Following a particularly rough financial year for the British heritage brand, Christopher Bailey is stepping down from his current role as CEO, and handing over his two-year running title to Marco Gobbetti, current chairman and CEO of French luxury brand Céline.

"I just felt that we need some real retail expertise in the company, but I needed to do a more formal business review to really identify exactly how we were going to do that. Simultaneously I had started to look for somebody I could partner with, who really had the gravitas or the experience of a true luxury retailer. And that kind of eventually led me to meeting Marco," Bailey clarified in a statement.


Remaining as Burberry's chief creative officer, Christopher Bailey is also taking on the new role as president and will work alongside Gobbetti, who has been in the industry for more than 20 years at Givenchy and Moschino, before taking the reins at Céline. "As soon as I met him, we had a very, very strong chemistry. He has a profound understanding of retail and retail execution. He has also got an incredibly global experience; he is somebody that has done a lot of work in the US, of course in Europe but also in Asia, so he thinks very globally and that is relatively unusual," Bailey said of Gobbetti and his potential to upturn the brand's financial woes.