Marco Gobbetti

"The distress we caused with one of our products last week has shown us that we are not where we need or want to be," said Burberry CEO Marco Gobbetti in an official statement.

Plus, Marco Gobbetti and Riccardo Tisci haven't given Burberry the boost it needs.

Newly announced CEO Marco Gobbetti won't be joining until 2017, but there are plenty of plans to perk things up in the meantime.

And Céline's CEO is stepping in.