Christopher Bailey to be replaced as boss of Burberry

Burberry has poached the boss of luxury brand Céline to replace chief executive Christopher Bailey and revealed that finance boss Carol Fairweather is leaving.

In a major shake-up at the British fashion house which has suffered from challenging sales environments in Hong Kong and the US, Marco Gobbetti will join the board in 2017.

Gobetti, who has also worked with Moschino and Bottega Veneta, will be responsible “for all commercial, operational and financial elements of the business”.

Bailey, who has come under pressure from the City over his dual role leading the strategic and creative direction, will take on the new role of president and chief creative officer.

On the new boss, Bailey said: “On a personal level, I know that we are going to enjoy a wonderfully collaborative partnership that makes me very excited for our future at Burberry.”