Burberry s Marco Gobbetti resigns as CEO to move on to Italian luxury brand Salvatore Ferragamo msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Burberry chief executive Gobbetti to quit to return to Italy
June 28, 2021 GMT
LONDON (AP) Luxury fashion brand Burberry is on the lookout for a new boss after revealing Monday that chief executive Marco Gobbetti is quitting his job at the end of the year.
Gobbetti, who replaced Christopher Bailey in 2017, will leave the U.K.-based retailer after five years at the helm to take up a new, unspecified role in Italy to be closer to his family, the company said.
During his tenure, Gobbetti has sought to get more Burberry products to be sold at higher prices and rely less on discounts and sales. He also strove to improve Burberry’s marketing and to focus more on wealthy young people.
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Shares in the company fell by 8.7 per cent, or 195p, to 2055p – wiping £790million off its value and making Burberry the biggest faller on the FTSE 100.
The sudden departure also raised concerns in the City that creative director Riccardo Tisci will follow him out of the door.
Chairman Gerry Murphy hailed Gobbetti s transformative impact , saying he had established a clearly defined purpose and strong brand momentum .
He added: The board and I are naturally disappointed by Marco s decision, but we understand and fully respect his desire to return to Italy after nearly 20 years abroad. With the execution of our strategy on track and our outlook unchanged, we are determined to build on Burberry s strong foundations.
Business
Burberry chief executive to quit to return to Italy
LONDON (AP) Luxury fashion brand Burberry is on the lookout for a new boss after revealing Monday chief executive Marco Gobbetti is quitting his job at the end of the year.
Jun. 28 2021 @ 11:05pm
LONDON (AP) Luxury fashion brand Burberry is on the lookout for a new boss after revealing Monday chief executive Marco Gobbetti is quitting his job at the end of the year.
Gobbetti, who replaced Christopher Bailey in 2017, will leave the U.K.-based retailer after five years at the helm to take up a new, unspecified role in Italy to be closer to his family, the company said.