Brit brand Burberry made the announcement overnight, but it's not all bad news for Christopher Bailey fans - the enigmatic designer will remain as chief creative officer and will also take on the newly created title of president. Marco Gobbetti will replace him as CEO.

Gobbetti is leaving his current post as chariman and CEO of Céline, which he has held since 2008. He also has roles at Givenchy and Moschino under his belt. "Marco brings incredible experience and skills in luxury and retail with him that will be invaluable to us," Bailey says in the house's statement. "On a personal level, I know that we are going to enjoy a wonderfully collaborative partnership that makes me very excited for our future at Burberry."

Christopher Bailey leaves his post as Burberry's CEO

Christopher Bailey leaves his post as Burberry's CEO