Burberry chief Marco Gobbetti resigns Business

Marco Gobbetti has left the post of managing director of luxury fashion brand Burberry after nearly five years to take up the management position at Italian rival Salvatore Ferragamo.

Mr Gobbetti, who replaced Christopher Bailey in 2017, will leave the UK-based retailer to take on the role in Italy in order to be closer to his family, Burberry said.

The board will now begin the search for a successor, with Mr. Gobbetti remaining in office until the end of the year to allow for an orderly transition, he added.

Salvatore Ferragamo said Mr. Gobbetti “will take up his post as soon as he is released from his contractual obligations”.

President Gerry Murphy said the CEO “has had a transformative impact and established a clearly defined goal and strategy, an exceptional team and strong brand momentum.”

He added: “The board and I are understandably disappointed with Marco’s decision, but we fully understand and respect his desire to return to Italy after almost 20 years abroad.

“With the execution of our strategy on track and our outlook unchanged, we are determined to build on the solid foundation of Burberry to accelerate growth and deliver more value to our shareholders. “

Mr Gobbetti, who last year won £ 2.25million in wages and bonuses, said: “With Burberry re-energized and firmly on a path of strong growth, I think the time has come for me to resign. “

During his time with the luxury fashion brand, Mr. Gobbetti attempted to offer more items at full price and rely less on discounts and sales.

He also led a strategy to target a younger and richer clientele.

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This notice was published: 2021-06-28 07:06:53

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