Burberry chief moving to Salvatore Ferragamo

Murphy added in a statement that the Burberry board would begin its search for a successor.

"With Burberry re-energised and firmly set on a path to strong growth, I feel that now is the right time for me to step down," Gobbetti added in the statement. The sharp fall in Burberry's share price"shows how much he is credited with the success of" the group in recent years, noted Russ Mould, investment director at AJ Bell.

Gobbetti's tenure comes to an end having seen a turnaround in Burberry's fortunes after the heavy financial fallout of the coronavirus outbreak.

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