Cara Delevingne and models walk the runway during the Burberry Prorsum show at London fashion week at Kensington Gardens. Photograph: Ian Gavan/Getty Images
New boss announces plan to raise the premium and put the fashion label on par with the likes of Dior and Gucci after better than expected results

Burberry?s new chief executive, Marco Gobbetti, has revealed plans to take the British luxury brand more upmarket as part of a shake-up that comes with a hefty price tag of its own.
The company?s shares fell 10% ? wiping nearly £850m off its value ? as investors took fright at Gobbetti?s ambition to turn Burberry into a super-luxe brand, like Gucci and Dior, which have higher prices and profit margins. To get there it will spend millions of pounds turning its stores into temples of luxury and stop selling its trench coats and handbags through some department stores, denting sales in the short-term. Gobbetti spelled out his vision nine days after Christopher Bailey, the group?s president and design chief, unexpectedly announced his departure after 17 years with the brand. ?I played no part in it and am sad to see him go,? said Gobbetti of Bailey?s departure. ?The process has started but it will take some time to find the right creative leader for Burberry for the next decade. Don?t expect any announcements very, very soon.?
Bailey transformed Burberry from a small UK company into a global fashion brand, building its digital presence by streaming its fashion shows live and red...