Bailey will remain Creative Director and President until March of 2018 when he will step down from the board. He will officially depart the label in December of 2018.
As of yet, it's unclear what the famed designer has planned for 2019.
Of his experience with the iconic fashion house, Bailey released a statement: "It has been the great privilege of my working life to be at Burberry, working alongside and learning from such an extraordinary group of people over the last 17 years. It has been a truly inspiring place to work and the decision to leave was not an easy one."
Bailey went on to say,
"I do truly believe, however, that Burberry’s best days are still ahead of her and that 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. I would like to thank all my colleagues as well as Sir John Peace and the Board for all their support and faith in me over the years. I am excited to pursue new creative projects but remain fully committed to the future success of this magnificent brand and to ensuring a smooth transition."
As of yet there is no-one to replace his role as president however, there are talks which suggest Phoebe Philo may be taking over the role of Creative Director, following reports she will be leaving her role at Celine.