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Burberry shares plunge as its visionary designer is leaving

Burberry creations during London Fashion Week in February. (Photo: Kirsty Wigglesworth / AP)

Burberry shares fell by as much as 2% today after the announced departure of Christopher Bailey, the visionary designer behind the brand's iconic British swagger, the FT reports. Though he will stay on for continuity through December 2018, Bailey will leave the board as president in March.

Bailey's bona fides as a design talent were never challenged, but he was unable to translate that into confidence in his shrewdness as a businessman over the last three years. The British company has been in turmoil at the top since 2014, when CEO Angela Ahrendts went to Apple to head up its retail efforts. Bailey then became CEO, a position he relinquished three months ago to Marco Gobbetti, and took the title of president.

Go deeper

Alayna Treene, author of Sneak Peek
8 mins ago - Politics & Policy

Kevin McCarthy's rude awakening

House Minority Leader Kevin McCarthy. Photo: Mark Wilson/Getty Images

Kevin McCarthy is learning you can get torched when you try to make everyone happy, especially after an insurrection.

Why it matters: The House Republican leader had been hoping to use this year to build toward taking the majority in 2022, but his efforts to bridge intra-party divisiveness over the Capitol siege have him taking heat from every direction, eroding his stature both with the public and within his party.

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Stef W. Kight
9 mins ago - Politics & Policy

The next big political war: redistricting

Illustration: Aïda Amer/Axios

Democrats are preparing a mix of tech and legal strategies to combat expected gerrymandering by Republicans, who are planning to go on legal offense themselves.

Why it matters: Democrats failed to regain a single state legislature on Election Day, while Republicans upped their control to 30 states' Houses and Senates. In the majority of states, legislatures draw new congressional district lines, which can boost a party's candidates for the next decade.

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Alayna Treene, author of Sneak Peek
39 mins ago - Politics & Policy

Vaccinations, relief timing dominate Sweet 16 call

Sen. Joe Manchin (D-W.V.) speaks during a news conference in December with a group of bipartisan lawmakers. Photo: Caroline Brehman/CQ-Roll Call, Inc via Getty Images

Vaccine distribution, pandemic data and a cross-party comity dominated today's virtual meeting between White House officials and a bipartisan group of 16 senators, Senator Angus King told Axios.

Why it matters: Given Democrats' razor-thin majority in both chambers of Congress, President Biden will have to rely heavily on this group of centrist lawmakers — dubbed the "Sweet 16" — to pass any substantial legislation.

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