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On July 7, it was reported by the British publication The Telegraph that Burberry was preparing to cut hundreds of jobs as part of a 45-day restructuring consultation following a sharp decline in the company’s stock market value. As of July 15, the brand has replaced CEO Jonathan Akeroyd with Joshua Shulman, who was previously CEO at Coach.
“Burberry is an extraordinary luxury brand, quintessentially British, equal parts heritage and innovation,” Schulman said in a statement to the press. “I look forward to working alongside Daniel Lee and the talented teams to drive global growth, delight our customers and write the next chapter of the Burberry story.”
The moves are reportedly part of the British fashion house’s broader efforts to streamline operations and address financial challenges, with its profits shrinking 40% over the last two years. The company had a pre-tax profit of £383 million ($485 million) for the year up to March 30, 2024, down from £634 million ($803 million) the year prior. The job cuts are expected to affect various departments. Burberry did not respond to requests for comment.
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