Marco Gobbetti, the CEO of Burberry, is leaving the British fashion house after more than four years to lead luxury goods firm Ferragamo in his home Italy, the two companies announced on Monday.

Gobbetti will start his new job as soon as he is released from his contractual responsibilities, according to Ferragamo, which is known for shoes worn by Hollywood icons such as Audrey Hepburn.

Burberry had previously announced that Gobbetti would be leaving at the end of the year to take up a post that would allow him to return to Italy, and that it would now start looking for his replacement.

Burberry shares, which had risen by more than a third since Gobbetti's arrest, fell 6% to £21.15 (€24.67) on the FTSE 100 index only minutes after the market opened on Monday.

“I believe that now is the perfect time for me to stand down, with Burberry re-energized and firmly positioned on a road to significant growth,” Gobbetti said.

Burberry, known for its check cloth and TB logo, announced in May that sales were rebounding from the coronavirus issue, owing in part to a comeback in China, but warned that additional expenditure would eat into profit margins.

Burberry has been moving upmarket under Gobbetti, with more high-end products.

Before joining Burberry, the 62-year-old Italian helmed luxury brands Celine, Givenchy, and Moschino. He will work with the London-listed company's chairman, Gerry Murphy, to support the leadership team and ensure a smooth transition.