Burberry said in its 2017 financial statement that following Brexit, the outlook for the luxury sector remains uncertain. "Under Bailey's influence as Chief Creative Officer and CEO latterly in his Burberry career, he modernised the brand with its continued focus on innovation, digital and shopper experience, which will support future growth".
"I am excited to pursue new creative projects but remain fully committed to the future success of this magnificent brand and to ensuring a smooth transition", commented Bailey.
The British fashion house confirmed today that Christopher Bailey will leave Burberry at the end of 2018. Together with Angela Ahrendts, former CEO at Burberry, Bailey established the Burberry Foundation, a dedicated initiative to help young people achieve their goals.
Pearce said that, because of that, Burberry has "big boots to fill", but that the company is giving itself a good chance to accomplish that.
"Burberry has undergone an incredible transformation since 2001 and Bailey has been instrumental to the company's success in that period". He has also built a highly talented and experienced creative team, capable of the constant re-invention that Burberry is known for.
Christopher Bailey is credited with turning around Burberry's fortunes, with catwalk shows streamed live and refurbishing its flagship stores, like this branch in Shanghai.
Bailey added the title of CEO to his position as chief creative officer in 2014, taking on unique dual role in recognition of how much his ideas had contributed to Burberry's success.
He took the company that made trench coats in World War I and wove its classic plaids into contemporary designs. "I have total confidence that Gobbetti's vision and leadership, with the excellent management team in place, will keep Burberry on the forefront creatively, digitally and financially, creating further value for shareholders in the next exciting stage of our evolution", sir John Peace, chairman said.