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.
Saudi Arabia fully supports the ongoing nuclear negotiations between the U.S. and Iran, Foreign Minister Prince Faisal bin Farhan Al-Saud said, expressing hope for a constructive outcome that could ease regional tensions.
Japanese children continue to struggle with mental health issues, ranking 32nd out of 43 developed and emerging countries, according to a new UNICEF report, despite notable improvements in education and strong physical health indicators.
Microsoft has announced 6,000 job cuts, representing nearly 3% of its workforce, as part of a strategy to streamline operations and prioritize investments in artificial intelligence.
Russia will send a delegation to Istanbul for peace talks with Ukraine on Thursday, but the members will be revealed in the evening. The Kremlin confirmed the talks would proceed, and a senior Russian lawmaker suggested an all-for-all prisoner exchange might be considered.
NATO Secretary General Mark Rutte praised Türkiye as a "staunch and capable ally" following his meeting with Turkish President Recep Tayyip Erdoğan in Ankara, emphasizing progress on Ukraine and NATO cooperation ahead of summit.
Saudi Arabia fully supports the ongoing nuclear negotiations between the U.S. and Iran, Foreign Minister Prince Faisal bin Farhan Al-Saud said, expressing hope for a constructive outcome that could ease regional tensions.
Japanese children continue to struggle with mental health issues, ranking 32nd out of 43 developed and emerging countries, according to a new UNICEF report, despite notable improvements in education and strong physical health indicators.
Iranian Foreign Ministry's spokesperson welcomed the PKK's declaration of disarmament and dissolution, calling it an important step toward rejecting violence and strengthening security.
Microsoft has announced 6,000 job cuts, representing nearly 3% of its workforce, as part of a strategy to streamline operations and prioritize investments in artificial intelligence.
Russia will send a delegation to Istanbul for peace talks with Ukraine on Thursday, but the members will be revealed in the evening. The Kremlin confirmed the talks would proceed, and a senior Russian lawmaker suggested an all-for-all prisoner exchange might be considered.
Israeli Prime Minister Benjamin Netanyahu said the war in Gaza will not stop until Hamas is destroyed, following the release of US-Israeli soldier Edan Alexander.
U.S. President Donald Trump kicked off his Gulf tour with a high-profile visit to Saudi Arabia, securing a major strategic economic agreement and pledging deep investment ties between the two nations.
For the first time in history, an American has been chosen to lead the Catholic Church, as Cardinal Robert Prevost is named pope.
A Rafale fighter jet operated by the Indian Air Force has reportedly been shot down for the first time in combat, according to sources cited by CNN, marking a significant and symbolic development in the ongoing escalation between India and Pakistan.
Microsoft has announced 6,000 job cuts, representing nearly 3% of its workforce, as part of a strategy to streamline operations and prioritize investments in artificial intelligence.
Nissan Motor announced major cost-cutting measures, including the elimination of 11,000 additional jobs and reduced production, as the automaker faces declining profits and tough market conditions.
The European Bank for Reconstruction and Development (EBRD) expects Türkiye’s economy to grow by 2.8% in 2025, a downgrade from its February 2025 forecast, due to weaker domestic and external demand and a tighter-than-expected monetary policy.
Vietnam and Azerbaijan plan to expand cooperation in oil exploration and production. Several energy sector agreements were signed during the recent state visit of To Lam, General Secretary of the Communist Party of Vietnam, to Azerbaijan.
Asian stock markets soared on Tuesday after the United States and China agreed to a 90-day halt in their trade war, easing recession fears and fuelling a region-wide buying spree.
Saudi Arabia fully supports the ongoing nuclear negotiations between the U.S. and Iran, Foreign Minister Prince Faisal bin Farhan Al-Saud said, expressing hope for a constructive outcome that could ease regional tensions.
Japanese children continue to struggle with mental health issues, ranking 32nd out of 43 developed and emerging countries, according to a new UNICEF report, despite notable improvements in education and strong physical health indicators.
Iranian Foreign Ministry's spokesperson welcomed the PKK's declaration of disarmament and dissolution, calling it an important step toward rejecting violence and strengthening security.
Microsoft has announced 6,000 job cuts, representing nearly 3% of its workforce, as part of a strategy to streamline operations and prioritize investments in artificial intelligence.
Russia will send a delegation to Istanbul for peace talks with Ukraine on Thursday, but the members will be revealed in the evening. The Kremlin confirmed the talks would proceed, and a senior Russian lawmaker suggested an all-for-all prisoner exchange might be considered.
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