Belfast Telegraph

UK Website Of The Year

Burberry's changes to arrest slide

By Staff Reporter

Published 12/07/2016

Christopher Bailey will become president of Burberry
Christopher Bailey will become president of Burberry

Christopher Bailey has been sidelined as chief executive of Burberry as the fashion retailer moves to arrest falling profits and slowing growth.

Burberry has appointed Marco Gobbetti as its boss in place of Mr Bailey, who has been moved to the role of president.

Mr Gobbetti, who joins from French luxury brand Celine, will head "commercial, operational and financial elements of the business".

Investors reacted positively to the news, with shares jumping 5% to 1,235p.

In May, the group said it would slash £100m in costs to help offset difficult trading after reporting a 10% fall in full-year profits.

As a result, Mr Bailey saw his pay plummet 75% from £7.5m to £1.9m after he lost out on a bonus due to Burberry missing its profit targets.

The firm said that Mr Gobbetti has a "proven track record" for growing and developing brands such as Givenchy, Moschino and Bottega Veneta.

Mr Bailey will keep his title of chief creative officer, where he will oversee "brand and design".

Belfast Telegraph

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting?

Read More

From Belfast Telegraph