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Christopher Bailey sells Burberry shares

Christopher Bailey  at the 'Vanity Fair Portraits Photographs 19

 

Christopher Bailey sells Burberry stocks exceeding $8 million, just four months after his promotion to CEO.

He has offloaded 68,667 shares that he gained possession of in 2009 and 2011, and still owns 303,110 shares, worth approximately $7.2m.

Although a large amount of stocks have been sold, the British brand has recorded retail revenue of $612m in Q1 2014. “As we build on this strong start to the year, our priority remains to connect consumers even closer to Burberry through authentic products and experiences that celebrate our unique heritage,” Bailey explains in a statement from the Burberry Group about its first-quarter results. “With a great brand momentum and focused vision, we remain confident of delivering sustainable, profitable growth into the future.”

Bailey, who replaced Angelia Ahrendts as CEO in May when she moved on to work for tech giant Apple, currently faces the task of running the brand as smoothly as it did when Ahrendts was in charge.

Although the brand closed three stores in Q1 2014, it opened four mainline stores – one each in Edinburgh, London, Madrid and Milan.

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