There is a new Burberry CEO. What does this mean for the wider luxury industry? And why is fashion in a state of flux?
Burberry, one of the biggest fashion houses in the world, has announced their new CMO and a new CEO. Judy Collinson, Burberry’s new CMO, joins the company from Christian Dior. Marco Gobbetti, Burberry’s new CEO, joins from Celine.
Yet the fashion industry has seen a lot of big moves recently. Alexandra Shulman, the infamous and world-renowned Vogue UK editor, stepped down. Amazon Fashion’s President Cathy Beaudoin quit. Then Louis Vuitton, Maison Margiela and Tom Ford have all had senior moves in a matter of weeks. Why? Is there something bigger to blame for the fashion industry being in this state of flux?
Has growth become a thing of the past?
Burberry has also been making headlines this week for another reason. They announced that they are planning to move over 300 jobs from London to Leeds. This, it was revealed, is purely to cut costs. Even high street fashion is feeling the squeeze. Today Marks & Spencer Group Plc have named their new chairman - former Asda supermarket boss Archie Norman. The retailer is hoping to chart a course back to sales growth. The whole fashion food chain is being hit hard.
Is Brexit the culprit?
Britain my be consciously uncoupling itself from Europe, but what does this mean for the fashion and luxury worlds? We have heard about fashion designers lobbying against Brexit. Then the chief exec of the British Fashion Council, Caroline Rush said that: “We will also be asking the government to provide assurances to businesses and individuals as soon as possible about the right to work and right to stay post-Brexit for EU citizens — as well as creating ways of attracting talent to London and the UK.” But fashion’s motherships are in Paris and Milan - European countries. Could the UK be left as a lone ranger in a hugely competitive field?
What do you think about the new Burberry CEO news? Watch this space for more on the luxury industry. You can also read more here -