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.
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write up may generate.
You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy,
or other matter.
You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.
From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously,
previously published information and data may not be current and should not be relied upon.