jarvis, Marthe Fourcade.