British fashion house Burberry has appointed chief creative officer Christopher Bailey as its new CEO as the current holder of that position, Angela Ahrendts, moves to Apple next summer.
Architect of the revival
Angela Ahrendts has spent nearly ten years with Burberry and has managed to reinvigorate the “dormant” brand, putting it back onto the international luxury map. Burberry has recently announced a 17 % retail turnover increase, arriving at 694 million pounds (820 million euro) for the first six months of its fiscal year, ending 30 September 2013.
The like-for-like retail turnover increase was 13 %, thanks to double-digit growth in the Asia/Pacific region and the Europe/Middle East/India/Africa region. The group turnover grew 14 % over the past six months, to 1.03 billion pounds (1.2 billion euro). These numbers mean that the Burberry share is quite popular with investors: its stock exchange value has soared 41 % over the past year, reaching a total of some 8 billion euro.
Apple’s retailing boss
Angela Ahrendts will become Apple’s “senior vice-president retail & online stores” next summer, a newly created position. She will report directly to CEO Tim Cook, but it is unclear how much Angela, currently Great Britain’s biggest-earning CEO, will earn at Apple.
"Burberry is in brilliant shape. I am confident that Christopher, as one of this generation's greatest visionaries, will continue to lead Burberry to new heights," Ahrendts said. Baily has worked for Burberry since 2001 and has been its chief creative officer for the past six years. He will now combine the position of CEO with that of CCO.
Chairman Sir John Peace considered Ahrendts’s departure as “a natural progression” and he has expressed his faith in the new CEO. “I have no doubt that Christopher's vision and leadership, with the excellent management team in place, will keep Burberry on the forefront creatively, digitally and financially.”