Bailey takes helm at Burberry

Burberry, which makes its heritage trenchcoats in Castleford, named its creative director as Ms Ahrendts’s successor in October and said the change would take place by mid-2014.

The pair had been credited with helping restore Burberry’s cachet after it became a victim of its own success in the 1990s when its trademark pattern was embraced by the mass market, losing its appeal to its core wealthy clientele.

Mr Bailey, who will hold a dual role of chief creative and chief executive officer, faces significant challenges, including the planned integration of Japan into the group on expiry of an apparel licence in 2015, as well as growing revenue in fragrance and beauty after the firm began directly operating that business last year.

Earlier in April, Burberry posted a 19 per cent rise in second-half revenue. Mr Bailey comes from Halifax.