- Title: Burberry holds AGM less than a month after boss steps down
- Date: 14th July 2021
- Summary: NEW YORK CITY, NEW YORK, UNITED STATES (FILE - APRIL 26, 2016) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** RAPPER NICKI MINAJ AND DESIGNER RICCARDO TISCI POSING FOR PICTURES ON THE RED CARPET NEW YORK CITY, NEW YORK, UNITED STATES (FILE - MAY 2, 2016) (REUTERS) VARIOUS OF MADONNA WITH DESIGNER RICCARDO TISCI
- Embargoed: 28th July 2021 18:10
- Keywords: AGM Burberry Burberry group results Burberry results Macro Gobbetti company news fashion
- Location: VARIOUS
- City: VARIOUS
- Country: United Kingdom
- Topics: Company News Markets,Europe,Economic Events
- Reuters ID: LVA006ELTXY8D
- Aspect Ratio: 16:9
- Story Text:Burberry will hold its Annual General Meeting (AGM) less than a month after the group stunned the market by announcing the departure of its boss, halfway through a revamp.
The British luxury group said in June that its CEO Marco Gobbetti had stepped down to take up the helm of luxury goods group Ferragamo in his native Italy.
Gobbetti has been credited with boosting Burberry's market value by a third as he has taken the brand further upmarket. His departure raised concerns that it will undo some of that progress.
Gobbetti's 2018 recruitment of star designer Riccardo Tisci, a fellow Italian and former colleague at Givenchy who had followed Gobbetti to Burberry helped to inject fresh life into Burberry's ranges.
Citi analysts predicted that Gobbetti's key initiatives will remain in place for at least another year and will be executed by an interim CEO, possibly finance chief Julie Brown.
They also flagged potential uncertainty over creative director Riccardo Tisci.
(Production: Louisa Naks, Paul Warren, Avivit Delgoshen)
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