LONDON – Burberry has appointed Joshua Schulman as its new chief executive, replacing Jonathan Akeroyd who is leaving the company with immediate effect and by mutual agreement with the board.
Schulman, 52, joins Burberry “with a track record of transformative growth and value creation as CEO of global luxury, fashion and retail businesses,” Burberry said, as it battles slowing luxury sales and seeks to reposition the company in a more premium market segment.
Schulman was previously CEO of Michael Kors and Coach, where he also served as brand president. Prior to that, at Neiman Marcus Group, he served as president of Bergdorf Goodman for five years.
From 2007 to 2012, Joshua was CEO of Jimmy Choo in London. Previously, he was Executive Vice President of Global Merchandising and Sales at Yves Saint Laurent and Global Director of Womenswear at Gucci.
Retail veteran Joshua Schulman, formerly CEO of Jimmy Choo, is pictured here with then-creative director Tamara Mellon.
Courtesy photo
He will join Burberry on 17 July and will be based at the company’s headquarters. He will lead the executive committee and report to Burberry chairman Gerry Murphy and the board.
Murphy said: “I am delighted that Josh is joining Burberry as our new CEO. Josh is a proven leader with an exceptional track record of building global luxury brands and driving profitable growth. 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 essential to realising Burberry’s full potential.”
“I would like to take this opportunity to thank Jonathan Akeroyd for his contribution to Burberry. Jonathan has set out a clear growth strategy on which we will build,” he added.
Schulman said: “I am deeply honoured to join Burberry as CEO. Burberry is an extraordinary, quintessentially British luxury brand that combines heritage with innovation. Its original purpose of protecting people from the elements is more relevant than ever.
“I look forward to working alongside Daniel Lee (Creative Director) and the talented teams to drive global growth, delight our customers and write the next chapter in Burberry’s story,” he added.
Burberry Spring 2025 Ready-to-Wear Collection. Going forward, Burberry will look to emphasize its core strengths in outerwear and, most importantly, its iconic trench coat.
Courtesy of Burberry
Schulman is a versatile retail executive known for building and restoring brands. His appointment as CEO marks his return to the industry after two years and his return to the UK after 12 years from Jimmy Choo.
For the past two years, he had kept a low profile following his departure from Capri Holdings in September 2022. He led the company’s Michael Kors brand and was set to become CEO of Capri, succeeding John Idol.
In a surprising move, Idol stayed and Schulman left with a multi-million dollar separation agreement.
Before joining Capri Holdings, he was CEO of Coach. Before his arrival, the brand was struggling and its revenues had been declining for several years. Schulman managed to restore quality growth and gain market share, actions that earned him plaudits from the financial community.
Executives described him as strategic, organized, methodical and focused on execution.
He’s also a lateral thinker. Before joining Coach, while serving as president of Bergdorf Goodman, Schulman introduced unexpected brands like Vetements, Off-White, and Fenty by Puma, while maintaining the luxury appeal by emphasizing luxury mainstays like Chanel, Valentino, and Goyard.
During his five years as CEO of Jimmy Choo, he transformed the company from a niche player into a multi-million dollar global luxury brand, doubling the number of stores, entering new categories and taking control of the Japanese and Hong Kong operations, before selling it to Labelux in 2011 for £500 million.
It is no wonder that the Burberry board wanted him to be a member and ultimately decided to appoint him CEO.
On the call, Murphy said the board “had not had any serious discussions with anyone about replacing Jonathan until very recently. Josh was known to a lot of people in the company, and we had talked to him about a role on the board. And as things evolved, it was clear that he was interested in a more senior role, and we acted,” he said.
Schulman’s compensation arrangements were set in accordance with the directors’ remuneration policy approved by shareholders, Burberry said.
His salary will be £1.2m a year and he will be eligible for a target bonus of 100 per cent of salary and a maximum of 200 per cent of salary and a Burberry share plan award of 162.5 per cent of salary.
Akeroyd, who joined Burberry from Versace two years ago and later hired Lee as creative director, will not be eligible for a bonus for the current financial year, and any unvested stock awards will expire in full.
Asked about the company’s future strategy and whether Lee will remain in his role, Murphy said: “Daniel is not going anywhere. He is looking forward to working with Josh. They have already spoken and will meet later this week. So there is no change in terms of creative direction,” he said.
Murphy also stressed that Burberry had no intention of becoming the British coach, even though it had hired the former CEO of the American brand.
“Josh’s background is actually much closer to luxury than anything else, and he has a very clear vision that Burberry is a true luxury brand and has spectacular potential in what Jonathan has called ‘modern British luxury’.
“Burberry has no intention of changing its ambition, or becoming a British Coach. This is not to denigrate Coach in any way, it’s just a different business,” he said, adding that Burberry also had no ambitions to become a British Louis Vuitton.
Murphy added that Burberry made the change in direction due to a number of factors.
“Our strategy has been pretty consistent for a while, but in hindsight, in a weak market, we may have gone a little too far, too fast, with a creative shift at a time when customers are feeling a little more challenged and a little more conservative in sampling new products, particularly new units at higher price points,” he said.
He stressed that Burberry’s shift to focus on more recognizable, classic items and outerwear was not a sign that the brand was changing direction or becoming more mainstream.
“It’s not about lowering prices, it’s about making sure we have a product that people want at prices that are acceptable to them at Burberry,” Murphy said, adding that there will be higher prices in the future for goods “with more innovation, design content and more expensive materials.”
“It’s about creating a more inclusive and democratic brand, not about cutting prices or changing strategy. It’s about rebalancing the brand so people can get what they want from Burberry.”
Schulman’s appointment closes a very short chapter for Akeroyd, who joined Burberry in 2022 from Versace, which is owned by Capri Holdings. Prior to joining Versace, Akeroyd was CEO of Alexander McQueen, having started his career at Harrods.
Less than two years ago, Akeroyd outlined his plan to take Burberry even further upmarket to compete with brands such as Dior, Louis Vuitton and Gucci.
He projected revenue growth of £4bn in the medium term and £5bn in the long term, at constant exchange rates, and with “good” margin growth.
His new vision included “a refocusing on British identity”, a doubling of sales of leather goods, footwear and women’s ready-to-wear, and 50% growth in outerwear in the medium term.
Another ambition for Akeroyd was to develop accessories so that they represent more than 50% of the group’s sales in the medium term.
These projects came with high price tags on merchandise: £2,000 for the medium-sized Rocking Horse shoulder bag; £2,000 for a long gabardine trench coat; and £690 for a pair of Check Knit Box sneakers.
While the prices may seem normal in the luxury goods sector, they have shocked many long-time British customers and non-fashion institutional investors, who see Burberry as a heritage brand that should grow through sales of classic products at affordable prices.
Akeroyd was also counting on Lee, whose bags and accessories have been a runaway success at Bottega Veneta, to deliver best-sellers, but they have yet to see the light of day.
That strategy might have worked in another era, but with China (historically one of Burberry’s biggest markets) still cautious about spending and US demand tepid, it has hurt the stock price and hampered sales.
It will now be up to Schulman, Burberry’s fourth CEO in seven years, to reposition the brand to generate profits, unlock dividend payments and restore the brand to its former glory as a leading purveyor of outerwear.