Jonathan Akeroyd Braces for the Big Burberry Challenge

Bernstein’s Luca Solca pointed to the “significant experience” that Akeroyd built while working for McQueen’s parent Kering, and for Capri.

Unlike most luxury goods brands, Burberry is 100 percent quoted on the stock exchange, and is always susceptible to a takeover. There is no single shareholder or publicly quoted parent to mask a bad quarter or an unsuccessful turnaround strategy. According to Burberry, Akeroyd will earn an annual salary of 1.1 million pounds, with an annual cash benefits allowance of 50,000 pounds. He will also be eligible for a target bonus ranging between 100 percent and 200 percent of his salary, and a Burberry Share Plan award amounting to 162.5 percent of his salary.

Under Gobbetti, Burberry began behaving more like a luxury brand: The outgoing CEO — who’s exiting to join Salvatore Ferragamo in his native Italy — culled the wholesale client list, put the focus on full-price sales, did away with markdowns and took ownership of the leather goods business.and put Burberry accessories on the map, broadening and enriching the offer, creating handbag families and a pricing architecture similar to those at other luxury goods brands.

Comparable-store sales rose 90 percent compared with the first quarter of last year, and climbed 1 percent compared with pre-pandemic levels in 2019. Full-price comparable store sales jumped 121 percent compared with last year, and 26 percent compared to pre-pandemic levels. At Burberry, Akeroyd is also expected to get on well with chief creative officer Riccardo Tisci, whom he got to know during all those months of chatter when the designer was tipped to be joining Versace.

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