Mulberry's new boss is in the bag

The handbags maker Mulberry has poached its new chief executive from French luxury goods house Hermès.

Bruno Guillon will join in March to replace Godfrey Davis, who will move into the role of non-executive chairman.

Mr Guillon's package and details of his contract remain under wraps but it is thought it will be in excess of Mr Davis's 2011 remuneration, which came in at £613,000.

Hermès' former managing director of France has been hired for his international expertise. He will lead Mulberry's expansion into the US and Asia, where its success has helped the group treble profits in the first half of this year.

Mulberry's leather handbags, such as its Alexa handbag which sells for around £785, are at the more affordable end of the luxury world. However, Mr Guillon's appointment could see Mulberry creep into the higher end of the luxury goods market because Hermès bags sell for thousands of pounds.

"I am delighted to be joining Mulberry and look forward to continuing the dynamic success that the group has achieved," Mr Guillon said.