Mulberry has taken a significant step by appointing Andrea Baldo, former Ganni CEO, as its new chief executive. Baldo is set to replace Thierry Andretta, who departs immediately, with Baldo assuming his role on September 1. This leadership change arrives during challenging times for the British handbag brand.

Andrea Baldo is no stranger to steering companies through transitions. While at Ganni, he propelled the Danish label’s international growth post-L Catterton’s majority stake acquisition in 2018. Despite his successful tenure at Ganni, Baldo’s new role comes with steep challenges. Mulberry reported a 4% decline in sales for the fiscal year ending March 30, 2024. Furthermore, the company’s share price has plummeted nearly 60% this year, reflecting broader market concerns.

This CEO shift at Mulberry was partly influenced by Ganni’s recruitment of Laura du Rusquec, the former Balenciaga deputy CEO, in April. It signals a strategic realignment for Mulberry in its effort to revive its market position and interpret global trends more effectively. Baldo’s experience in handling international brands might be the catalyst Mulberry needs to regain its footing.

The transition highlights the critical role of leadership in navigating financial hardships and positioning for future growth in a volatile market. Andrea Baldo’s experience and strategic acumen could be Mulberry’s key to reversing its current financial trajectory.