Mulberry has parted company with its chief executive less than two months after the maker of luxury leather handbags issued a profits warning.

The British label, whose bags are carried by Kate Moss, Victoria Beckham and the Duchess of Cambridge, said Bruno Guillon had stepped down after a difficult two years at the helm.

Godfrey Davis, the chairman and Guillon's predecessor who masterminded Mulberry's rapid growth between 2002 and 2012,
will run the company as executive chairman until a successor is found.

His focus is on finding a chief executive as well as a creative director, following the shock departure of Emma Hill last summer after
six years.

She was credited with transforming Mulberry from a traditional briefcase and wallet maker into an international fashion label favoured by celebrities.

Since joining the company in 2012 from Hermes, Guillon has raised prices in an attempt to turn the “affordable luxury” label into a full-scale designer brand.

That strategy backfired and Mulberry's shares nearly halved from £13 over the
last year. Yesterday
morning, they rose 1.3 per cent to £6.48.
– ( Guardian service)