Marco Gobbetti plans to vacate his role as chief executive officer (CEO) of Burberry and depart from the luxury goods company at the conclusion of the calendar year, according to a Monday (June 28) announcement. Gobbetti will leave his role following almost half a decade with the firm to “take up another opportunity that will enable him to return to Italy and be closer to his family,” Burberry said.
CNN reported that the executive will leave the role to lead Salvatore Ferragamo, a competitor.
The executive had spearheaded a transformation of the firm’s “brand and business,” according to the announcement. “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,” Gobbetti said.
Management noted that Burberry expects that Gobbetti will stay with the firm up to the end of 2021. The executive will collaborate with Chairman Gerry Murphy to provide “full support” to the management team on an “orderly transition” during that time, according to the announcement.
“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. With the execution of our strategy on track and our outlook unchanged, we are determined to build on Burberry’s strong foundations to accelerate growth and deliver further value for our shareholders,” Murphy said.
The news comes as sales of luxury merchandise could rebound from the impacts of the pandemic as soon as this year, thanks to shoppers domestically and in China, per a report from Bain & Company. “Bain now sees a 30 percent probability that sales of high-end handbags, clothes and jewellery will return to or exceed their 2019 level of 280 billion euros ($340 billion) this year, depending on how quickly vaccines are rolled out and tourism picks up,” Reuters reported in May.
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