But don't cry into your Burberry trench just yet, according to Business of Fashion, Bailey will design the Spring/Summer 2018 collection before exiting the brand - so there's still time to pick up a few Bailey-designed pieces before his reign at the label ends.

The 46-year-old British designer joined the iconic British label as design director back in 2001 at a time when the brand was in serious trouble - their signature trench coats and check prints had both fallen out of fashion favour with the style set. According to Business of Fashion the check had even become somewhat of a national joke and was, "...pasted on cake tins, doilies and aprons."

Bailey, along with former Burberry CEO Angela Ahrendts completely transformed the 161-year-old brand limiting the Burberry check so it become covetable and cool again and through smart design and a forward-thinking digital strategy returned the label to its former status as one of the most desirable luxury brands on the planet.

Christopher Bailey with Cara Delevingne and Blake Lively

When Ahrendts left the company in 2006, Bailey was named as president and chief creative office, the role he will hold until March 31, 2018, according to Business of Fashion. "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.

Bailey leaves huge stylish shoes to fill at the brand, with recruitment for this replacement happening asap - odds on favourite is Phoebe Philo who is rumoured to be leaving Céline in the not-too-distant future.

What does this MAJOR news mean for Burberry?