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Burberry boss Bailey makes share sale

Burberry chief executive and chief creative officer Christopher Bailey has sold nearly 19,000 shares, worth more than £250,000.

Bailey is preparing to relinquish his chief executive role next year after Burberry hired Céline boss Marco Gobbetti last month. Bailey will retain his chief creative officer role and will become president of the luxury fashion retailer.

Burberry’s underlying profits plunged 10% in its year to March 31 following a slowdown in the Chinese and US markets. The retailer plans to make £100m of cost savings in the next three years to help bolster the bottom line.

Burberry Asia Pacific chief executive Pascal Perrier has also sold shares – more than 72,000, worth almost £1m. The retailer took full control of its Chinese operation earlier this month, buying out the remaining 15% for £54m.

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