The outgoing finance director at Mulberry, Roger Mather, has sold a chunk of shares in the luxury handbag maker, calling into question his faith in its tentative recovery.
Mr Mather, who announced his decision to step down from the post earlier this month, sold off 33,000 shares for a total of £296,558 in two transactions earlier this week.
He still holds around 100,000 shares and options under the company’s long-term incentive plan.
Known for its leather handbags, including the £1,100 Alexa, Mulberry has been trying to restore its reputation for affordable luxury after an ill-fated push upmarket triggered multiple profit warnings.
Mr Mather’s departure is the latest in a string of top-level management changes at the label amid attempts to revive the brand.
Its chief executive, Bruno Guillon, left and in April the company brought in Thierry Andretta, formerly of LVMH and Gucci, to oversee the turnaround.
Mulberry has since expanded its cheaper ranges and signed up the model Cara Delevingne to help design and front collections. Another of its faces is Cressida Bonas, rumoured to be dating Prince Harry.
The former Céline accessories design director Johnny Coca was also brought in as creative director.
At Mulberry’s last results, covering the 10 weeks to 6 June, the overhaul appeared to be paying off, with sales up 17 per cent. Mr Mather, who spent eight years at the company, will leave in June 2016.
The share price fell 4p to 896p.Reuse content