Burberry chief executive Angela Ahrendts is to step down next year, with chief creative officer Christopher Bailey taking over the reins.
Ahrendts will leave in mid-2014 after nearly a decade at the luxury British brand to take up a newly created role of senior vice president at Apple. She will have oversight of the strategic direction, expansion and operation of both Apple retail and online stores
Bailey, who has been at Burberry since 2001, will be appointed chief creative and chief executive officer jointly.
The pair will continue to work closely over the coming months to ensure a seamless transition.
Ahrendts said: “Burberry is in brilliant shape, having built the industry’s most powerful management team, converted the business to a dynamic digital global retailer, created a world class supply chain, state of the art technology infrastructure, sensational brand momentum and one of the most closely connected creative cultures in the world today.”
Bailey said he felt “privileged to be keeping my role as chief creative officer, as I believe that creativity and innovation have been at the heart of our success in the last ten years and will be even more so in the decade ahead.”
He added: “We have a clear strategy to build on, an increasingly powerful brand and an inspiring management team. Together, we will continue to push the boundaries of design, technology and communication while never forgetting our heritage, our Britishness and our values.”
Bailey said he was “sad no longer to have the inspirational leadership of Angela,” but added he was more than confident that her legacy remains in Burberry’s team.
Burberry chairman Sir John Peace thanked Ahrendts and said she has built a “great culture” and led the company through an “incredible transformation” over the last eight years.
This news comes as today Burberry announced total revenue in the six months to September 30 had grown 14% to £1.03bn.