Burberry names Bailey CEO as Ahrendts quits for Apple

Reuters

LONDON, Oct 15 (Reuters) - Burberry Group said itschief creative officer Christopher Bailey would become chiefexecutive, following the departure of long-standing boss AngelaAhrendts to Apple.

The British fashion house said on Tuesday Ahrendts wouldstep down by mid-2014 after which Bailey would be appointed tothe role of Chief Creative and Chief Executive Officer.

Bailey has been at Burberry since 2001 and has held themajor creative role for six years.

Ahrendts will join Apple to take up a newly created positionas a senior vice president with oversight of Apple retail andonline stores. She will report directly to CEO Tim Cook.

Burberry also said on Tuesday its retail revenue rose 17percent to 694 million pounds ($1.11 billion) in the six monthsto Sept. 30 - bang in line with analysts' forecasts.

The outcome compared with 577 million pounds in the sameperiod last year, and a first quarter rise of 18percent.

Retail sales from stores open at least a year grew by 13percent, helped by double digit growth in Asia Pacific and theEurope, Middle East, India and Africa (EMEIA) division regionand high single digit growth in the Americas.

Total revenue was 1.03 billion pounds, up 14 percent.

Shares in Burberry, up 41 percent over the last year, closedMonday at 1,585 pence, valuing the business at 7 billion pounds.

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