Burberry's new CEO to start work next week

Burberry's new CEO to start work next weekBurberry Group Plc finally agreed a start date for its new chief executive officer, six months after announcing it was hiring LVMH’s Marco Gobbetti to take on the role, Bloomberg said on Monday.

Gobetti will join the UK fashion house later this month as executive chairman of Asia Pacific and the Middle East before formally taking the reins on July 5, the London-based company said in a statement Monday.

The trench-coat maker had appointed Gobbetti, the former CEO of LVMH-owned French fashion house Celine, as its new chief in July to arrest a sales slump in key hubs such as Hong Kong. He will succeed Christopher Bailey, who will return to steering Burberry’s creative direction after a two-year stint in charge during which he presided over falling profits and slumping shares.

The company said in July that Gobbetti would join as soon as he would be contractually able to do so. The management shakeup also included the departure of Chief Financial Officer Carol Fairweather, who’s being replaced by Julie Brown this week.

Gobbetti’s initial role was created for him and the move won’t affect the executives currently running Burberry’s Asia Pacific and Middle East divisions, a company spokesman said.

In November, the company said its earnings fell by 24 percent in the six months through September, and thus far it has failed to see the rebound in demand enjoyed by luxury-sector peers such as LVMH and Richemont. The company is expected to report third-quarter sales Wednesday.
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