Mulberry was the it-brand a few years ago, its handbags adorning the arms of every celeb worth their salt, from the Duchess of Cambridge to Alexa Chung (who had a satchel named after her). However, after just two years in charge of the luxury fashion house and three profit warnings in the space of 18 months, boss Bruno Guillon has left.
‘I, along with the board, would like to thank Bruno for his hard work over the past two years. He has helped improve the quality of the Mulberry offering and enabled the company to increase its international appeal and grown international retail sales,’ said Godfrey Davis, who has been promoted from non-exec chairman to exec chairman until the company finds a successor to Guillon.
A tad disingenuous perhaps, given the brand’s struggle to sell its pricey bags in Asia last year. Mulberry’s troubles have also coincied with the exit of creative director Emma Hill, credited with giving the company that je ne sais quoi. Hill quit in June last year amid rumours she’d fallen out with Guillon over pushing up prices.
Investors took the news of Guillon’s departure rather well – shares were up almost 2% in mid-morning trading. After the Frenchman presided over a 66% slump in the share price, shareholders will be hoping Mulberry can find the next big thing.