Luxury shakeup as Burberry taps American retail exec as its new CEO
The chief executive of U.K.-based luxury retailer Burberry has departed the company after serving in the role a little more than two years.
In a departure that caught the industry by surprise, Burberry said that chief executive Jonathan Akeroyd is leaving the company “with immediate effect by mutual agreement with the board.” His replacement is American executive Joshua Schulman, who most recently served as CEO of Capri Holdings’ Michael Kors brand from August 2021 to March 2022.
Schulman also spent three years at Tapestry, where he was CEO and president of Coach, where he led a brand transformation focused on global cultural relevance, product innovation and digital growth, resulting in an inflection in sales and operating income, Burberry stated.
Before that, Schulman spent five years at Neiman Marcus Group, including serving as president of Bergdorf Good and NMG International. He also spent five years as CEO of Jimmy Choo, where he spearheaded the evolution of the company from a niche player into a global luxury brand.
“Josh [Schulman] is a proven leader with an outstanding record of building global luxury brands and driving profitable growth,” stated Burberry chairman Gerry Murphy. “He has a strong understanding of our brand and shares our ambition to build on Burberry’s unique creative heritage. His extensive experience in luxury and fashion will be key to realizing Burberry’s full potential.”
The appointment was announced as the iconic, 168-year-old British brand reported that its first-quarter revenue fell 29%. The company issued a profit warning for its first half and scrapped its dividend. A downturn in the luxury market was “proving more challenging than expected,” stated Murphy, who called the company’s recent earnings “disappointing.”
Akeroyd took the reins at Burberry in April 2022. He joined the company from Gianni Versace SpA, where he had served as CEO since 2016. Prior to that, he was CEO of Alexander McQueen.
