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Burberry boss Angela Ahrendts, who has overseen a doubling in sales and a 250-per cent jump in the shares of the British fashion brand, will leave to take up a job at Apple next year and hand over to creative director Christopher Bailey.
Shares in the 157-year-old group, which is best known for its camel, red and black check pattern, fell as much as 6.4 per cent on Tuesday after Burberry said the 42-year-old Bailey would act as both chief creative officer and chief executive.
“I would say that the creative and CEO roles do not necessarily sit easily together. Angela was always seen as a business person who had a sense for the fashion. A fashion person with a sense for business might be a harder sell as CEO,” one top 20 Burberry shareholder said on condition of anonymity.