This is a breaking news story. Follow us on Google News, Flipboard, Apple News, Twitter, Facebook or visit The Mirror homepage.
Burberry has announced plans to cut potentially up to 1,700 jobs worldwide. The luxury fashion brand is looking to make £100million of savings per year by the 2027 financial year – up from the £40million it was previously targeting.
It comes after the British brand revealed its latest financial results, where it reported a loss of £3 million in the year to March 29, swinging from a profit of £418million the previous year.
Its retail store sales fell 12% year-on-year, with a 16% slump in sales across Asia.
Chief executive Joshua Schulman told investors: “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 and that we will deliver sustainable profitable growth over time.”
He continued: “With improvement in brand sentiment, we will be ramping up the frequency and reach of our campaigns as our Autumn and Winter collections arrive in store.
“The continued resilience of our outerwear and scarf categories reaffirms my belief that we have the most opportunity where we have the most authenticity.“
This is a breaking news story. Follow us on Google News , Flipboard , Apple News , Twitter , Facebook or visit The Mirror homepage.
