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Sales drop: model Cara Delevingne with a Mulberry bag
Mulberry replaced its boss after he presided over a slump in sales and a collapse in the share price.
In a surprise announcement, the British luxury handbag maker (whose supermodel Cara Delevingne’s bag is named after her) said chief executive Thierry Andretta has left “with immediate effect.”
The 66-year-old has seen Mulberry’s share price fall by almost 90 percent since he took over in April 2015.
In an update in late May, it revealed that annual revenue fell 4 percent last year and warned that “Mulberry has not been immune to the broader decline in luxury spending.”
Andretta, who was paid more than £1m a year and held senior roles at Gucci owner Kering and LVMH, will be replaced by Andrea Baldo, most recently boss of Danish womenswear brand Ganni.
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