Christopher Bailey Out as CEO at Burberry
Burberry replaced Christopher Bailey as its CEO on Monday, ending the project of having him both lead the fashion house and serve as its chief creative officer. The luxury goods maker named Marco Gobbetti, CEO of French luxury brand Celine, as its new chief executive. He will take over in 2017. Bailey will stay on as chief creative officer and as president.
Total Retail's Take: Bailey had a tough act to follow, as he was the successor to Angela Ahrendts, who helped revive the luxury fashion brand during her eight-year tenure as CEO. In the end, Bailey was unable to continue the brand's momentum started by Ahrendts. Burberry has seen its sales fall and been forced to implement cost-cutting measures to keep afloat in the challenging luxury sector.