£3.5m share bonus for outgoing Burberry CEO

Ashley Coates
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Burberry Brings London To Shanghai - Inside
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Outgoing Burberry CEO, Christopher Bailey, has received 215,000 shares in the business, with a total value of £3.5m.

Bailey is one of a number of Burberry executives that have been awarded performance-contingent share packages in 2017, after the fashion retailer postponed its rewards scheme last year.

Burberry’s sales are believed to have benefited from the referendum-induced slump in sterling, as overseas buyers took advantage of the weaker pound to splash out on high-end British fashion.

Sales increased by 40 per cent in the final quarter of 2016, while revenue grew by four per cent and like-for-like sales grew by three per cent in the regions where Burberry operates.

Enthusiastic Chinese consumers have proved particularly important to the iconic British label, which now employs Mandarin speaking sales assistants at its flagship London store.

In addition to the famous buckle trench coat, Burberry’s handbags and rucksacks have proved popular with tourists.

Burberry’s new chief executive, Marco Gobetti, takes up his post in July but is acting as chairman for Asia Pacific in the meantime. Gobetti will be entering Burberry a new role as “president and chief creative officer.” He was previously chairman and chief executive of French luxury brand Célin.

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