Bruno Guillon has quit as Mulberry chief executive this morning two months after the luxury fashion chain issued a profit warning.

The Frenchman, who was hired from French luxury goods group Hermes in 2011, has been under pressure regarding his pricing tactics and has had a difficult two years as Mulberry CEO.

He planned to take the handbag brand more upmarket but was hit by substantial discounts from competitors over Christmas and rising leather prices. The firm recently lost wholesale orders from Korea which hit profits.

Guillon has advised the board of his intention to step down with immediate effect.

Mulberry‘s former chief executive, Godfrey Davis, will take over until a replacement is found for Mr Guillon.

“I, along with the board, would like to thank Bruno for his hard work over the past two years,” Mr Davis said in a statement on Thursday.

“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.”