Burberry has hired Marco Gobbetti from French luxury brand Céline to replace Christopher Bailey as chief executive, who will be shuffled into the role of ‘President’.
Mr Gobbetti will be “responsible for all commercial, operational and financial elements of the business,” the company said, duties that will be stripped from Mr Bailey as he is slotted into the President role.
Mr Bailey received a 75 per cent pay cut in June after a disappointing year during which its shares skidded 38 per cent and its pre-tax profits slipped 7 per cent.
Mr Bailey will retain the role of ‘Chief Creative’ as well as shuffling into the role of ‘President’ to make way for Mr Gobbetti.
Burberry says Mr Gobbetti is:
currently Chairman and CEO of French luxury brand, Céline. With more than 20 years’ experience in the luxury industry he has a proven track record for growing and developing brands including Givenchy, Moschino and Bottega Veneta. Most recently, at Céline, his retail and customer focused strategies have delivered exceptional growth for the brand over the last 8 years.
Christopher Bailey said:
I am very excited that Marco Gobbetti is joining us as Chief Executive Officer and as a partner to me. Marco brings incredible experience and skills in luxury and retail with him that will be invaluable to us. I am delighted to welcome Marco and I am looking forward to working closely with him alongside the rest of our highly talented teams. On a personal level, I know that we are going to enjoy a wonderfully collaborative partnership that makes me very excited for our future at Burberry.