Any luxury company is susceptible to a slowdown in the U.S. or Japan. The macro issues are really more important for a luxury company.

The reason companies want to go public now is that (luxury good stocks) are at record high valuations.

In the long term, there are many factors that will help the luxury market, the creation of new wealth and the Asian tourist boom.

I think the challenge in transforming an industrial brand into a luxury brand should not be underestimated.

Given the turnaround plan that we announced last month and my new role in the company, it was imperative that we have a management team structure that ensures efficiency, accountability and faster decision making.

Brian Blake appears to us to have the perfect background from his 17 years at Gucci in product areas where Burberry is still relatively weak, that is accessories and watches.