But bosses highlighted Burberry’s performance in the UK, where shoppers flocked to buy a range of new rucksacks and efforts to cut costs by £100 million by 2019 were paying off.
Bailey said this “gives us real confidence for the future”.
He will be replaced by rival Céline’s Marco Gobbetti next year, and instead Bailey will take on the roles of chief creative officer and president. Finance boss Carol Fairweather will leave in 2017.
