Christopher Bailey Steps Down As Burberry CEO

Christopher Bailey is to step down as CEO of Burberry. Marco Gobbetti, currently head of French luxury fashion label Céline, will take over as CEO in 2017.

Bailey will retain his role as chief creative officer while also taking on the new title of brand president. According to WWD, Bailey will still oversee all elements of brand and design, but will consult with Gobbetti on business strategy.

The appointments come as part of a huge shake-up and restructuring within senior management at the British brand, which also sees Julie Brown replace former CFO Carol Fairweather in the new role of chief operating and financial officer.

"The moves are part of the ongoing business review that is targeting future growth opportunities in retail, product and digital enabled by changes to ways of working," Burberry said in a statement to investors, reports The Telegraph.

The brand reported a 10% drop in annual profit in May, and is thought to be feeling the effects of a slowdown of spending in China—its largest market.

Bailey has held the joint title of chief executive officer and chief creative officer following Angela Ahrendts' departure in 2014.

From: Harper's BAZAAR US