Christopher Bailey: Burberry creative director and former CEO to leave in 2018

Mr Bailey, who joined Burberry in 2001 and became CEO and chief creative officer in May 2014, ushered the retailer through a period of significant transition during his leadership

Like other fashion houses, Burberry has endured a difficult period in recent years (Getty)

The chief creative officer and former chief executive of Burberry, Christopher Bailey, is leaving the company at the end of March next year, the British fashion house has announced.

Mr Bailey, who joined Burberry in 2001 and became CEO and chief creative officer in May 2014, ushered the retailer through a period of significant transition during his leadership. He was succeeded as CEO by Marco Gobbetti in July this year.

"Burberry has undergone an incredible transformation since 2001 and Christopher has been instrumental to the company's success in that period,” said Mr Gobbetti. “While I am sad not to have the opportunity to partner with him for longer, the legacy he leaves and the exceptional talent we have at Burberry give me enormous confidence in our future.”

Mr Bailey, who was once one of the highest paid CEOs on the FTSE 100, described the time he had spent at Burberry as a “privilege”.

Like other fashion houses, Burberry has endured a difficult period in recent years. Last year it struggled to prop up demand in major markets, including mainland China and Hong Kong, and a string of terror attacks across France kept shopper away from key stores in Paris.

Since then demand has rebounded somewhat, but the fallout from Britain’s vote to leave the European Union had kept earnings in check. In July, Burberry said that exchange rates were forecast to have a £25m pound adverse impact on earnings for the full financial year.

It's due to publish its next set of financial result on 9 November.