Mulberry is to hire a new creative director before electing CEO
Shareholders pressure the British fashion and leather goods company to speed up its search for a new designer
Mulberry's most recent board meeting was anything but a quiet one. Shareholders reportedly addressed the company's decline as well as absence of a creative director since its last, Emma Hill, left mid-2013 after helming the label for six years.
There was also the issue of Mulberry's failure to move upmarket. Despite the fact that Mulberry has produced a number of It bags, including the Alexa (named after model Alexa Chung), the brand has suffered a drop in its share prices. Also, for the second season in a row, Mulberry will not be presenting at the upcoming London Fashion Week.
With no chief executive officer either, a few shareholders were urged to voice their opinion.
"The company is going downhill steadily," one said, according to The Independent. "It is in decline. Isn't it time we have new directors into the company to take it forward?"
Mulberry's executive chairman, Godfrey Davis emphasised that the board will hire a creative director before it elects a CEO, making sure that the two are "compatible." Former CEO, Bruno Guillon apparently couldn't meet in the middle with Emma in terms of creative direction.
The company expects that, once the board has found all the right pieces and made the right decisions regarding moving its price points, sales will improve.