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LONDON — Julie Brown, Burberry’s chief operating and chief financial officer who joined the business in 2017 and who helped to shepherd it through Brexit and the COVID-19 crisis, is stepping down early next year.
Burberry said Brown is leaving “to take up an opportunity outside of the luxury industry,” adding that the process to identify Brown’s successor is underway, and further updates will be revealed in due course. She will leave on April 1, which is the close of the company’s fiscal year.
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Burberry’s shares were down 3.7 percent to 16.54 pounds in mid-morning trading, following the announcement. The overall FTSE index is also down as Prime Minister Liz Truss’ government unveiled sweeping tax cuts on Friday morning.
The announcements rattled the financial markets, which are still getting to grips with sharp interest rate increases, an impending recession and the plummeting pound.
Burberry’s shares closed down 4.6 percent at 16.39 pounds at the end of trading, and despite the news that Truss’ government plans to reinstate tax-free shopping for overseas visitors, which should be a boon for high-end brands such as Burberry.
Brown was originally hired by Burberry’s former chief executive officer and chief creative officer Christopher Bailey and her double role as COO and CFO was a new one. Her job was big, and her salary was second to that of the CEO’s.
Brown’s exit comes amid impending change on the corporate, and creative sides, at Burberry.
Burberry’s new CEO, Jonathan Akeroyd, is set to lay out his strategy for the company in November, and questions continue to hover over the future of chief creative officer Riccardo Tisci, whose contract expires early next year.
Tisci will show his spring 2023 collection on Monday and speculation is rife that it will be his final one for the brand.
Rumors have been swirling that Daniel Lee, the former head of design at Bottega Veneta, could be the designer to succeed Tisci. Burberry said it does not comment on speculation.
Gerry Murphy, chair of Burberry, said Brown made a “significant contribution to Burberry’s transformation, including her central role in delivering our sustainability ambitions. Julie has built a strong financial base for the next chapter of Burberry’s growth under Jonathan’s leadership.”
Akeroyd said Brown “has played a key role in positioning Burberry for growth, supported by a high-quality team. I would like to personally thank her for the support she has provided me since I joined six months ago. I look forward to building on the strong foundations we have in place to realize Burberry’s full potential.”