Burberry chief executive Marco Gobbetti is set to leave the FTSE 100 fashion firm at the end of the year, it has been announced.
The boss has led the company, known for its trademark trenchcoats, since 2017.
Burberry said the 62-year-old will be stepping down to take up another opportunity that will enable him to return to Italy and be closer to his family.
Luxury goods firm Salvatore Ferragamo Group said an agreement has been reached with Gobbetti to join Salvatore Ferragamo as general manager and chief executive.
The group anticipates he will remain with the firm until the end of the calendar year. Gobbetti will work with chairman Gerry Murphy to provide full support to the executive leadership team on an orderly transition.
Murphy said Gobbetti “has had a transformative impact and established a clearly-defined purpose and strategy, an outstanding team and strong brand momentum”.
In late 2017 the chief executive unveiled plans to move the company more upmarket to up the fight with rivals, looking to take the axe to a number of stores not close enough to Burberry’s high-spending shoppers. Since joining he has brought in creative chief Riccardo Tisci, and a range of new collections have been introduced.
Like other luxury brands, Burberry saw sales hurt due to the pandemic, but it said last month that a recovery accelerated through the year leading to fourth quarter comparable store sales increasing 32% year on year.