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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Maritime trackers received new reports of an attack on a ship in the Strait of Hormuz on Sunday, according to the UK Maritime Trade Operations (UKMTO), adding to concerns about energy supplies after Saudi Arabia shut down a vital oil pipeline on Saturday.
A Kyiv-Warsaw train was struck near the Polish border, Ukraine's state railway firm said on Sunday. No passengers were injured. Ukrainian Railways said that the country's railways were facing systematic attacks for a second day and warned of widespread delays.
U.S. Central Command said 101 commercial vessels have been redirected in the Strait of Hormuz, while oil prices rose more than three per cent amid fresh regional attacks and supply concerns.
Swedes vote in an election on Sunday (13 September) that could see the far-right enter government for the first time if the country's right-wing parties can form a majority.
A Russian strike on a farm warehouse in Pryluky, north-central Ukraine, has killed at least three people, local police said. Meanwhile, EU foreign policy chief Kaja Kallas said an attack on a train near the Polish border was an attempt to intimidate Ukraine's allies.
Nigerian billionaire Aliko Dangote launched Africa's biggest-ever share sale on Monday, opening the oil refinery that has remade the country's fuel market to public ownership for the first time.
Volkswagen’s supervisory board has approved a major overhaul aimed at cutting 100,000 jobs by 2030 as the German carmaker battles weaker sales, falling profits and intensifying global competition.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
Volkswagen is heading towards a decisive showdown with labour representatives as Germany's largest carmaker weighs sweeping restructuring measures that could lead to factory closures and tens of thousands of job losses.
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