The CEO of iconic Somerset-based fashion business Mulberry quit the group last week after nine years in the role – with the firm naming the former CEO of Danish womenswear label Ganni as his successor.
Andrea Baldo, who has more than 20 years' experience leading brands in the global fashion industry, replaces Thierry Andretta, who took up the CEO role at Mulberry nine years ago.
Over that period the international group, which has manufacturing sites at Chilcompton, south of Bath, and in Bridgwater, has struggled in an intensely competitive and ever-changing market.
At the time of his appointment Mr Andretta, who had previously held senior positions at Gucci, Moschino, Céline and Louis Vuitton group LVMH, was viewed as a steadying hand for the group – best known for its bags – after a torrid few years marked by a string of profit warnings.
These were triggered, according to industry insiders, by a strategy of taking the brand further towards the end of the luxury market – a move that pushed its price tags upwards of £1,000 and meant many loyal Mulberry fans could no longer afford its products.
However, after some initial success, the brand continued to struggle and the impact of the Covid-19 pandemic only made matters worse.
Since 2021 London Stock Exchange-listed Mulberry’s shares have slumped by 72% and in May they fell to their lowest level for 14 years after the firm warned that its well-heeled customers were continuing to cut back on spending.
Mulberry said in his four years as CEO and executive director of Gannis, Andrea Baldo had driven its international growth through “a focus on retail network development, product innovation and a sharpening of the brand identity to increase customer engagement”.
Prior to working at Ganni, Andrea spent time at fashion brands Cuccinelli and Marni Group.
Mulberry said in both positions, he had redefined the strategic priorities for the businesses, ultimately leading to improved sales and profitability performance.
He also held leadership positions at Diesel for more than 10 years including as chief operating officer of the US business.
He will join the Mulberry board as CEO on 1 September 2024.
Mulberry chairman Chris Roberts said: “Following our search process, it was clear that Andrea's international fashion brand expertise, creativity and strategic thinking meant he was absolutely the right person for this role. I'd also like to thank Thierry for his contribution to the business.”
Andrea Baldo added: "I am thrilled to join Mulberry at such a pivotal moment and to build upon the strong sustainability credentials of this iconic luxury brand.
“I look forward to leading the business and its talented team into the next chapter.”
Mulberry was founded in 1971 by designer Roger Saul, who made leather belts and chokers on the family kitchen table.
Today it employs around 1,400 people across the globe and has offices in London, Paris, New York, Hong Kong, Tokyo and Seoul as well as its headquarters at Chilcompton.
Its two Somerset factories, which between them produce more than half its total output, have benefitted from new investment over recent years.
