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Surprise CEO shakeup at Burberry

Fashion designer Christopher Bailey, Burberry‘s onetime rising star, has been demoted from his role as CEO of the London-based luxury goods company. He will continue to serve as creative director, reporting to CEO replacement Marco Gobbetti, a luxury veteran who led the revitalization of LVMH-owned Céline.

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Sales of the Burberry’s signature trench-coats, handbags, and scarves have been slowing in key markets, with shares down 22% since Bailey took the reins as CEO two years ago. Last month the company announced that it had cut Bailey’s pay by 75% for 2016, and withheld his latest bonus after he failed to meet growth targets. 

[Photo: Burberry]

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