Fashion designer Christopher Bailey, Burberry's onetime rising star, has been demoted from his role as CEO of the London-based luxury goods company. He will continue to serve as creative director, reporting to CEO replacement Marco Gobbetti, a luxury veteran who led the revitalization of LVMH-owned Céline.
Sales of the Burberry's signature trench-coats, handbags, and scarves have been slowing in key markets, with shares down 22% since Bailey took the reins as CEO two years ago. Last month the company announced that it had cut Bailey's pay by 75% for 2016, and withheld his latest bonus after he failed to meet growth targets.
[Photo: Burberry] AOC