1st May 2014 08:13
LONDON (Alliance News) - Burberry Group PLC said Thursday that Christopher Bailey has been appointed as Chief Creative and Chief Executive and as a Director of the company with immediate effect.
As announced in October, Bailey takes over from Angela Ahrendts who stepped down as CEO and resigned her directorship on April 30, 2014.
Ahrendts is leaving the firm to join technology giant, Apple to take up on a newly created position as senior vice president head of retail and its online stores.
The Burberry executive team has been said to have transformed the company into a leading digital luxury brand, with Ahrendts - the highest paid FTSE 100 company CEO in 2012, earning GBP16.9 million - widely acknowledged as a driving force behind the firms' embrace of social and new media.
Last month the company reported an 11% rise in retail revenue in its second-half on a reported basis, at GBP928 million, and up 13% at constant exchange rates, when compared with GBP840 million in retail revenues the prior year, boosted by double-digit percentage sales growth in Asia Pacific, led by China and continuing momentum in Korea.
Shares in Burberry were trading marginally lower Thursday morning, down 0.13% at 1,483 penbce per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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