Burberry Appoints New CEO

British luxury brand Burberry has appointed luxury veteran Marco Gobbetti chief executive officer.

Gobbetti who currently serves as chairman and CEO of LVMH-owned fashion and accessories brand Celine, has worked for the past 20 years on brands such as Moschino, Bottega Veneta and Givenchy. He is expected to take up the role in 2017 and will be responsible for all commercial, operational and financial elements of the business.

Christopher Bailey who became CEO in May 2014 will take on the title of president and will continue as chief creative director. 'I am very excited that Marco Gobbetti is joining us as chief executive officer and as a partner to me,' he in a statement. 'Marco brings incredible experience and skills in luxury and retail with him that will be invaluable to us...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.'

'Since taking on the combined role of chief executive and chief creative officer, Christopher Bailey has done an excellent job set against a backdrop of challenging market conditions,' Burberry's chairman John Peace said in a statement. '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 maximize 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.'

Both Bailey and Gobbetti will report directly to Peace. Burberry's Chief Financial Officer Carol Fairweather who has decided to pursue new opportunities will be replaced by Julie Brown chief financial officer of global medical technology business Smith and Nephew PLC.

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