Fashion brand Burberry has confirmed that Marco Gobbetti will take charge as Chief Executive Officer from July 5, 2017. Meanwhile, he will assume the role of Executive Chairman, Asia Pacific and Middle East regions by the end of this month until July 4, 2017.He is the former CEO and Chairman of Céline, the influential LVMH-owned fashion and accessories brand.
In July 2016, the British fashion houserecruited Gobbetti as its new CEO, replacing Christopher Bailey. Burberry said, “Bailey will continue as Chief Creative Officer and CEO until July 4. He will transition to the new role of President and Chief Creative Officer on July 5, and will remain on the board.”
Commenting on the appointment, Burberry’s Chairman Sir John Peace said, “Marco brings incredible experience and skills in luxury and retail with him that will be invaluable to us. He has an outstanding track record of delivering growth in the luxury industry, and his vision for the sector and how it will evolve is extremely impressive.”
Investors and retail experts welcomed the new appointment, which they said would help Burberry cope with falling profits due to flagging demand for luxury goods in markets such as China and Russia. However, the fashion brand is forecasting a 25 percent surge in third quarter sales to £752 million, with like-for-like sales up 2 per cent.