Mulberry boss Bruno Guillon has quit with immediate effect after a turbulent two years at the company.

Guillon’s departure comes after Mulberry in January issued its third profit warning in 18 months and the company’s share price plunged.

Mulberry was forced to slash prices over Christmas as Guillon’s controversial strategy of increasing the price-tag of its handbags in order to make them appeal to a more well-heeled shopper appeared to fail. The handbags are known to be favourites of Kate Moss and Victoria Beckham.

Mulberry chairman Godfrey Davis said: “I, along with the board, would like to thank Bruno for his hard work over the past two years. He has helped improve the quality of the Mulberry offering and enabled the company to increase its international appeal and grown international retail sales.

“I am confident that Mulberry has the heritage, brand appeal and products to build on what has been achieved.”

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