Retail in Asia


Burberry CFO & COO to depart in 2023

At the end of the financial year on 1 April 2023, Julie Brown will step down from her roles as Chief Financial Officer and Chief Operating Officer at Burberry. She is leaving Burberry to pursue opportunities “outside of the luxury industry”.

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While leading the luxury house through a turbulent pandemic period that crippled sales, Brown helped move the brand’s positioning upmarket.

Despite a multi-year effort to reposition the company as a leather-goods-driven luxury brand, the strategy put in place by Marco Gobbetti remains incomplete five years after it was initiated. As a result, growth continues to lag behind sector leaders and competitors such as LVMH, Chanel and Hermes.

Source: Burberry

”The CFO’s departure at this point seems like an outright setback” Bernstein analyst Luca Sola wrote in a note to clients. “Julie has played a key role in positioning Burberry for growth” he added.

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Shares of Burberry dropped 4 percent in early trade. Akeroyd is expected to outline his plans for boosting sales when the house reports interim results in November.