The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — British luxury brand Burberry said on Monday its incoming chief executive Marco Gobbetti will initially join the company on Jan. 27 as executive chairman, Asia Pacific and Middle East, before joining the board and taking the top job on July 5.
Italian Gobbetti, the former boss of French brand Céline, was named as Christopher Bailey's successor as chief executive officer last July.
Bailey will take on the new role of president and chief creative officer.
Burberry will update on trading in its Christmas quarter on Wednesday.
By James Davey; editor: Sarah Young.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.