Burberry appointed Celine chairman Marco Gobbetti as its next chief executive on Monday, replacing Christopher Bailey who will become the British luxury fashion group's new president. Gobbetti, currently the chairman and chief executive of French luxury brand Celine, will join the board in 2017 “as soon as he is contractually able to do so”, Burberry said in a statement. Burberry announced a fall in annual net profits in May, triggering a three-year programme of cost savings totalling at least £100 million ($130 million, 117 million euros).