Burberry, the iconic British luxury brand, has announced global job cuts and revealed a better-than-expected profit as part of its turnaround strategy under CEO Joshua Schulman.
Burberry, the renowned British luxury fashion house, will reduce its workforce by 1,700 roles globally in an effort to streamline operations and address financial challenges. The company reported an adjusted operating profit of £26 million ($34.55 million) for the fiscal year ending March 29, exceeding analysts' predictions of £11 million.
CEO Joshua Schulman, who took the helm last year, has refocused the brand's strategy on its classic trench coats and scarves after setbacks from product missteps and a challenging luxury market. Despite these efforts, fourth-quarter comparable sales declined by 6%, slightly outperforming forecasts of a 7% drop.
Sales dipped across key regions, including a 9% decline in Asia Pacific and 4% drops in both the Americas and the Europe, Middle East, India, and Africa (EMEIA) markets. The company cited geopolitical uncertainty as a factor in the economic outlook but refrained from issuing specific targets for the 2026 fiscal year.
"We aim to amplify our campaigns as our Autumn and Winter collections reach stores," Schulman said. However, challenges remain, particularly in the U.S. market, where consumer spending appears under pressure.
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Swedish customs officials have boarded a Russian freighter anchored in Swedish waters after confirming that the vessel and its owners are subject to European Union and U.S. sanctions.
Senior officials and media leaders from Turkic states have met in Ankara to strengthen cooperation against disinformation and deepen coordination in the information sphere.
Japan and five Central Asian nations have unveiled a range of initiatives aimed at strengthening critical minerals supply chains and fostering broader regional cooperation, following their first summit in Tokyo on Saturday.
The death toll from Hong Kong’s deadliest fire in decades has risen to 161, after forensic analysis confirmed one more victim among the charred remains at Wang Fuk Court in Tai Po, more than three weeks after the blaze began, authorities said on Saturday.
Israeli Prime Minister Benjamin Netanyahu is set to meet President Donald Trump on 29 December in Florida, where he is expected to present a package of military options regarding Iran, Israel’s public broadcaster KAN reported on Saturday.
US intelligence assessments indicate that Russian President Vladimir Putin continues to seek full control of Ukraine and to expand Russia’s influence in parts of Europe formerly under Soviet rule, contradicting repeated claims that Moscow poses no threat to the continent.
The United States has proposed a potential new format for peace talks between Ukraine and Russia, which could include American and European representatives, Ukrainian President Volodymyr Zelenskyy said on Saturday, December 20.
The United States seized a second merchant vessel carrying oil off the coast of Venezuela in international waters on Saturday, as part of Washington’s sanctions enforcement campaign, according to the Department of Homeland Security.
Warner Bros Discovery’s board rejected Paramount Skydance’s $108.4 billion hostile bid on Wednesday (17 December), citing insufficient financing guarantees.
Ford Motor Company said on Monday it will take a $19.5 billion writedown and scrap several electric vehicle (EV) models, marking a major retreat from its battery-powered ambitions amid declining EV demand and changes under the Trump administration.
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) cut its benchmark interest rate by 25 basis points to a range of 3.50% to 3.75% following its two-day policy meeting, according to an official statement issued on Wednesday, 10 December.
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