London — Joshua Schulman has been appointed to replace Jonathan Akeroyd as the chief executive officer of London-based luxury retail brand Burberry.
Schulman will assume his new role on July 17, leading the executive committee and reporting to Chair Gerry Murphy and the Board of Directors.
Akeroyd’s departure comes following the publication of the company’s earnings release earlier this week. In the press release issued by Burberry, the brand’s first quarter performance is described as “disappointing” by Murphy, with sales declining 20 percent on a year-over-year basis.
CNN reports that Burberry has issued a profit warning and that the company’s stock dropped by 17 percent in midday trading on Monday.
Schulman most recently served as the CEO of American fashion brand Michael Kors. His experience also includes serving as brand president of Coach, president of Bergdorf Goodman, CEO of Jimmy Choo, executive vice president of worldwide merchandising and sales at Yves Saint Laurent and worldwide director of Women’s Ready to Wear at Gucci.
“Burberry is an extraordinary luxury brand, quintessentially British, equal parts heritage and innovation,” said Schulman. “Its original purpose to protect people from the weather is more relevant than ever.”
The brand plans to make improvements to its product offer, brand communication, customer conversion and operational efficiencies moving forward.
Burberry’s portfolio includes 50 stores throughout North America.