Burberry confirmed its new chief executive Marco Gobbetti is set to head the company from July

 
Courtney Goldsmith
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Burberry today announced when its new chief executive will start
Burberry today announced when its new chief executive will start (Source: Getty)

Burberry today confirmed Marco Gobbetti is set to become the boss of the company this summer as part of the company's ongoing restructuring drive.

Gobbetti is slated to join the luxury brand as executive chairman of Asia Pacific and Middle East on 27 January until 4 July. From 5 July, he will join the board and take on his role as chief executive.

Formerly the head of French brand Celine, Gobbetti was named as Christopher Bailey's successor last July as part of an ongoing business review to target future growth.

Gobbetti is a veteran in the industry and has worked to grow brands including Givenchy, Moschino and Bottega Veneta.

Read more: Christopher Bailey named president of Burberry, replaced as chief exec

Bailey will transition to the new role of president while retaining his title as chief creative officer on the same date.

Burberry's share price was up 1.37 per cent to 1,633p in morning trading.

In July, Bailey said: "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.

"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."

At the time of the announcement, Burberry chairman Sir John Peace said: "He [Gobbetti] has an outstanding track record of delivering growth in the luxury industry and his vision for the sector and how it will evolve is extremely impressive.

"The board firmly believes that these new leadership roles coupled with actions, identified in the recent business review, will significantly enhance our ability to deliver long-term sustainable growth and sector outperformance over time."

Burberry is expected to report an uplift in sales this week after the fall in the value of the pound made its products more attractive to foreign buyers. The fashion house, which posts results Wednesday, said Brexit could boost full-year profits by £125m.

Read more: Burberry leads another week of key retail updates

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