Burberry Sheds Jobs, Handbag Bling as CEO Seeks Return to Roots
Burberry's new boss is calling time on the British fashion label's decade-long attempt to join the upper ranks of global luxury.
Joshua Schulman, the straight-talking chief executive officer who took over in July, said Wednesday Burberry Group Plc will slash up to 1,700 roles — about a fifth of its workforce — amid a historic slump in sales. But he also took aim at decisions made by his predecessors, saying the company moved too far from its trench-coat roots with its foray into niche designs and expensive handbags.
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