Christopher Bailey is throwing in the towel after 17 years at the luxury fashion house.
Months after relinquishing his chief executive role at Burberry, Christopher Bailey will be leaving the company entirely by the end of 2018. This announcement was made just three months after the appointment of Marco Gobbetti as chief executive.
Bailey first joined the British luxury fashion house as design director in 2001, later on taking over the reins as chief creative designer in 2009. He was then appointed chief executive in May 2014 after his predecessor Angela Ahrendts' departure to Apple. He is lauded for successfully revamping the company's image in the 2000s, positioning it as the luxury industry's digital frontrunner with an emphasis on e-commerce. Other achievements include various design and development projects for Burberry's stores, including the largest brick-and-mortar store in Regent Street, London. Shortly after the announcement, Burberry's share price saw a decline of 1.8 percent this morning (London time).
"It has been the great privilege of my life to be at Burberry, working alongside and learning from such an extraordinary group of people over the last 17 years. Burberry encapsulates so much of what is great about Britain. As an organization, it is creative, innovative and outward-looking," said Bailey in a press release. "I do truly believe, however, that Burberry’s best days are still ahead of her, and that the company will go from strength to strength with the strategy we have developed and the exceptional talent we have in place led by Marco. I am excited to pursue new creative projects, but remain fully committed to the future success of this magnificent brand and to ensuring a smooth transition.”
Bailey will step down from the board on 31 March, 2018, while facilitating the transition to Gobbetti and his team until 31 December, 2018. Watch this space for updates.