Burberry has shaken up its executive team and reporting structure, ending an experiment where the roles of CEO and creative director were combined.
Christopher Bailey will remain at Burberry as president and chief creative officer, but his focus will be on products.
Marco Gobbetti will take on the CEO role sometime next year, joining the company from Celine, where he was chairman and CEO.
Bailey took over after Angela Ahrendts left to head Apple retail but after an initial bump in sales, Burberry has floundered in the past year as demand slowed from China and Hong Kong, which accounts for roughly 40 percent of the brand's sales, according to the New York Times. Profits slowed and the share price fell 38 percent, after which Bailey took a 75 percent pay cut.
"I am very excited that Marco Gobbetti is joining us as chief executive officer and as a partner to me," said Bailey in a statement. "Marco brings incredible experience and skills in luxury and retail with him that will be invaluable to us. 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."
Bailey's role as designer and CEO was something of an experiment for the fashion brand, one that continues at several smaller houses.
- see this Burberry press release
- see this New York Times story
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