Burberry's chief executive Christopher Bailey is stepping down from the post. Burberry was the first fashion house to allow one person to hold both the Chief Executive and Creative Director positions at once.
Marco Gobbetti will become the chief executive of Burberry next year- he's currently the chairman and chief executive of Celine. This change comes in light of the decision made by Burberry's shareholders who felt that Bailey needed to concentrate more on the creative direction of the brand.
Chairman John Peace commented that "The review that he has led into our ways of working is the blueprint for the next phase of Burberry's evolution. In order to maximise our ability to successfully implement these plans, Christopher identified the need for a new chief executive for the business who could partner with him as we execute on the new strategies and I am excited to see what they will do together".
What is the future of Burberry looking like? In May this year the company reported a 10% drop in annual profit, which may be linked to the number of radical changes that have been made in the last year. For instance, the brand has unified their runway and retail collections into two annual runway events. This means that 'seasonless' collections are available to buy immediately after the show.
Moreover, Brexit may influence Burberry's future, Bailey spoke on the matter saying "It certainly was not the result that we were looking for at all. Having said that we do now need to make the best of it" adding "We do trade globally as a business, we operate in all countries around the world, and of course we expect some change".
Bailey has arguably led the brand into the 21st century, making it a digitally savvy company which has managed to retain its appreciate of old-fashioned craft. We're excited to see what will happen next for the brand, all we know for certain is that Burberry is in safe hands with Bailey and Gobbetti...
Photo Credit: Vogue, Pinterst
Video Credit: Burberry Youtube
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