Burberry to cut 1700 jobs despite having 'best days ahead'
The company said it was hiking its cost-cutting target to £100 million of savings per year by the 2027 financial year.
The firm said these savings will partly come from a reduction in 'people-related costs, " which could affect around 1,700 jobs globally over the two-year programme.
👗📈 Burberry Exceeds Expectations Despite Yearly Loss
Burberry reports a better-than-expected fourth-quarter sales drop of 6% and an adjusted operating profit of £26 million for FY 2025. The company is navigating a turnaround under CEO Joshua Schulman, despite a significant dip… pic.twitter.com/xqhg6qhkxc — PiQ (@PiQSuite) May 14, 2025
The British brand revealed it had tipped into a loss of £3 million in the year to March 29, swinging from a profit of £418 million the previous year.
Retail comparable store sales fell 12% year-on-year, with a 16% slump in sales across Asia dragging on the total.
Chief executive Joshua Schulman told investors: 'While we are operating against a difficult macroeconomic backdrop and are still in the early stages of our turnaround, I am more optimistic than ever that Burberry's best days are ahead and that we will deliver sustainable profitable growth over time.'
Recommended reading:
What is Burberry?
Founded in 1856 by Thomas Burberry, the brand has evolved from a practical outfitter to a symbol of British luxury.
Despite this, it is well ingrained in the football fan culture and the controversial hooliganism of the 1980s and 1990s.
This led to the Burberry brand being linked with violence and anti-social behaviour, impacting the company's image.
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