Burberry Chief Executive Officer Marco Gobbetti has announced that he will step down to take up another opportunity that will let him be closer to his family in Italy, the British luxury group said in a news release.
Gobbetti will be leaving at the end of 2021 after almost five years with the company, during which he transformed Burberry’s brand and business, to take up a position that will let him return to Italy, the company said.
"With Burberry re-energized and firmly set on a path to strong growth, I feel that now is the right time for me to step down," Gobbetti said.
Burberry said it will immediately start the search for a successor. The London-based company has trailed luxury rivals such as LVMH and Kering SA in recovering from COVID-19 lockdowns, with sales remaining below 2019 levels in the latest quarter.
Burberry, popular for its check fabric and TB monogram, said in May that sales were recovering from the coronavirus crisis, partly due to a rebound in China, but cautioned that profit margins would be hurt by higher investment.
Under Gobbetti, Burberry has been shifting further upmarket with more high-end products.
The 62-year-old Italian, who led luxury groups Celine, Givenchy and Moschino before joining Burberry, will work with the London-listed company's chairman, Gerry Murphy, to support the leadership team through an orderly transition.
Burberry shares, which have gained more than a third in value since Gobbetti took charge, slid 6% to $21.15 British pounds on the FTSE 100 stock index on news of the resignation.
