Yahoo Finance Andrea Baldo, Former Ganni CEO, Replaces Thierry Andretta at Mulberry
LONDON — Italian fashion executive Andrea Baldo has been named chief executive officer of Mulberry, succeeding Thierry Andretta, who is leaving with immediate effect.
Baldo, who will join Mulberry on Sept. 1, was most recently CEO of the Copenhagen-based brand Ganni, and has more than two decades’ experience in fashion and accessories.
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At Ganni, Baldo took over management from the former CEO Nicolaj Reffstrup, and drove the international growth of the business through a focus on retail network development, product innovation and a sharpening of the brand identity to increase customer engagement.
Prior to Ganni, Baldo was CEO of the Italian leather goods brand Coccinelle, and has previously held senior management positions at Marni, Diesel and Maison Margiela.
Chris Roberts, Mulberry chairman, said that following a research 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.”
Roberts thanked Andretta for his “contribution to the business.”
Baldo said he is joining Mulberry at “a pivotal moment,” and intends “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.”
Andretta was with Mulberry for nearly a decade and was instrumental in shifting the business to more transparent, efficient and sustainable practices including repair services, resale and digital IDs for products.
He also introduced universal pricing for Mulberry products and oversaw the launch of the brand’s first carbon-neutral collection of bags, part of a strategy to achieve net zero by 2035.
The executive, who had previously held top roles at Buccellati, Lanvin, Moschino, Kering and LVMH Moët Hennessy Louis Vuitton, also worked to make Mulberry a more focused company by whittling down the offer to accessories only. It had previously sold ready-to-wear and footwear, but those licenses were not renewed on Andretta’s watch.
Andretta navigated the brand through tough times, including the pandemic and the post-pandemic slowdown in luxury. Like many other luxury leaders, Andretta was also a vocal critic of the U.K. government’s decision to cancel tax-free shopping for foreigners.
The recent slowdown in luxury demand, coupled with the elimination of tax-free shopping, tarnished Mulberry’s sales, and industry sources with knowledge of the company said it was time for a change of management.
In a fiscal year-end trading update in May, Mulberry said group revenue declined 4 percent at actual exchange rates and 2.7 percent on a constant currency basis versus the prior year.
The company had previously said that losses for the full year will be impacted by the additional operational costs of new store openings in Sweden and Australia and ongoing important investments, including technology, supporting future growth of the group.
Mulberry is set to report full 2024 figures later this month.
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