British luxury company Mulberry Group has revealed that Bruno Guillon is to step down as CEO with immediate effect.

Godfrey Davis, who is currently non-executive chairman and was previously CEO, will become executive chairman until a successor is found.

Guillon, who has been in the role for just two years, joined the business from French luxury brand Hermès where he was managing director of its French division.

While he has been credited with helping Mulberry to increase its international appeal and grow international retail sales, his departure comes after the company earlier this year issued a profit warning on tough UK trading at Christmas and order cancellations in South Korea.

The group's total retail sales were down 3% in the 17 weeks to 25 January, and down 7% for the last eight weeks of that period.

The company was also rocked by departure of its creative director Emma Hill last year amid reports of disagreements over company strategy. Hill was largely responsible for leading the resurgence of Mulberry in recent years.