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Mulberry has appointed Andrea Baldo as CEO, replacing Thierry Andretta who has led the British luxury brand since 2015. Baldo will be tasked with improving the company’s performance against a challenging macro backdrop when he joins in September; Andretta is leaving immediately.
Baldo was most recently CEO and executive director of Ganni, where he served from 2018 until April this year. He played a pivotal role in scaling Ganni as an international business, taking over from founder Nicolaj Reffstrup. Mulberry noted his focus on developing Ganni’s retail network, product innovation and a “sharpening of the brand identity to increase customer engagement”. Before Ganni, he was CEO of Coccinelle, general manager and board director of Marni and held leadership roles at Diesel.
“Andrea’s international fashion brand expertise, creativity and strategic thinking meant he was absolutely the right person for this role,” said Mulberry chairman Chris Roberts in a statement. “I’d also like to thank Thierry for his contribution to the business.”
Founded in 1971 in Somerset, England, Mulberry is known for classic leather bags such as the iconic Bayswater and Alexa, as well as accessories and womenswear. In recent years, the brand has hit a number of hurdles, including the removal of tax-free shopping for tourists in the UK, which forced it to close its Bond Street store in February 2023. (Many British brands and fashion insiders have complained about the move, and have urged the UK’s new Labour government to reinstate the scheme.)
The wider luxury slowdown has also taken its toll. Mulberry’s revenue declined 4 per cent for the year ended 30 March 2024, compared to the previous year. When the trading update was released in May, Andretta noted that “Mulberry has not been immune to the broader downturn in luxury spending experienced in recent months, particularly in the UK and Asia.” Fellow British heritage brand Burberry’s sales also fell 4 per cent in the year to 30 March.
Alongside bolstering its international presence, Baldo could help Mulberry to move forward its sustainability strategy — something for which Ganni has garnered a strong reputation. In 2020, Mulberry launched the Mulberry Exchange, a circular programme through which customers can trade their existing bags for credit towards a new one. Last September, Mulberry opened a pre-loved pop-up store in London, which also showcased its upcycling collaboration with Stefan Cooke. This focus on circularity has led to a spike in demand for pre-loved Mulberry bags.
“I am thrilled to join Mulberry at such a pivotal moment and to build upon the strong sustainability credentials of this iconic luxury brand,” said Baldo. “I look forward to leading the business and its talented team into the next chapter.”
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