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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As global diplomatic dynamics continue to evolve, the European Union is reassessing its ability to respond effectively to major international developments, prompting renewed debate over defence coordination, foreign policy decision-making and institutional reform.
U.S. forces say they have completed strikes on Iranian military sites near the Strait of Hormuz. Iran responded with missile attacks on an American base in Jordan, marking a sharp escalation in tensions between the two sides.
Da Afghanistan Bank, the country's central bank, has discussed expanding banking and trade relations with the Afghanistan–U.S. Joint Chamber of Commerce as the country seeks to strengthen financial services for traders and support private sector growth.
Tbilisi and Brussels have offered sharply different interpretations of a key meeting on Georgia's visa-free travel arrangements, highlighting the growing divide between the two sides.
Azerbaijan's Foreign Ministry says 19 citizens have been repatriated following a deadly drone attack on two cargo ships in the Sea of Azov on 5 June.
A Sudanese man has been arrested over a knife attack in Belfast that left a man seriously injured and prompted calls online for a protest after footage of the incident circulated widely on social media.
Iran and Israel said on Monday (8 June) they had halted attacks on each other following an appeal from U.S. President Donald Trump, as Axios reported that Trump had privately told Benjamin Netanyahu “be careful, or you will be on your own very soon”.
Ukraine's military said it struck a Russian "shadow fleet" tanker in the Black Sea as part of ongoing efforts to disrupt Moscow's energy and logistics networks. The move underscores Kyiv's focus on targeting maritime assets it says are used to bypass sanctions on Russian oil exports.
Armenia’s parliamentary election has strengthened Prime Minister Nikol Pashinyan’s mandate, with analysts linking the result to his post-Garabagh agenda and pro-Western direction. However, constitutional constraints remain a key obstacle to peace efforts with Azerbaijan.
Apple has unveiled a long-awaited upgrade to Siri, aiming to close the gap with technology rivals and emerging artificial intelligence firms in an increasingly competitive market.
ChatGPT maker OpenAI has confidentially filed for a U.S. initial public offering (IPO), the company said on Monday, joining rival Anthropic in a race to the stock market as investors seek exposure to the artificial intelligence boom.
Chinese carmakers are rapidly reshaping the global automotive market, with record exports, soaring electric vehicle sales and growing investments overseas putting pressure on established European, Japanese and U.S. rivals.
The International Labour Organization (ILO) has begun its latest round of negotiations on creating the first binding global standards for platform-based work, covering services such as ride-hailing, food delivery and other app-based work.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
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