Category Archives: Burberry group

Burberry’s turnaround chief plans £40m cuts and ‘scarf bar’ rollout

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Shares in fashion brand jump as ‘urgent’ cost-cutting programme announced following half-year losses

Burberry has unveiled a £40m cost-cutting programme as its new chief executive pledged to “stabilise the business” with a turnaround plan aimed at reviving the fortunes of the ailing British luxury fashion brand.

Joshua Schulman, the former Coach boss who replaced his ousted predecessor, Jonathan Akeroyd, in July, said the company was “acting with urgency” after straying too far from its roots of “timeless core collections” and outerwear, including trench coats and scarves with its distinctive Burberry check.

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Burberry shares rise after reports Moncler is considering bid

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Head of LVMH, an investor in Italy’s Moncler, reportedly keen to get deal done with British luxury brand

Shares in Burberry have risen by more than 7% after reports suggested Italian rival Moncler may be considering a bid for the British luxury fashion brand.

The spike came after the trade journal Miss Tweed reported that Moncler, which also owns Stone Island, was looking at a potential acquisition of Burberry, which has struggled as demand for luxury goods has fallen.

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Burberry profits slump by 40% as demand for luxury goods slows

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British fashion retailer hit by drop in sales in Asia and Americas, and expects challenging first half of 2025

Burberry’s profits have slumped by 40% in a year amid a wider slowdown in demand for luxury goods that has pushed down sales in Asia and the Americas.

The high-end UK fashion retailer posted a pre-tax profit of £383m for the year up to 30 March in its preliminary results on Wednesday, a 40% drop on the £634m in the previous 12 months. Global sales fell by 8% in the second half of the year.

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Burberry issues profit warning as Christmas shoppers shun pricey trenchcoats

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British brand affected by continued slowdown in luxury demand during cost of living crisis

Burberry has warned that annual profits will be sharply lower than previously expected after consumers left its expensive trenchcoats, bags and scarves off their Christmas shopping lists.

The luxury British brand said trading had been affected by a continued slowdown in luxury demand after rises in the cost of living and increases to interest rates globally.

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Burberry sales fall 35% in China on back of Covid lockdowns

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Lola handbag range and signature trenchcoat give luxury fashion retailer boost elsewhere

Burberry has reported sales growth of only 1% in its latest financial quarter because of the impact of Covid-19 lockdowns in China, while sales were boosted elsewhere by its Lola handbag range and signature trenchcoat.

The luxury fashion retailer said sales fell 35% in mainland China because of restrictions and store closures to contain the latest outbreak of the coronavirus, while sales grew 16% across the rest of the world in the 13 weeks to 2 July.

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End of partnership that kept Burberry at the leading cultural edge

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Analysis: Could Marco Gobbetti be followed out of British luxury brand by creative director Riccardo Tisci?

The departure of Marco Gobbetti as chief executive of Burberry raises the key question of whether Riccardo Tisci, whom Gobbetti appointed creative director soon after he joined, will remain at the luxury fashion brand.

A desire to be closer to his family in Italy was given as the reason behind Gobbetti’s decision to quit Burberry, and Tisci too is thought to have found it difficult to be away from family in Italy for prolonged periods during the pandemic. The designer was a fashion student in London in his teens and has a deep affection for British culture and subculture, but the pull of his homeland remains strong. Italy has many deep-pocketed luxury brands and a shortage of exciting design talent, so opportunities are likely to present themselves.

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Burberry and Cathay Pacific profits dented by Hong Kong protests

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Retailer and airline report disappointing figures as anti-government rallies take toll

Two companies with substantial interests in Hong Kong have announced figures that underline the damage being inflicted on the economy by the continuing anti-government protests.

Burberry said its sales were down more than 10% and it had slashed £14m off the value of its 12 stores in the territory.

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‘It was insensitive’: Burberry apologises for ‘noose’ hoodie after model complains

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Liz Kennedy said the design at London Fashion Week evoked lynchings and suicide

The chief executive and chief creative officer of luxury fashion brand Burberry have apologised for putting a hoodie with strings tied in the shape of a noose on its London Fashion Week runway.

The knotted strings surfaced after Sunday’s show when a model complained both before the show and on Instagram, saying the noose not only evoked lynchings but also suicide.

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Apple’s shock profit warning sends Wall Street shares sliding

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Firms with exposure to China hit over fears the Silicon Valley giant’s slowdown could spread

Apple’s shock downgrade has sent shares in European and US-listed companies with exposure to China – from Burberry and the Gucci owner, Kering, to chipmakers and miners – tumbling over fears the slowdown that has hit the Silicon Valley giant is set to spread.

In New York the Dow Industrial Average fell over 2% in morning trading and all the major markets suffered sharp losses as investors reacted to the Apple news, reports of a slowdown in US factory activity and an ongoing government shutdown over the funding of Donald Trump’s proposed border wall with Mexico.

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