Christopher Bailey may have been in his new role for less than a month, but things appear to be going well: this morning the company reported record sales and profits for 2013/14. Burberry announced adjusted pre-tax profit for the year to the end of March was £461m, up 8% on the £428m posted last year. Revenue is also up by 17% to £2.3bn, from £2bn in 2013.
In his first-ever statement as CEO, Bailey said the figures reflected ‘sustained strategic focus, continued investment, disciplined execution and outstanding brand momentum during the year’. Which sounds convincingly CEO-ish...
The fashion house has set its sights on developing the brand in the second largest luxury market in the world, Japan, where a license it has with a distributor there expires next year. It's already doing well in China: the ever-growing Asia Pacific market recorded another year of successful sales with mainland China alone delivering 11% comparable sales growth.
Following the departure of Angela Ahrendts, for a time the FTSE's highest-paid executive, Burberry was due another super-woman on its board. So it's fitting that it took the opportunity to announce the appointment of EasyJet CEO Carolyn McCall as a non-executive director. She takes up the role from this September.
Sir John Peace, Burberry's chairman, said McCall's 'experience of leading global companies, combined with her knowledge of consumers, travel, media and general management expertise will be great assets as we enter this next exciting phase of Burberry's global growth and continue to focus on delivering long term shareholder value'. Er, quite.