Oct 15, 2013
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Burberry CEO Angela Ahrendts resigns to join Apple

Oct 15, 2013

Burberry Group said its chief creative officer Christopher Bailey would become chief executive, following the departure of long-standing boss Angela Ahrendts to Apple.

Angela Arhendts | Photo: DR

The British fashion house said on Tuesday Ahrendts would step down by mid-2014 after which Bailey would be appointed to the role of Chief Creative and Chief Executive Officer.

Bailey has been at Burberry since 2001 and has held the major creative role for six years.

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 on Tuesday its retail revenue rose 17 percent to 694 million pounds ($1.11 billion) in the six months to September 30 - bang in line with analysts' forecasts.

The outcome compared with 577 million pounds in the same period last year, and a first quarter rise of 18 percent.

Retail sales from stores open at least a year grew by 13 percent, 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 pounds, up 14 percent.

Shares in Burberry, up 41 percent over the last year, closed Monday at 1,585 pence, valuing the business at 7 billion pounds.

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