Mulberry's Finance Director resigns amid business turnaround
Mulberry has today announced that its Finance Director, Charles Anderson, is stepping down from his role on 31 January.
Anderson's resignation comes just months after the fashion brand revealed that sales plunged by almost a fifth over the past half-year. The boss of Mulberry said he needed to "rebuild the business" to create a "leaner" operation.
The Somerset-based company, which was recently the target of takeover efforts by shareholder Frasers Group, is among firms to have been hit hard by a sharp slowdown in luxury spending.
Mulberry told shareholders that group revenues fell by 19% to £56.1 million for the six months to 28 September. It said trading was challenging over the half-year in the face of a "difficult trading environment and uncertain macroeconomic trends".
Frasers Group, which owns a 37% stake in Mulberry, abandoned its takeover plans for the brand, citing governance concerns after the brand rejected its increased bid of £111 million last year.
Mulberry considered the offer "untenable", sharing that it would instead focus on the company’s growth strategy, including a new CEO, debt facility and capital raising.
The retailer replaced its Chief Executive, Thierry Andretta, with the former boss of Danish fashion brand Ganni on 1 September in an effort to turn around the struggling business.
Baldo served as Ganni boss from 2018 until April, during which time it expanded to the UK, US, China, Australia and Thailand.
