Burberry CEO to leave for top job with Apple
Christopher Bailey to take place of Angela Ahrendts at fashion house
Burberry chief executive Angela Ahrendts is leaving the luxury goods brand to join technology giant Apple. Photograph: Tim Ireland/PA Wire
Burberry’s respected boss, Angela Ahrendts, is leaving the luxury goods firm to join technology giant Apple. She will join the iPhone and iPad maker as senior vice president for retail and online stores next year, leaving just two female chief executives in the FTSE 100 Index.
Ms Ahrendts spent more than seven years with Burberry, transforming it into a global luxury brand with a growing presence in emerging markets.
She will step down by mid-2014 after which Mr Bailey will be appointed to the role of chief creative and chief executive officer.
Mr Bailey has been at Burberry since 2001 and has held the major creative role for six years.
Ms Ahrendts will join Apple to take up a newly created position as a senior vice president with oversight of Apple retail and online stores. She will report directly to CEO Tim Cook.
Burberry also said its retail revenue rose 17 per cent to £694 million (€818 million) in the six months to September 30th - bang in line with analysts’ forecasts.
The outcome compared with £577 million in the same period last year, and a first quarter rise of 18 per cent.
Retail sales from stores open at least a year grew by 13 per cent, helped by double digit growth in Asia Pacific and the Europe, Middle East, India and Africa (EMEIA) division region and high single digit growth in the Americas.
Total revenue was £1.03 billion, up 14 per cent.
Shares in Burberry, up 41 per cent over the last year, closed Monday at 1,585 pence, valuing the business at £7 billion.