Burberry president and chief creative officer Christopher Bailey will leave the business next year.
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Bailey will step down from the board on 31 March 2018, but remain at the firm until the end of the year to support CEO Marco Gobbetti.
The designer has worked at the British luxury fashion house for 16 years, having joined as design director in 2001. He took on the role of CEO and chief creative officer in May 2014, after Angela Ahrendts left to join Apple.
In July 2016, Burberry appointed former Céline chairman Gobbetti as CEO and announced that Bailey would move aside to the role of president and chief creative officer. The transition took place in July of this year.
Gobbetti will now begin the process of finding a successor.
Bailey said: “It has been the great privilege of my working life to be at Burberry, working alongside and learning from such an extraordinary group of people over the last 17 years. Burberry encapsulates so much of what is great about Britain.
“As an organisation, it is creative, innovative and outward looking. It celebrates diversity and challenges received wisdoms. It is over 160 years old, but it has a young spirit. It is part of the establishment, but it is always changing, and always learning.
”It has been a truly inspiring place to work and the decision to leave was not an easy one. I do truly believe, however, that Burberry’s best days are still ahead of her and that the company will go from strength to strength with the strategy we have developed and the exceptional talent we have in place led by Marco.
“I would like to thank all my colleagues as well as Sir John Peace and the Board for all their support and faith in me over the years. I am excited to pursue new creative projects but remain fully committed to the future success of this magnificent brand and to ensuring a smooth transition.”