Schulman, who has a strong background in building and restoring luxury brands, will officially join the company on July 17.

Schulman's impressive track record includes his role as CEO of Jimmy Choo, where he transformed the brand from a niche player to a global luxury powerhouse. He doubled the store count, expanded into new categories, and successfully managed the Japanese and Hong Kong businesses before selling the company for £500 million.

Burberry chair Gerry Murphy expressed his excitement about Schulman joining the team, highlighting his proven leadership and ability to drive profitable growth in global luxury brands. Schulman's extensive experience in luxury and fashion will be crucial in realizing Burberry's full potential and building upon its unique creative heritage.

Schulman himself expressed his deep honor to be joining Burberry as CEO, describing the brand as an extraordinary luxury brand that encompasses both heritage and innovation. He emphasized the brand's original purpose of protecting people from the weather, noting its relevance in today's world. Schulman looks forward to working closely with creative director Daniel Lee and the talented teams to drive global growth and continue writing the next chapter of the Burberry story.

The appointment of Schulman marks his return to the industry after a two-year hiatus, having previously served as CEO of Coach. During his tenure, he successfully restored the struggling brand to quality growth and market share gains, earning praise from the financial community. Schulman's leadership qualities have been described as strategic, organized, methodical, and focused on execution.

Burberry's board recognized Schulman's immense value and had initially considered him for a board role. However, as discussions progressed, it became evident that Schulman was more interested in taking on a larger role within the company, eventually leading to his appointment as CEO.

With Schulman at the helm, Burberry will look to emphasize its core strength in outerwear and its iconic trench coat. The fashion house aims to balance recognizable, classic items with innovative designs and higher-quality materials, maintaining a luxury appeal while catering to a wider audience.

The leadership change comes as Burberry evaluates its strategy following a period of market challenges and conservative consumer behavior. The brand will remain focused on modern British luxury and is not seeking to become a British version of Coach or Louis Vuitton.

Schulman's remuneration package has been set in accordance with Burberry's approved remuneration policy. He will receive a salary of £1.2 million per year, along with eligibility for a target bonus of 100% of his salary and a potential Burberry share plan award of 162.5% of his salary.

Following the leadership change, previous CEO Jonathan Akeroyd will not be eligible for a bonus for the current financial year, and all unvested share awards will lapse. However, creative director Daniel Lee's position remains unchanged, with both Schulman and Lee expected to collaborate closely.

Burberry's shareholders are optimistic about the appointment of Schulman, bringing his extensive experience and leadership skills to guide the fashion house towards profitable growth. The industry eagerly awaits his strategic initiatives and the revitalization of Burberry as a top player in the luxury fashion market.