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Breaking: Christopher Bailey is Out as CEO of Burberry

 duhin95 / Instagram

duhin95 / Instagram

Today, Burberry appointed Christopher Bailey as president of the British heritage brand. He will continue to hold his title as chief creative officer. After two years as CEO, Bailey is to be replaced by Marco Gobbetti. Gobbetti—who is currently the CEO of LVMH-owned French ready-to-wear label Céline—will leave his position of eight years to join the British luxury brand in 2017. The official start date is yet to be announced.

Having worked in the fashion industry for over twenty years, Gobbetti’s previous roles include president and CEO of Givenchy Couture in 2004, CEO of Moschino in 1993, and sales director at Bottega Veneta from 1984 to 1989. The announcement follows a somewhat unstable period for Burberry; the brand has suffered plummeting profits and a decline in sales in recent years. However, according to Business of Fashion, Burberry shares have already increased by 6 percent since the announcement was made today.

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