Gianni Versace boss to head up iconic British fashion house Burberry

Burberry, the luxury British fashion label, has unveiled Gianni Versace boss Jonathan Akeroyd as its new chief executive.
Burberry has seen store sales rebound since the ending of lockdown restrictions. Picture: Anna Gowthorpe/PABurberry has seen store sales rebound since the ending of lockdown restrictions. Picture: Anna Gowthorpe/PA
Burberry has seen store sales rebound since the ending of lockdown restrictions. Picture: Anna Gowthorpe/PA

Akeroyd is due to take up the post at the start of April with a golden hello worth some £6 million in deferred cash and shares in lieu of bonuses he has forfeited on leaving Versace. He replaces Marco Gobbetti, who in June announced plans to leave after nearly five years in the role.

Gobbetti leaves at the end of the year to head up Italian rival Salvatore Ferragamo.

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Chairman Gerry Murphy will lead Burberry on an interim basis until Akeroyd comes on board.

Akeroyd has headed up Milan-based fashion house Gianni Versace since 2016, before which he was chief executive of Alexander McQueen for 12 years, helping lead a turnaround of the group. The British national has also previously held a number of senior fashion roles at iconic London department store Harrods.

Burberry revealed that alongside the hefty buyout award, Akeroyd's pay package includes a £1.1m annual salary plus cash benefits of £50,000, as well as a potential bonus worth up to £2.2m and long-term incentive share awards worth a possible £1.8m.

Akeroyd said: "I have long admired Burberry's position as the most iconic British luxury brand and I have a deep affection for its storied heritage.

"I am looking forward to returning to London where I first built my career in the luxury industry."

Murphy added: "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 new boss joins the group as it emerges after a tough time during the pandemic, which saw stores closed for many months and European outlets suffering from the lack of international tourists.

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In the UK, some two-thirds of sales came from tourists, which have largely been absent throughout the health crisis. However, recent figures revealed a rebound in sales.

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Burberry ditches discounting as sales rebound to pre-pandemic highs

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