Burberry CEO Marco Gobbetti has announced his departure from the luxury company at the end of the year to join Ferragamo. Gobbetti, who has led Burberry through significant transformations in the past five years, has made this decision in order to be closer to his family in Italy. The news has come as a surprise to many, considering Gobbetti’s instrumental role in implementing a new upmarket strategy for the brand alongside creative director Riccardo Tisci.
Burberry has already initiated the search for a successor to Gobbetti, and in the meantime, he will be collaborating with chairman Gerry Murphy to ensure a smooth transition. However, this departure has raised some uncertainty for the company. While Burberry is successfully recovering from the challenges brought by the pandemic and continuing its Gobbetti-driven strategy, finding a qualified leader who can oversee such a major luxury business will undoubtedly pose a challenge.
It is anticipated that Gobbetti will remain in his position until the end of the year, but it is plausible that any new hire may have a lock-in period in their current role that extends into 2022. While an internal candidate is a possible option, Burberry has not yet revealed their approach to replacing Gobbetti.
Gerry Murphy, chairman of Burberry, expressed his appreciation for Gobbetti’s significant contributions, stating, “He has had a transformative impact and established a clearly-defined purpose and strategy, an outstanding team, and strong brand momentum.” Murphy also emphasized that despite Gobbetti’s departure, Burberry remains dedicated to executing its strategy and generating value for shareholders.
Gobbetti himself expressed his gratitude for the opportunity to lead Burberry and commended the talented individuals he worked with. He believes that this is the right time for him to step down, as Burberry is re-energized and poised for robust growth. Gobbetti thanked his colleagues and the board, as well as Gerry, for their partnership.
Moving forward, it is crucial for Burberry to find a new CEO who can sustain the brand’s momentum and propel its growth in the luxury market. As the search begins, the company will undoubtedly prioritize finding a leader who can build upon the foundation laid by Gobbetti and continue to drive Burberry’s success.
Useful Links:
– [Burberry Official Website](https://www.burberry.com/)
– [Salvatore Ferragamo Official Website](https://www.ferragamo.com/)
