Luxury fashion retailer Burberry has appointed Marco Gobbetti as its new chief executive to help the company’s falling profit and improve growth rates.
Gobbetti who was previously at French luxury brand Celine will be replacing Christopher Bailey, who will now take up the role of president whilst still doing his duties as chief creative officer.
The changes come as the company prepare to release its first quarterly update this week as it reported back in May that it would cut £100 million in costs after a 10% fall in full-year profits.
As the new CEO, Gobetti will lead Burberry’s "commercial, operational and financial elements" as he has two decades of luxury fashion experience working with retailers such as Moschino, Bottega Veneta and Givenchy.
Mr Bailey commented: "Marco brings incredible experience and skills in luxury and retail with him that will be invaluable to us.
"I am delighted to welcome Marco and I am looking forward to working closely with him alongside the rest of our highly talented teams."
