Mulberry Group Plc, the troubled U.K. bagmaker, named Thierry Andretta as chief executive officer, ending a yearlong search for a replacement for Bruno Guillon.
Mulberry Spring/Summer 2015 | Source: Mulberry
LONDON, United Kingdom — Mulberry Group Plc, the troubled U.K. bagmaker, 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.
“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.
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