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Burberry's Bailey receives £3.5m share bonus

Burberry chief executive and chief creative officer Christopher Bailey has been awarded shares worth £3.5m.

Bailey received the shares as part of a delayed reward scheme after the fashion house postponed the incentive last year.

Burberry ended 2016 on a festive high as sales rose 4% in the three months of 31 December 2016, fuelled by a return to growth in China, strong UK sales and a well-received Christmas ad campaign.

Retail revenue for the third quarter of 2016 was £735m, and like-for-like sales were up 3%. Sales in the UK rose by 40%, thanks to both UK demand and tourist spend.

The positive results compare with a 4% fall in sales on an underlying basis to £1.2bn for the six months to 30 September 2016, when reported profit before tax was down 34% year on year to £102m.

Bailey will step down as chief executive when Marco Gobbetti takes over on 5 July, retaining the role of chief creative officer, and becoming president. Gobbetti joined the business at the end of last month but his role will initially be limited to executive chairman of Asia-Pacific and the Middle East.

 

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