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Burberry Group Plc (BRBY) Chief Executive Officer Angela Ahrendts is leaving the U.K.’s largest luxury-goods maker to head Apple Inc. (AAPL)’s retail and online business and will be replaced by Christopher Bailey.
Ahrendts will be a senior vice president reporting to Apple CEO Tim Cook, the Cupertino, California-based company said in a statement today. Burberry, which today reported a 20 percent increase in first-half sales, said Bailey, the company’s chief creative officer, will replace Ahrendts as she leaves by the middle of next year.
Retail revenue advanced to 694 million pounds ($1.1 billion) in the six months through September, Burberry said today in a separate statement. Analysts predicted 698 million pounds, according to the median of 13 estimates compiled by Bloomberg. Comparable-store sales increased 13 percent, matching analysts’ estimates.
“We expect the external environment will remain uncertain and currencies volatile,” Ahrendts said, echoing comments she made last month.
Bailey has been in his current position for the past six years and has worked at London-based Burberry since 2001.
“Burberry is in brilliant shape, having built the industry’s most powerful management team, converted the business to a dynamic digital global retailer,” Ahrendts said in the luxury-goods maker’s statement.
Apple said in July Paul Deneve, the former CEO of luxury fashion brand Yves Saint Laurent, would join the device maker to work on special projects.
(Source: Bloomberg)
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