Burberry has replaced chief executive Christopher Baileyas part of a sweeping overhaul of top management at the British luxury fashion house after two years of poor financial performance.
The group has lost almost one-fifth of its value since Mr Bailey took the top job in 2014 as investors lost faith in his ability to market the brand around the world.
Burberry said yesterday that Mr Bailey, who rose to the top job after a long career as a senior designer, would take on a newly created role of president and retain his position as chief creative officer. Marco Gobbetti, chief executive of French luxury brand Céline, will take over as chief executive next year.
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