Mulberry CEO Bruno Guillon steps down after profit warning
Bruno Guillon, the CEO of English luxury brand Mulberry, has stepped down from his role less than two months after the retailer issued a profit warning.
In a brief statement the maker of luxury handbags said Guillon would resign as CEO with immediate effect after just two years in the role.
Guillon joined Mulberry from Hermès in France and implemented a plan to re-emphasise the brand’s luxury positioning. This came via a hike in retail prices – a move that is yet to pay off and resulted in three profit warnings and a slump in share prices.
Godfrey Davis, who is currently non-executive chairman and was previously CEO, will become executive chairman until a successor is found.
He commented: “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.
“I am confident that Mulberry has the heritage, brand appeal and products to build on what has been achieved.”
In January the retailer reported a seven per cent slump in sales over the Christmas period and saw its shares plummet by 27 per cent.
Last year Mulberry’s creative director Emma Hill, who designed the best-selling Alexa handbag resigned over a reported conflict between the designer and the brand’s management strategy.