A new CEO and variables surrounding Brexit may prove challenging for the legendary British brand. The men on the business side of Burberry remain not only positive, but also energetic in talks about their future.
In an interview with Vogue, transitioning CEO Christopher Bailey expressed excitement for the opportunity to work alongside new CEO Marco Gobbetti. Strong chemistry was also noted, giving promise of a fruitful working relationship between Bailey and Gobbetti.
Marco Gobbetti, former CEO of Celine, has a resume filled with work experience in a variety of markets including the US, Europe and Asia. This diverse background will serve him now more than ever in the uncertain financial terrain of Britain’s changing marketplace.
In 2016, Burberry made great effort to adopt and develop the “see-now, buy-now” approach to collection debuts and product sales. Vogue claimed Burberry “spearheaded” the change in the format of fashion. Most other luxury brands have been considered to miss the mark.
The Guardian declared Brexit a disaster for British fashion houses, but also that “Brexit Britain” may be an attractive opportunity for investors. The future for British luxury brands, in terms of finances and trade, cannot effectively be assessed yet.
Financial questions have yet to be validated with enough evidence to raise or dismiss concerns; the New York Times stated outlooks remain blurry.
Burberry’s business-savvy CEO will have a lot to consider as he emerges into his new role. Will a supportive corporate team, and adaptation to the business-side of fashion, be enough for another successful year for Burberry? Only the runway will say for sure.