Luxury handbag brand Mulberry has been attacked by shareholders at its annual meeting yesterday (8 September) as they called on the company to speed up the process of hiring a new chief exec and creative director.
Two shareholders berated the brand, which has been hit hard by the departure of chief executive Bruno Guillon in March and creative director Emma Hill last year, with one commenting: “The company is going downhill steadily. It is in decline. Isn’t it time we have new directors into the company to take it forward?”
Mulberry has recently been embarking on a drive to lower prices of its handbags to within the range of £500 and £800, compared to £1000, a move that executive chairman, Godfrey Davis said will improve sales.
The number of bags in the “sweet spot” price range has grown from 24 per cent in 2013 to 40 per cent this year, according to finance director Roger Mather.
The other shareholder requested that a sales director should sit on the board.
Davis added that Mulberry is focussed on finding a new chief executive and creative director.
This September will mark the second season that the brand has not held a runway show at London Fashion Week.
Despite a tumultuous period, including three profit warnings and a slump in share prices, Mulberry is hoping that its newly released handbag range by model Cara Delevingne will help boost sales.