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.
Israeli airstrikes killed at least seven Palestinians in Gaza on Friday (15 May), including a child, as Israel said it had launched an operation ta...
The Trump administration plans to announce criminal charges against former Cuban president...
U.S. President Donald Trump said Washington could destroy Iran’s infrastructure “in two days,” while Tehran warned the U.S. would...
Azerbaijani President met with UN-Habitat Executive Director Anacláudia Rossbach in Baku on 16 May ahead of the 13th Session of the World Ur...
Israel and Lebanon have agreed to a 45-day extension of a ceasefire that has reduced fighting between Israel and Hezbollah in southern Lebanon. The...
Israeli airstrikes killed at least seven Palestinians in Gaza on Friday (15 May), including a child, as Israel said it had launched an operation targeting Hamas military commander Izz al-Din al-Haddad.
The Trump administration plans to announce criminal charges against former Cuban president Raul Castro next Wednesday, according to a U.S. Justice Department official, in a move that would escalate the pressure campaign against the island's communist government.
The thirteenth session of the World Urban Forum will open in Baku on Sunday, bringing together government representatives, city leaders, urban planners, international organisations, businesses and civil society to discuss the future of sustainable urban development.
Children laughed, applauded and watched wide-eyed as animated characters lit up the screen at the opening of the ninth Animafilm International Animation Festival in Baku, where filmmakers and audiences from around the world gathered to celebrate the growing influence of animated cinema.
Iran’s Foreign Minister Abbas Araghchi said Tehran has “no trust” in the United States and will only consider negotiations if Washington shows seriousness. His remarks came as talks on Iran’s nuclear programme continued, with Trump and Xi also opposing Iran acquiring nuclear weapons.
British Prime Minister Keir Starmer was fighting for his political survival on Thursday (14 May) after Health Secretary Wes Streeting resigned, saying he had “lost confidence” in Starmer’s leadership.
Türkiye has issued 20,000 work visas to Afghan citizens for jobs in the livestock sector, the Turkish Embassy’s chargé d’affaires in Kabul said during talks with Afghanistan’s refugee minister on Wednesday.
The second semi-final of the 70th Eurovision Song Contest 2026 takes place tonight in a rain-soaked Vienna, with the final 10 places in Saturday’s grand final still up for grabs.
Foreign ministers from the expanded BRICS bloc gathered in New Delhi on Thursday (14 May) for a crucial two-day meeting overshadowed by the ongoing Iran war, internal tensions within the grouping and mounting fears over global energy supplies.
Negotiations between Samsung Electronics and its workforce on Wednesday have broken down, officials said, raising fresh concerns over potential disruption to South Korea’s export-heavy economy.
By the time American shoppers began noticing higher prices on everything from trainers to televisions, the world's two largest economies were already deep in a trade war that left the world wondering how it would end.
The Strait of Hormuz remains a vital maritime chokepoint and serves as the primary artery linking the Persian Gulf to international energy markets. With approximately 20% of global oil and gas shipments transiting this waterway, it is the backbone of energy security for Asia, Europe, and beyond.
China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies amid fears that the conflict involving Iran could drive up global energy and transport costs.
Asian stocks surged to record highs on 7 May as investors priced in growing hopes of a potential Middle East peace deal, while oil prices eased and the U.S. dollar weakened amid shifting global risk sentiment.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment