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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More than 1,000 firefighters are battling to contain two major wildfires in northern Japan for a fourth consecutive day, as flames advance towards residential areas and force thousands to flee.
Residents in central Gaza are preparing to vote in municipal elections on Saturday (25 April), marking the first ballot in the Strip since 2006. The vote in Deir al-Balah is being watched closely as a rare indication of public sentiment, including towards Hamas.
Militants have staged coordinated attacks in Mali’s capital, Bamako, and several locations across the country, the army said on Saturday (25 April), in an assault apparently involving jihadist and Tuareg-led groups.
Argentina has reiterated its interest in resuming talks with the United Kingdom over the Falkland Islands, a disputed archipelago in the South Atlantic, after reports that an internal Pentagon email suggested reviewing Washington’s support for the UK’s claim amid tensions over the Iran war.
Diplomatic efforts to end the Iran war are intensifying, with the White House confirming that U.S. President Donald Trump will send special envoy Steve Witkoff and adviser Jared Kushner to Islamabad for talks with Iran under Pakistani mediation.
Russian emergency services have contained a major fire at the Tuapse oil refinery on the Black Sea coast, local officials said on Thursday, ending a four-day effort after a Ukrainian drone strike.
Ukrainian President Volodymyr Zelenskyy is in Azerbaijan for talks with President Ilham Aliyev, holding meetings in Gabala on Saturday (25 April) during a working visit to the country.
Slovenia’s national broadcaster RTV Slovenia has confirmed it will not air the Eurovision Song Contest 2026, joining a widening boycott over Israel’s participation.
The United States has issued an international warning accusing Chinese firms, including AI start-up DeepSeek, of allegedly stealing intellectual property from American artificial intelligence labs.
Meta Platforms will cut about 10% of its global workforce from 20 May, marking the start of a wider restructuring as the company increases spending on artificial intelligence (AI) and plans further layoffs later this year, according to sources familiar with the matter.
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China's domestic automakers have a message for the boardrooms of premium German brands such as Porsche, Mercedes-Benz, and BMW: We are coming for your customers, and we are armed with superior technology at a fraction of the cost.
Tim Cook, the tech boss who led Apple to become a $4 trillion company in its post-Steve Jobs era, is stepping down after 15 years in the top job. John Ternus, an Apple veteran of 25 years, who is currently the U.S. company’s Vice President of Hardware Engineering, will take over from September.
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