Burberry to change image as boss Bailey steps down
Christopher Bailey, who fashioned Burberry into a global label, will part ways with the British trench coat maker next year as its new CEO moves to revitalise the brand.
After joining Burberry from Gucci in 2001, Bailey worked with former CEOs Rose Marie Bravo and Angela Ahrendts to make its classic camel, red and black check designs must-haves for followers of fashion around the world.
Bailey will forego £16m (€18.2m) in share awards when he steps down at the end of March to pursue new projects, Burberry said yesterday.
Ad campaigns fronted by model Kate Moss helped sales rise in the early 2000s, but Burberry became a victim of its own success when its check pattern was widely counterfeited.
However, Bailey successfully re-established its upmarket credentials and became CEO when Ahrendts left for Apple in 2014. But Burberry's growth faltered, first as demand in Asia slowed, and then as it failed to ride a rebound.
The 46-year-old designer was paid £3.5m in the year to end-March.
Burberry said Bailey would step down from his board positions of president and chief creative officer at the end of March, but would support Marco Gobbetti, who took over from him as CEO, until the end of December next year.
Bailey's exit will enable Gobbetti to revamp Burberry's creative direction as well as its operations, analysts said. (Reuters)