The news was announced on the morning of 31 October, with no further explanation for the time being.
As the former chief executive of Burberry, Bailey spent the last 17 years working to turn the brand around from a dwindling designer label to a brand that spoke to a younger generation while equally kept in tune with their heritage.
In a statement released to British Vogue, Bailey said it had been a great privilege to work with “such an extraordinary group of people.”
“Burberry encapsulates so much of what is great about Britain,” continued the statement.
“As an organisation, it is creative, innovative and outward looking.”
Bailey also (graciously) said he believes Burberry’s best days are still to come “and the company will go from strength to strength with the strategy we have developed and the exceptional talent we have in place led by Marco (Gobbetti).”