Burberry, well-known for its luxury goods including clothes and sunglasses, is losing its CEO as Angela Ahrendts joins electronics giant Apple.
Angela Ahrendts will leave the U.K. luxury goods retailer next year to become the iPad and iPhone maker's senior vice president for retail and online stores, Apple said in a press release.
The newly created position will require Ahrendts to oversee the strategy, expansion and operations of retail and online stores, and she will report directly to Apple CEO Tim Cook.
She is being replaced at Burberry by Christopher Bailey, who will also keep his current post as chief creative officer, which he has held for six years.
"I am thrilled that Angela will be joining our team," said Cook. "She shares our values and our focus on innovation, and she places the same strong emphasis as we do on the customer experience. She has shown herself to be an extraordinary leader throughout her career and has a proven track record."
Ahrendts said she was "profoundly honored" to join Apple, and has "always admired the innovation and impact Apple products and services have on people's lives."
Ahrendts has held the role of Burberry's chief executive for almost a decade, and has been given the credit for turning the firm into a recognized, global brand. In the six months to the end of September, Burberry reported an increase of revenue by 14 percent to £1.03bn. Retail revenue jumped by 17 percent to £694m, with double-digit growth in the Asia Pacific and EMEIA regions.
"Burberry is in brilliant shape. I am confident that Christopher, as one of this generation's greatest visionaries, will continue to lead Burberry to new heights," Ahrendts added.
Burberry shares fell at the start of trading, dropping 5.5 percent to £14.92. At the time of writing, Burberry shares are down 3.99 percent.