Bailey moves up to Burberry CEO as Ahrendts quits for Apple

Burberry Group said its chief creative officer Christopher Bailey would become chief executive, following the departure of long-standing boss Angela Ahrendts to Apple.

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

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

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

Burberry also said on Tuesday its retail revenue rose 17% to 694 mln pounds ($1.11 bln) in the six months to September 30 – in line with analysts' forecasts.

The outcome compared with 577 mln pounds in the same period last year, and a first quarter rise of 18%.

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

Total revenue was 1.03 bln pounds, up 14%.

Shares in Burberry, up 41% over the last year, closed Monday at 1,585 pence, valuing the business at 7 bln pounds.