Burberry's new chief announces urgent cost-cutting programme
The Guardian|November 15, 2024
Burberry announced a £40m cost-cutting programme yesterday 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.
Kalyeena Makortoff
Burberry's new chief announces urgent cost-cutting programme

The former Coach boss Joshua Schulman, who replaced Jonathan Akeroyd in July, said the company was "acting with urgency" after straying too far from its roots of "timeless core collections" and outerwear with its distinctive Burberry check.

Schulman said he had used his first 90 days in post to start a programme aimed at trimming £40m from its cost base each year, about £25m of which will be pushed through during the 2025 financial year.

Burberry managers refused to confirm how many jobs could be lost as a result, saying only that they had been "streamlining" office-based teams, including at head office.

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