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Mulberry boss Bruno Guillon quits after profit warning
2014/3/20
The boss of Mulberry has quit after two years in charge of the luxury handbag firm.
Bruno Guillon's departure follows a profit warning from the company in January, in which it said results would be "substantially" below expectations.
Mulberry's shares fell by more than 25% as a result and have not recovered.
Mr Guillon will be replaced on an interim basis by former boss Godfrey Davis, who oversaw rapid growth of the brand between 2002 and 2012.
Mr Davis said his predecessor had "improved the quality of the Mulberry offering", and added: "I am confident that Mulberry has the heritage, brand appeal and products to build on what has been achieved."
The company issued a profits warning within months of Mr Guillon's appointment in March 2012, and in June last year announced the departure of creative director Emma Hill, who had been credited with much of the company's previous success.
Mulberry's latest profit warning earlier this year came after it said retail sales fell over the key Christmas trading period, down 7% in the eight weeks to the end of January.
It said it had experienced "significant" cancellations of wholesale orders from South Korea, and that annual profits would be about ￡19m, compared with analyst forecasts of ￡27m.
Mulberry shares rose by 1.26% in early trading on Thursday.
