Benzinga | Jun 28, 2021 11:04AM EDT

Burberry CEO Marco Gobbetti Resigns To Join Rival Ferragamo

The world of luxury brand fashion witnessed a major corporate defection as Burberry Group ADR (OTC:BURBY) announced the resignation of CEO Marco Gobbetti after five years in the leadership role, while Salvatore Ferragamo S.p.A. (OTC:SFRGY) simultaneously announced Gobbetti will be joining their company as CEO and general manager.

Different Reasons For An Exit: In a press statement, Ferragamo said Gobbetti would join their company and "will take up the position as soon as he is released from his contractual obligations," while Burberry said it anticipated he would "remain with Burberry until the end of the calendar year."

The London-headquartered Burberry made no mention of Gobbetti's new job, only mentioning that his departure "will enable him to return to Italy and be closer to his family."

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The Gobbetti Journey: Gobbetti first achieved international prominence as CEO of Moschino from 1993 to 2004. He became CEO of Givenchy, a division of LVMH Mo?t Hennessy Louis Vuitton (OTC:LVMUY) in February 2004 and then switched to become CEO of the company's C?line division four years later.

Burberry announced Gobbetti was replacing Christopher Bailey as CEO in July 2016. In announcing his departure, Gobbetti stated his work at the company has been completed.

"As a group, we have elevated and strengthened the brand and the business, while continuing to be a force for good," he said. "With Burberry re-energized and firmly set on a path to strong growth, I feel that now is the right time for me to step down."

Burberry shares are down Monday morning 8.93% at $28.47 and Ferragamo are down 2.03% at $11.58.

(Photo of Marco Gobbetti courtesy of Burberry.)