Burberry Group had said on Tuesday it would be naming its chief creative officer Christopher Bailey as its new chief executive. Bailey would be replacing Angela Ahrendts in the middle of 2014 after the latter would be leaving the company for a new position at Apple Inc. Bailey would be keeping his current role upon appointment.
Bailey had been responsible for the company's image since joining the fashion house in May 2001. Along with Ahrendts, Bailey's position as a creative director was key to Burberry's fortunes transforming from a luxury brand to a most sought-after lifestyle brand.
Burberry also announced its financial position on Tuesday. According to data revealed by the fashion house, the company's revenue had aligned well with analysts' projections. Burberry said its revenue on retail had grown 17% to GBP694 million or USD1.11 billion in the six months to end of September. Double-digit growth in the regions of Asia Pacific and the Europe, Middle East, India and Africa and high single-digit growth in America had increased its retail sales from stores opened a year old or more by 13%. Burberry saw a 14% increase in total revenue to GBP1.03 billion.
The fashion house is now worth GBP7 billion after its shares climbed 41% from last year, closing on Monday at 1,585 pence.
Join the Conversation