us polo assn store New Burberry Group PLC boss Marco Gobbetti to join group later this month

the travels of marco polo New Burberry Group PLC boss Marco Gobbetti to join group later this month

The new boss of Burberry Group PLC (LON:BRBY) is set to join the luxury fashion house later this month, although he is initially coming on board as executive chairman of Asia Pacific and Middle East.

Marco Gobbetti will then take over from outgoing chief executive Christopher Bailey on 5 July.

Gobbetti is coming from French luxury brand Cline where he was chairman and chief executive. He’s been in the luxury goods sector for over 20 years and has worked for the likes of Givenchy and Moschino in his time in the industry.

The Italian has been tasked with bringing Burberry back into fashion and will be responsible for all commercial, operational and financial elements of the business.

The group’s new chief operating and financial officer Julie Brown announced along with Gobbetti last summer will also take up her new position this month, joining up with the team on Wednesday.

The board changes came as part of a “business review” to try and tackle sliding sales in a “challenging external environment”.

The market seems to think that the fashion brand will have turned things around since its last update when it releases its Christmas trading figures on Wednesday.

The fall in the pound is likely to have pushed up sales over the key holiday trading season, with so called ‘Brexit tourists’ many from the Far East spending more than 700mln in British shops last month.

Shares peaked to an 18 month high on the back of the news, trading at 16.22 shortly after market open.

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us polo assn store New Burberry Group PLC boss Marco Gobbetti to join group later this month
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us polo assn store New Burberry Group PLC boss Marco Gobbetti to join group later this month
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