Christopher Bailey to Depart Burberry

London-based global luxury brand Burberry announced this week that its president and chief creative officer (CCO) Christopher Bailey will leave the company on March 31, 2018. At that time he will also step down from Burberry's board. Bailey has been with the company for 17 years. He will provide his full support to current CEO Marco Gobbetti and the team on the transition until Dec. 31, 2018.

"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," Bailey said in a statement. "Burberry encapsulates so much of what's great about Britain."

Since joining Burberry, Bailey was a driving force behind its transformation, helping it grow from a small licensed outerwear business to one of the world's largest and most admired global luxury brands. He also built a talented and experienced creative team, capable of the constant reinvention that Burberry is known for.

Bailey worked with Burberry's board to put in place a new leadership structure, and in July he was succeeded as CEO by Gobbetti. Bailey was named CEO and CCO in May 2014.