Burberry fashions a new future as Bailey steps back

Chief Creative Officer of Burberry Christopher Bailey walks on the catwalk following the presentation of the Burberry Prorsum 2012 Spring/Summer collection during London Fashion Week, Britain September 19, 2011. [Photo/Agencies]

Burberry has finally bowed to investor pressure and replaced Christopher Bailey as chief executive as part of a wider overhaul of senior management at the British luxury fashion house.

After months of shareholder unrest and a steep fall in Burberry's share price, the retailer has announced that Marco Gobbetti will become chief executive next year. Bailey will step down as chief executive and become "president" of Burberry, while retaining his long-held position as chief creative designer.

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