Marco Gobbetti is to give up his role as CEO of Burberry after leading the brand and business for almost five years.
According to a report in Reuters, Gobbetti will return home to Italy to lead rival luxury goods group Ferragamo.
Gobbetti will stay with Burberry until the end of this year while the company searches for a successor, and to ensure an orderly transition.
“[Gobbetti] has had a transformative impact and established a clearly-defined purpose and strategy, an outstanding team and strong brand momentum,” said Gerry Murphy, chairman of Burberry.
“The board and I are naturally disappointed by Marco’s decision but we understand and fully respect his desire to return to Italy after nearly 20 years abroad”.
Gobbetti became CEO and joined Burberry’s board in 2017, succeeding Christopher Bailey who left the group the following year. Prior to Burberry, Gobbetti was chief executive of Moschino and Givenchy before holding executive positions at French brand Celine in 2008.
“With Burberry re-energised and firmly set on a path to strong growth, I feel that now is the right time for me to step down,” said Gobbetti. “I would like to thank my colleagues as well as Gerry and the board for their partnership.
“I am fully committed to supporting them through the transition and I have every confidence that the creativity and strong values that define Burberry will continue to drive the company’s future success.”