Burberry Group Plc Chief Executive Officer Marco Gobbetti will leave the company at the end of this year to take up the top post at Italy’s Salvatore Ferragamo SpA.
The Italian executive spent almost five years at the helm of the British label, and the board will now begin the search for a successor, according to a statement Monday. The move to Ferragamo will allow him to return to Italy after years working abroad.
At Burberry, Gobbetti brought in Italian designer Riccardo Tisci to oversee a revamp of the trenchcoat maker, aimed at moving the brand image further upmarket. He also bought an Italian leather-goods maker to develop Burberry’s handbag offerings.
Recently, Burberry launched a campaign featuring Kendall Jenner showcasing the Olympia bag. Gobbetti’s success in improving this crucial category may have made him more appealing to the struggling Italian leather-goods company Ferragamo.
Still, Burberry has trailed luxury rivals like LVMH and Kering SA in recovering from Covid-19 lockdowns, with sales remaining below 2019 levels in the latest quarter. Gobbetti will work with Chairman Gerry Murphy to provide support to the leadership team on an “orderly transition,” the company said.
