MILAN, June 28 (Reuters Breakingviews) - Burberry’s (BRBY.L) boss is moving from one restructuring job to another. The $13 billion maker of expensive trench coats announced on Monday that Chief Executive Marco Gobbetti would leave at the end of the year to join Salvatore Ferragamo (SFER.MI). The Italian shoe and leather group is also badly in need of a turnaround. But Gobbetti’s sudden exit leaves the Burberry job unfinished. The 61-year-old’s change of direction is a bit puzzling. Ferragamo is a third of Burberry’s market value and firmly in the hands of its eponymous family dynasty. The Italian brand had also been underperforming most rivals in the luxury sector even before the pandemic hit. Meanwhile, Gobbetti is leaving with his Burberry turnaround still unfinished business. During his four years in charge, the company had started to morph into a pricier brand that might compete with more established luxury names like Gucci or Moncler. He enlisted designer Riccardo Tisci in 2018, pivoted towards more high-margin leather goods and sold fewer items at a discount. Despite a revenue setback during the pandemic, Burberry’s sales of fully priced clothes and bags jumped 63% year-on-year in the three months to the end of March and were 12% above 2019 levels, an encouraging sign that consumers were attaching more value to the brand. These improvements had yet to show up in Burberry’s share price, though. Since Gobbetti took charge in July 2017, Burberry shareholders have enjoyed a total return of just 47%, well behind the roughly 200% earned by sector leaders like Kering (PRTP.PA), LVMH (LVMH.PA) and Moncler (MONC.MI). Analysts expected the fruits of Gobbetti’s turnaround to bear greater fruit from next year, according to forecasts compiled by Refinitiv. The Italian executive’s unexpected departure raises doubts about those gains. After an 8% drop on Monday morning, Burberry shares are trading at just 12 times its forward EBITDA, below luxury rivals and even Ferragamo. Uncertainty about its future leadership may make the British company, which has a fragmented ownership, more vulnerable to a potential takeover. For now, however, Gobbetti has stepped off the catwalk with his job unfinished. Follow @LJucca on Twitter CONTEXT NEWS - Italian fashion group Salvatore Ferragamo said on June 28 Burberry Chief Executive Marco Gobbetti would become its new CEO. - The British fashion house said in a separate statement Gobbetti intends to leave Burberry at the end of 2021. - Gobbetti, formerly at French brand Celine, took Burberry’s top job in July 2017 to relaunch the British brand through an ambitious restructuring plan. - Shares in Burberry were down 8% at 0740 GMT on June 28, while Ferragamo’s stock was up 2%.