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Mulberry will have to undergo a major restructuring seeing as their Creative Director ‘Emma Hill’ left last year and now the current CEO ‘Bruno Guillon’ has stepped down after three consecutive profit warnings. Guillon was credited to have instituted the aggressive price increases to bring the brand along the same lines as more expensive brands as Chanel, Louis Vuitton and Hermes.
He was previously a Managing Director of Hermes International before starting at Mulberry as CEO in 2012. The move was likely as a result of the company wanting to bring its status higher but as a result alienating its current fan base due to a higher price point. An example of the price increases during his tenure are as follows:
[box type=”shadow” align=”alignleft” width=”600″ ]The Mulberry Alexa bag in 2011 was priced at an affordable 795 (GBP) and has risen to 1,100 (GBP), a 38% increase in the last two years.[/box]
In the meanwhile, the brand has been doing a big push to get back some of its market share by partnering with popular British icon Cara Delevingne and her new backpack bag. Only time will tell whether this will be enough to lure back their fateful shoppers.