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Burberry’s chief executive officer, Marco Gobbetti, has resigned and will be moving back to Italy to lead the company’s fashion business rival, Ferragamo. His exit from the British luxury fashion brand comes as the company is said to be undergoing a revamp.
Gobbetti’s resignation
Reuters reported that Gobbetti was credited for Burberry’s increase in market value. Under his leadership, he was able to boost the number by a third after taking the brand further upmarket.
Now, since he has done a lot to bring the label up, it was said that there are concerns that his resignation will undo some of the progress he made for the company.
In fact, it was said that after his departure from Burberry was announced, shares of the company plummeted by as much as 10% in early trade. On the other hand, shares in the company where he will move to, which is Ferragamo, saw an increase by 2.3% in Milan.
The executives at Burberry admitted that they were disappointed with Marco Gobbetti’s resignation, but they respect his decision to leave. The company's chairman, Gerry Murphy, said in a statement, "The board and I are naturally disappointed by Marco's decision, but we understand and fully respect his desire to return to Italy after nearly 20 years abroad."
As for Gobbetti, he said he thinks this is the right time to go back to Italy. He added that he thinks he can step down now because Burberry is now on the right track. "With Burberry re-energised and firmly set on a path to strong growth, I feel that now is the right time for me to step down," he shared.
Burberry shares plummet with Gobbett’s departure
As Gobbetti moves to lead Salvatore Ferragamo in his home country, Burberry’s shares have decreased. As per CNN Business, this just shows that many want him to stay and continue directing Burberry to success, but he has made a decision now and chose to work on another brand that has been considered as Burberry’s rival.
Finally, it was added that Gobbetti made the decision because he wants to stay close to his family now. In any case, prior to helming Burberry, he has worked for LVMHF for 13 years as its CEO of Celine and Givenchy and Celine.
