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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When Donald Trump and Vladimir Putin sat down for their high-stakes summit, the choice of venue was as symbolic as the talks themselves — Alaska, a former Russian colony and America’s northern frontier, separated from Russia by just 55 miles. But why here, and why now?
A powerful explosion at a factory in Russia’s Ryazan region on Friday (August 15) left 11 people dead and 130 injured, the country’s emergencies ministry confirmed on Saturday (August 16).
European Commission president Ursula von der Leyen said on Saturday that any eventual peace agreement to end the war in Ukraine must include strong security guarantees both for Kyiv and for Europe as a whole.
Slovak prime minister Robert Fico said on Saturday he welcomed the initiative launched by U.S. president Donald Trump and Russian president Vladimir Putin in Alaska to work toward ending the war in Ukraine.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
A magnitude 5.2 earthquake struck 56 kilometres east of Gorgan in northern Iran early Sunday morning, according to preliminary seismic data.
A deadly heatwave has claimed 1,180 lives in Spain since May, with elderly people most at risk, prompting calls for urgent social support.
The Trump administration is expected to shed roughly 300,000 federal workers in 2025, Office of Personnel Management (OPM) Director Scott Kupor said Thursday.
The European Bank for Reconstruction and Development (EBRD) has provided a €500 million loan (almost $590 million) to the national gas company Naftogaz (NAK) for emergency gas purchases for Ukraine.
Bitcoin surged to a new all-time high as expectations grow for U.S. interest rate cuts and regulatory moves favouring crypto investment, boosting investor confidence in the sector.
The U.S. budget deficit surged nearly 20% in July to $291 billion despite a significant increase in customs duty collections from President Donald Trump’s tariffs, as government spending outpaced revenue growth.
The National Carrier of Türkiye, Turkish Airlines has announced an increase in the number of its weekly flights to China.
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