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Céline Exec to Take Over Burberry

Burberry announced Monday that Christopher Bailey will be ending his stint as both chief executive and creative director at the luxury brand.

Céline Chairmand and CEO Marco Gobbetti will take over executive duties in 2017. Meanwhile, Bailey will retain his creative role and take on a new role as president of the British fashion house.

In a statement, Bailey said, “I am very excited that Marco Gobbetti is joining us as chief executive officer and as a partner to me. Marco brings incredible experience and skills in luxury and retail with him that will be invaluable to us.”

In June, Bailey received a 75 percent pay cut following a disappointing sales year. Board members began to grumble about his ability to carry out the two roles successfully.

Burberry’s announcement is just one of a number of recent luxury leadership changes, including Balmain’s sale to Qatar-based Mayhoola, and Maria Grazia Chiuri’s appointment to Christian Dior, the French label’s first female creative director.