Burberry shocked the industry today by announcing its president and creative director Christopher Bailey will be stepping down next year after a 17-year tenure.
The British fashion house confirmed today that Christopher Bailey will leave Burberry at the end of 2018.
Mr Bailey commented: “It has been the great privilege of my working life to be at Burberry, working alongside and learning from such an extraordinary group of people over the last 17 years. Burberry encapsulates so much of what is great about Britain. As an organisation, it is creative, innovative and outward looking. It celebrates diversity and challenges received wisdoms. It is over 160 years old, but it has a young spirit.
“It is part of the establishment, but it is always changing, and always learning. It has been a truly inspiring place to work and the decision to leave was not an easy one. I do truly believe, however, that Burberry’s best days are still ahead of her and that the company will go from strength to strength with the strategy we have developed and the exceptional talent we have in place led by Marco [Gobbetti – chief executive of Burberry]. I would like to thank all my colleagues as well as Sir John Peace and the Board for all their support and faith in me over the years. I am excited to pursue new creative projects but remain fully committed to the future success of this magnificent brand and to ensuring a smooth transition.”
Mr Bailey was assigned the chief executive of the company in 2014 and finished in July 2016 when he moved to his current post.
His post was taken over by Marco Gobbetti, who joined from Celine, and is currently a lead player in the company’s cost-saving drive. The company has announced it wishes to save at least £100m by 2019.
Bailey has been credited with transforming Burberry into a global super brand.