Marco Gobbetti has stepped down as chief executive of British luxury house Burberry, after just shy of five years in the role.
He was appointed to the company in July 2017, from LVMH-owned Celine, to bring some much-needed stability to the house. He was called in to replace then-creative director Christopher Bailey as chief executive, who had been heading up both roles for three years in a plan that may have looked good on paper, but left Bailey overwhelmed and the brand wobbling from lack of strong leadership.
When Bailey himself stepped away from Burberry in 2018, he had painstakingly built it up over 17 years, steering it from being the fashion choice of tabloid stars to a serious international luxury player.
Gobbetti was hired to build on that legacy, bringing experience and a revived energy to the brand.
One of his first moves was to appoint Riccardo Tisci to replace Bailey as creative director. Hot off a 12-year tenure at Givenchy (he left in January 2017), Tisci brought his unique vision of edgy – almost dangerous – clothes to Burberry, giving it a strong new attitude.
With each collection at the label, Tisci has tested out new ideas, growing in confidence and command with each. His most recent, for menswear spring / summer 2022, is deemed a true return to form and his most personal to date.
Now Gobbetti, the man who hired him, is leaving the UK, citing a wish to be closer to his family in Italy. After riding out endless British lockdowns, no one can blame him for wishing to be near his loved ones, but his departure raises other difficult questions, as there is no word from Burberry on who might replace him.
In a further twist, on Tuesday it was announced that Gobbetti will be joining the Italian house of Salvatore Ferragamo as the new chief executive.
Far smaller than Burberry – best estimates put it about roughly a third of the size – Ferragamo is ripe for regeneration and, interestingly, does not have a creative director, after Paul Andrew stepped down in May this year.
So now the question is: will Tisci remain at Burberry or will he, too, return to Italy to join Gobbetti, with whom he had an excellent working relationship?
With companies eager to smooth over transitions such as this, the lack of a statement laying out future plans suggests that Burberry's chairman, Gerry Murphy, may have been unaware of Gobbetti's departure in advance. The news, incidentally, sent Burberry shares tumbling 9 per cent.
Perhaps Burberry has a plan in place but if not, finding a replacement of Gobbetti's calibre will be no easy task, and could take months.
He brought a commercial focus to the house, pushing up prices while streamlining the luxury message behind the brand, and was in tune with Tisci’s vision. Together, the pair have shifted Burberry from looking to a British past (previous creative director Bailey used his love of Bloomsbury Set bohemia to backbone many of his collections), to focus instead on a bold new future, with strong, edgy collections that speak to a newer generation.
With so many questions now around Tisci’s future with the house, it may spell rocky times ahead, as all eyes shift to Ferragamo and what its future might offer.
More on Quran memorisation:
THREE
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UAE currency: the story behind the money in your pockets
Quick%20facts
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
FIXTURES
UAE’s remaining fixtures in World Cup qualification R2
Oct 8: Malaysia (h)
Oct 13: Indonesia (a)
Nov 12: Thailand (h)
Nov 17: Vietnam (h)
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More from Rashmee Roshan Lall
Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
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Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
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Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
