Mulberry announces new CFO amid turnaround plan

Mulberry has announced the appointment of Billie O’Connor as its new CFO as it revealed its “Back to the Mulberry Spirit” turnaround plan.

O’Connor qualified in 2007 and has spent her career working in the consumer and retail sectors, most recently as the CFO and CIO of Milk and More, a subsidiary of the Muller Group.

Prior to this, she held a variety of finance roles at Selfridges Group, Marks and Spencer, Walgreens Boots Alliance and Esporta Group.

The turnaround plan aims to restore Mulberry to profitability through simplification, brand realignment and enhanced customer connection.

In the near-term, the company said its focus will be on rebuilding gross margin and restoring profitability.

Over the mid-term, Mulberry is targeting annual revenue of £200m+ and 15% adjusted EBIT margins to enhance shareholder value.

In order to achieve this, Mulberry is set to refocus on the UK market, accelerate growth in the US and re-align operations in Asia with a reduced emphasis on China.

The company will also employ “active and continuous” cost control management across the company to drive efficiencies.

Mulberry also wants to reposition the company to celebrate British lifestyle, whilst appealing to “global, fashion forward audiences”.

Lastly, the company is hoping to enhance customer insights using data platforms and CRM tools and improve customer personalisation and in-store experiences.

The turnaround plan comes after group revenue declined 18.3% in the 13 weeks ended 28 December 2024.

Retail sales declined 16.5%, with trade in the UK down 20.3% also impacted by a lack of exposure to outlet and wholesale channels.

International retail sales declined 8.7%, with trade in Asia Pacific down 27.9%, offset by growth of 11.1% in the rest of world due to positive momentum in Europe and the United States.

Andrea Baldo, CEO, said: “Our new strategy sets out our commitment to turnaround this business and return to sustainable profitability. We need to get back to where we came from and return to the spirit of Mulberry.

“First created by Roger Saul over 50 years ago, it is this Britishness, cultural relevance, creativity and responsible craftsmanship that is so loved by our customers. These strengths, along with our unique price position, sets us apart from the market.

He added: “It is also clear to me that for Mulberry to succeed, the business model needs to be simplified – including re-prioritising the UK and taking a channel agnostic approach – while also ensuring we lead with creativity to reignite brand desirability and deepen connections with our customers. We are already acting at pace and putting our strategy in action, including through new wholesale agreements with Flannels and John Lewis.

“I would also like to welcome Billie O’Connor to Mulberry as our new Chief Financial Officer. Billie has a wealth of experience working in the consumer retail space and has spent time leading finance teams through turnarounds. I am looking forward to working with her and while there is much to do, I am confident that with this new strategy and team we will drive long-term shareholder value and achieve our vision to become the most loved British lifestyle brand.”