Burberry: chequered exit prompts succession crisis 

Marco Gobbetti, boss of Britain’s luxury flagship, is leaving to lead Salvatore Ferragamo

Burberry store on Bond Street in London
(Image credit: Oli Scarff/Getty Images)

Talk about trench warfare. Shares in Burberry sank by nearly 10% on Monday – knocking £1bn off the value of Britain’s luxury flagship – on news that the group’s transformative CEO, Marco Gobbetti, is returning to Italy to lead Salvatore Ferragamo, the Florentine design house known for its leather shoes and silk ties.

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