The board will now begin the search for a successor. Burberry anticipates Gobbetti will remain with the company until the end of the calendar year. In that time, he will work with Chairman Gerry Murphy to provide full support to the executive leadership team on an orderly transition. Further updates will be provided as available.

Gerry Murphy, Chairman, said: “With the execution of our strategy on track and our outlook unchanged, we are determined to build on Burberry’s strong foundations to accelerate growth and deliver further value for our shareholders.”

Marco Gobbetti, CEO, said: “I am fully committed to supporting them through the transition and I have every confidence that the creativity and strong values that define Burberry will continue to drive the company’s future success.”