Christopher Bailey to be replaced as boss of Burberry

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Burberry has poached the boss of luxury brand Céline to replace chief executive Christopher Bailey and revealed that finance boss Carol Fairweather is leaving.

In a major shake-up at the British fashion house which has suffered from challenging sales environments in Hong Kong and the US, Marco Gobbetti will join the board in 2017.

Gobetti, who has also worked with Moschino and Bottega Veneta, will be responsible “for all commercial, operational and financial elements of the business”.

Bailey, who has come under pressure from the City over his dual role leading the strategic and creative direction, will take on the new role of president and chief creative officer.

On the new boss, Bailey said: “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.”

Also next year, Julie Brown will become chief operating and financial officer replacing Fairweather who has decided to pursue new opportunities.

Brown will join from medical technology firm Smith and Nephew.

Burberry chairman Sir John Peace said: “With Julie’s appointment, we have an individual who has an outstanding track record in the commercial and financial aspects of a global business as well as business transformation.”

The appointments come two months after the upmarket retailer revealed plans to slash costs by £100 million a year by 2019 as it reported a fall in profits.

Source Article from http://www.standard.co.uk/business/christopher-bailey-to-be-replaced-as-boss-of-burberry-a3293181.html

July 11, 2016 |
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