Burberry has announced that Christopher Bailey has stepped down as the CEO of the British luxury house. He will continue to serve as the brand’s chief creative officer and president – a move that some view as a positive one.
"He needs someone to help him on the marketing and retail side, who has a good understanding of the business and knows exactly where they want to take the company," said a shareholder to Financial Times in a report last month.
Marco Gobbetti has been appointed as Bailey’s replacement. Gobbetti joins the house from Céline, where he is currently chairman and CEO, a position that he has held since 2008. He is slated to take up the role next year.