Burberry warns 1,700 jobs at risk after annual loss / Photo: © AFP/File
-
Chelsea Transfer News: Real Betis Star Jose Antonio Morante Rejects Move to Stamford Bridge
-
BingX: Major Announcement of Far-Reaching Significance
-
TikTok Security Chief Advises SMBs on Free Cybersecurity Protections
-
James Blunt Scores First Number One Album in 19 Years; Wife Sofia Wellesley Celebrates
-
Egypt Revokes Citizenship of Brothers Anas and Tarek Habib Over Unapproved Foreign Nationality
-
UCLA Stays Unbeaten With Ty Dieffenbach's Heroic Return Against Illinois
-
2027 Rivian R2 Performance vs. 2026 Jeep Recon Moab: EV Comparison Test
-
Malta Court Rejects Libel Claims by Developer Kurt Buhagiar Against MEP Peter Agius
Burberry warns 1,700 jobs at risk after annual loss
British luxury fashion label Burberry said Wednesday it could shed almost one-fifth of its global workforce over two years to reduce costs as it fell into an annual net loss.
The troubled group is in the midst of a turnaround plan to help boost sales and cut costs as the global luxury sector struggles with weak consumer demand, notably from China.
Net loss stood at £75 million ($99.8 million) in the 12 months to the end of March, compared to a profit of £270 million one year earlier, Burberry said in a statement.
Further cost-saving measures were announced on Wednesday, targeting an additional saving of £60 million by 2027, which would impact around 18 percent of its workforce, or 1,700 people.
Revenue also fell 17 percent to £2.46 billion.
"While we are operating against a difficult macroeconomic backdrop and are still in the early stages of our turnaround, I am more optimistic than ever that Burberry's best days are ahead," said chief executive Joshua Schulman.
Schulman was appointed CEO in July, replacing Jonathan Akeroyd, vowing to win back customers with a renewed focus on outerwear, including its famed trench coats.
The group also warned that the economic environment has become "more uncertain in light of geopolitical developments."
W.Huber--VB
