Burberry chief quits to take top job at Ferragamo

Burberry will be looking for a new boss.

The British luxury brand is set to lose existing chief executive Marco Gobbetti.

On Monday (June 28) rival Salvatore Ferragamo said he would be taking the top job there.

The news comes after speculation of a shakeup at the Italian brand, which has been hit harder than most by the turmoil of the past year.

Ferragamo has a famous past, making shoes worn by Hollywood legends like Audrey Hepburn.

But it's often now cited by industry experts as a possible takeover target.

Last year it brought back a former boss as executive director to help management revamp the brand.

Now it says Gobbetti will take up his post as soon as he is released from his contractual obligations.

He certainly has the right resume.

Before Burberry, Gobbetti ran Moschino, and spent 13 years in the giant LVMH group.

There he was CEO of Givenchy and Celine.

Burberry investors did not welcome Monday's news.

Shares in the firm plunged over 8% in early trades.

Ferragamo shares gained around 1%.

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