Business

Marco Gobbetti, Burberry’s chief executive, quits to join Ferragamo.


Marco Gobbetti, who was tasked with turning Burberry into more of an upmarket luxury brand when he was appointed chief executive in 2017, is quitting after five years in the role.

Shares in the British fashion house fell by 8 percent on Monday after news broke that Mr. Gobbetti, who had previously run brands including Céline and Givenchy, would be leaving Burberry at the end of the year to become chief executive of Salvatore Ferragamo in Italy.

Burberry said that Mr. Gobbetti had notified the board that he would be leaving “to take up another opportunity that will enable him to return to Italy and be closer to his family.” Burberry’s chairman, Gerry Murphy, said that he was “naturally disappointed” but that he fully respected Mr. Gobbetti’s decision “to return to Italy after nearly 20 years abroad.”

Mr. Gobbetti oversaw a broad overhaul at Burberry that included raising prices and cutting discounts as well as increasing the brand’s exposure in areas like handbags, where its offerings were seen as weak and where profit margins are higher.



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