Mar 15, 2023
Burberry Finds New CFO at Supercar Manufacturer McLaren Group
(Bloomberg) -- Burberry Group Plc has hired Kate Ferry from McLaren Group as its new chief financial officer in the latest of a series of changes at the top of the British luxury brand.
Ferry will replace Julie Brown, who is leaving next month after more than six years with the fashion group to join drugmaker GSK Plc. Ferry will start at Burberry by September at the latest and report to Chief Executive Officer Jonathan Akeroyd, the company said in a statement Tuesday.
Burberry stock fell slightly in early trading in London.
Ferry’s appointment marks the latest management change at Burberry, which is in a period of transition as Akeroyd attempts to move the brand even further upmarket, restore its “Britishness” and strengthen its accessory offerings, notably bags and shoes.
Akeroyd took over the running of the brand, known for its trench coats and check pattern, last year and quickly hired British fashion designer Daniel Lee to replace Riccardo Tisci.
Read More: Burberry Tries to Make Britain Cool Again With Tartan And Whisky
Ferry’s extensive experience of public markets and the luxury industry will boost the leadership team at Burberry, said Akeroyd in the statement.
At McLaren, which makes luxury cars and owns a Formula One racing team, Ferry oversaw financial strategy and investor relations. Prior to working at McLaren she was CFO at TalkTalk Telecom Group Plc for four years.
Burberry reported lackluster sales growth in the quarter to Dec. 31 hurt by variable demand in China - the industry’s largest growth engine.
(Updates to add shares and management comment from third paragraph)
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