Christopher Bailey will be appointed Chief Executive Officer of Burberry.
The designer is set to replace Angela Ahrendts while keeping his current role as Chief Creative Officer and is excited about what the future has in store for him.
He said: ''I am profoundly moved and humbled to be asked to take on the CEO role at this company that means so much to me.
''I also feel privileged to be keeping my role as chief creative officer, as I believe that creativity and innovation have been at the heart of our success in the last ten years and will be even more so in the decade ahead.''
Christopher has been working with Angela - who is set to become Senior Vice President for retail and online stores at technology giant Apple - for over 10 years and will continue to do so to for the next few weeks to ensure the transition runs smoothly.
While Angela is sad to leave, she believes Christopher will continue to fulfil the legacy of the up-market brand and lead it ''to new heights.''
Angela said: ''It has been an honour to have partnered with [Burberry chairman] Sir John Peace and Christopher for the last eight years. I am confident that, with Sir John's continued guidance and the executive team's support, Christopher, as one of this generation's greatest visionaries, will continue to lead Burberry to new heights.''