Burberry, the iconic British luxury fashion brand, has recently made a major appointment with the hiring of Jonathan Akeroyd as its new CEO. Akeroyd, a seasoned fashion executive with a wealth of experience, will bring a fresh perspective and new ideas to the company.
This news follows the announcement that Burberry’s outgoing CEO, Marco Gobbetti, will be leaving the brand to take the top job at luxury Italian group Salvatore Ferragamo.
Akeroyd, who has been the head of Versace since 2016, is widely credited for overseeing the $2.1 billion sale of the business to Michael Kors. Prior to his role at Versace, Akeroyd spent 12 years at Alexander McQueen, leading the brand through the aftermath of the death of its founder.
His deep understanding of the fashion industry, combined with his experience in building global luxury brands and driving profitable growth, makes him the ideal candidate to lead Burberry into its next phase of growth and evolution.
In addition to his experience in the fashion industry, Akeroyd has a strong connection to London, where he first built his career. He held a number of senior fashion roles at Harrods, one of London’s luxury department stores, and is excited to return to the city to take on his new role.
“I have long admired Burberry’s position as the most iconic British luxury brand and I have a deep affection for its storied heritage,” said Akeroyd.
“I am looking forward to returning to London with ambitious plans for the future.”
Golden hello!
Burberry has agreed to provide Akeroyd with a £6 million “golden hello” to cover the loss of share and cash incentives at Versace that he will have to forfeit for leaving. This generous compensation package is in line with the type of award and deferral schedule of the awards being forfeited by Akeroyd, and demonstrates the confidence that Burberry has in its new CEO.
Akeroyd will also receive a base salary of £1.1 million, with the potential for a maximum annual bonus of 200% and a share plan worth 162.5% of his salary.
Burberry’s chairman, Gerry Murphy, who will lead the company on an interim basis until Akeroyd joins, praised the new CEO, saying:
“Jonathan is an experienced leader with a strong track record in building global luxury fashion brands and driving profitable growth. He shares our values and our ambition to build on Burberry’s unique British creative heritage, and his deep luxury and fashion industry expertise will be key to advancing the next phase of Burberry’s evolution.”
The news of Akeroyd’s appointment comes at an exciting time for Burberry, as the company has recently reported a return to pre-pandemic sales levels. The brand’s products, including leather goods, jackets, and shoes, have proven particularly popular among younger shoppers, and Burberry is well-positioned to continue its growth and success in the years to come.
With over 450 stores, concessions, and franchises globally, Burberry is one of the largest and most recognizable luxury fashion brands in the world.
Commitment to craftsmanship
The company’s commitment to quality and craftsmanship, combined with its unique British heritage, sets it apart from its competitors. Akeroyd’s appointment as CEO will bring a new energy and vision to the brand, and position Burberry for continued growth and success in the future.
Jonathan Akeroyd’s appointment as Burberry’s next CEO marks a significant milestone for the iconic British luxury brand. With his extensive background in the fashion industry and proven track record of success, Akeroyd is well-positioned to lead Burberry into its next phase of growth.
He brings with him a deep affection for the brand’s heritage and a passion for building global luxury fashion brands, which will be critical in advancing the future of Burberry.
The £6m “golden hello” package speaks to the company’s confidence in Akeroyd and his abilities, and the generous compensation package reflects the importance placed on attracting and retaining top talent. It is evident that the company is committed to investing in its future, and Akeroyd’s leadership and experience will undoubtedly play a major role in this.
The fashion industry is constantly evolving, and Burberry must stay ahead of the curve in order to remain competitive. With Akeroyd at the helm, the brand has a strong opportunity to continue building on its unique British heritage and drive profitable growth.
The future of Burberry looks bright, and its customers, shareholders, and employees can look forward to exciting times ahead.