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Burberry plc  (BURBY) shares sunk to the bottom of the FTSE 100 Tuesday after the luxury house announced the departure of its chief creative officer Christopher Bailey.

Burberry shares dropped more than 2% minutes after the succession plans were unveiled, changing hands 1,884, their worst fall since July.

Burberry spooked investors after it said that Bailey, who is also president at the London-based fashion house, would leave the company at the end of 2018 to pursue new creative projects.

Bailey joined Burberry in 2001, working his way up to CEO and Chief Creative Officer in May 2014. He handed over the CEO title to Marco Gobbetti in July 2017.

The company credited Bailey with Burberry's transformation. "Since joining in 2001 ... Burberry has grown from a small licensed outerwear business to become one of the world's largest and most admired global luxury brands," the company said Tuesday.

Burberry will now begin the process of finding Bailey's successor.

"Burberry has undergone an incredible transformation since 2001 and Christopher has been instrumental to the Company's success in that period," Gobbetti said in a statement. "While I am sad not to have the opportunity to partner with him for longer, the legacy he leaves and the exceptional talent we have at Burberry give me enormous confidence in our future.

"We have a clear vision for the next chapter to accelerate the growth and success of the Burberry brand and I am excited about the opportunity ahead for our teams, our partners and our shareholders," the statement added.

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