President and chief creative officer Bailey, 46, joined Burberry in 2001. "In that time, Burberry has grown from a small licensed outerwear business to become one of the world's largest and most admired global luxury brands," Burberry said in a statement.
Following the announcement, Burberry shares were down 1.46% at around 1000 GMT, making the stock the worst performer on a rising FTSE 100 index. After a period of rapid expansion, Burberry has seen sales stagnate in recent years.
In July, Bailey was replaced as chief executive by Marco Gobbetti, former head of French luxury brand Celine. He will step down from his other roles on 31 March next year but will continue to provide "full support" to the team during a transition until 31 December.
"Burberry has undergone an incredible transformation since 2001 and Christopher has been instrumental in the company's success in that period," Gobbetti was quoted as saying in the statement.
Established in 1856, Burberry is a quintessentially British brand which now employees 10,000 people worldwide.
Source: AFP
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