The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — Mulberry Group Plc, the troubled U.K. fashion brand, named Thierry Andretta as chief executive officer, ending a yearlong search for a replacement for Bruno Guillon.
Andretta, who joined Mulberry as an independent non- executive director in June last year, will take up his new role from April 7, the Somerset, England-based company said Thursday in a statement.
Mulberry has been searching for a CEO since Guillon stepped down in March last year after failing to move the brand up- market. His plan, which included introducing handbags costing more than 1,000 pounds ($1,500), backfired, causing earnings to tumble. The company reported a 1.1 million pound pretax loss for the six months through September after abandoning the strategy.
Andretta is an experienced luxury executive, having held senior roles at Lanvin, Moschino and LVMH Moet Hennessy Louis Vuitton SA. He was most recently CEO of jeweler Buccellati. His appointment completes Mulberry’s search for a leadership duo after the company named Celine accessories designer Johnny Coca as creative director in November. Coca joins Mulberry in July.
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“Thierry was the outstanding CEO candidate,” Chairman Godfrey Davis said in the statement. “He has a wealth of fashion and luxury goods experience and an ability to drive our ambitious plans for international growth.”
By: Andrew Roberts; editors: Matthew Boyle and Robert Valpuesta.
Hermes saw Chinese buyers snap up its luxury products as the Kelly bag maker showed its resilience amid a broader slowdown in demand for the sector.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.