Burberry needs to bag a smooth transition to keep its hand steady
The label is seeing an uptick, which could be stymied if it doesn’t find a CEO who continues what Gobbetti started
The Burberry check is back in fashion. But it’s an imminent checkout that is weighing on the British luxury group.
On Friday, Burberry Group reported a rebound in sales. But with CEO Marco Gobbetti poised to leave at the end of this year to join smaller Italian rival Salvatore Ferragamo, the company’s nascent turnaround risks coming apart at the seams.
A big part of Gobbetti’s goal at Burberry was elevating the company from something that was simply premium to the top echelons of luxury. He’s stabilised it since joining in July 2017. That’s evident from same-store sales, which have risen 90% from the year earlier in the three months to June 26, ahead of analysts’ expectations. They were just above pre-pandemic levels, too...