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Telegraph
3 days ago
- Business
- Telegraph
Burberry boss paid £400,000 to move house after sacking 1,700 staff
Burberry's new chief executive has been handed a £380,000 allowance to help fund his move from New York to London. Joshua Schulman was given the perk as part of his joining package last July, when he was parachuted in to help revive the ailing luxury fashion retailer's fortunes. This included £135,000 for temporary accommodation and £120,000 for 'home search assistance and transportation of goods'. He was also given access to a monthly £25,000 housing allowance that he can draw upon for 18 months. Five months of the allowance have already been used, according to company filings, amounting to £125,000. Since taking over at Burberry, Mr Schulman has been tasked with spearheading a radical turnaround aimed at restoring profits. This led to him unveiling plans earlier this month to cut around 1,700 jobs, accounting for 20pc of the company's global workforce. Burberry's annual report shows its workforce has already been shrinking. Over the last financial year it fell from 9,336 to 8,459. The Telegraph revealed in July that the business was preparing to sack hundreds of staff across its UK offices. As well as receiving a lucrative housing allowance, Mr Schulman has also been handed a £1.2m annual salary. In total, he received £2.56m during his first nine months in the job. He is not alone in receiving a relocation allowance after being appointed as chief executive of a London-listed company. Luis Gallego, chief executive of British Airways owner International Airlines Group, was previously given £500,000 to help him pay for his homes in Madrid and London. Trade war hits sales Mr Schulman's turnaround plan, which has been dubbed Burberry Forward, aims to focus the high-end brand on the 'spirit of Britain'. He said late last year that he would revive Burberry, which was founded in 1856, by emphasising its 'quintessentially British' heritage. However, Donald Trump's trade war and a slowdown in China have dampened sales in recent months, with Burberry sinking to a £66m loss in the year to April from revenues of £2.4bn. Following the results in May, Mr Schulman said: '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.' Optimism surrounding Mr Shulman's turnaround plan has lifted Burberry's share price by 13c over the past six months, giving the company a market cap of £3.7bn. Burberry was contacted for comment.
National Business Review
16-05-2025
- Business
- National Business Review
British Airways parent splashes US$23b on long-haul orders
International Airlines Group (IAG) boosted the order books of the world's two major manufacturers as some airlines put theirs on hold in face of economic uncertainty. Airbus received an order for 21 Airbus A330-900neos worth US$8 billion ($13.6b) with options for an additional 13. Boeing in a Want to read more? It's easy. Choose your best value subscription option Student Exclusive FREE offer for uni students studying at a New Zealand university (valued at $499). View terms and conditions. Individual Group membership NBR Marketplace Smartphone Only Subscription NZ$29.95 / monthly Monthly Premium Online Subscription NZ$49.95 / monthly Smartphone Only Annual Subscription NZ$299.00 / yearly Yearly Premium Online Subscription NZ$499.00 / yearly Premium Group Membership 10 Users NZ$385 +GST / monthly $38.5 per user - Pay by monthly credit card debit Premium Group Membership 20 Users NZ$660 +GST / monthly $33 per user - Pay by monthly credit card debit Premium Group Membership 50 Users NZ$1375 +GST / monthly $27.5 per user - Pay by monthly credit card debit Premium Group Membership 100 Users NZ$2100 +GST / monthly $21 per user - Pay by monthly credit card debit Yearly Premium Online Subscription + NBR Marketplace NZ$999.00 / yearly Already have an account? Login
Time of India
09-05-2025
- Business
- Time of India
UK to buy 30 jets worth $10 billion from Boeing; similar number from Airbus
The United States on Thursday announced a major development involving airplane manufacturer Boeing , confirming a $10 billion order from Britain. The deal was revealed by US commerce secretary Howard Lutnick during the signing of a bilateral trade agreement between the US and the UK. The aircraft deal is expected to be led by International Airlines Group (IAG), the parent company of British Airways, Iberia, and Aer Lingus. As per industry sources IAG plans to order around 30 Boeing 787 Dreamliners and a similar number of long-haul jets from Airbus, including the A350 and A330neo, in a carefully balanced fleet expansion. 'It's a split order,' a source told Reuters. Though the announcement was made by the US government, Lutnick held back from revealing more details, saying he would let the airlines make the announcement themselves. Operation Sindoor Operation Sindoor: 'India won't give face-saving exit to Pak army chief Asim Munir' IPL 2025: BCCI suspends league for one week amid India-Pakistan tensions India-Pakistan tensions: What's closed, emergency protocols & more More details are expected when IAG releases its quarterly earnings report on Friday. This new order will add to Boeing's existing backlog, which already includes 149 aircraft ordered by UK-based buyers, 109 from airlines and 40 from a leasing company, valued at over $12 billion before discounts. Bloomberg News reported that apart from the 30 planes, IAG could also negotiate options for further purchases. Boeing is currently working to boost production of its best-selling 737 MAX to 38 jets per month, following a turbulent year that saw quality issues and a change in leadership. This high-stakes order also comes at a time of heightened trade tensions between the US and the EU, as the union had previously threatened to impose tariffs on Boeing planes if broader negotiations with Washington failed. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Glasgow Times
09-05-2025
- Business
- Glasgow Times
British Airways owner IAG buys 32 new Boeing planes from US amid trade deal
International Airlines Group (IAG) confirmed the order of the Boeing 787-10 aircraft for its BA fleet, alongside 21 Airbus planes for its other airlines on Friday morning. The US and the UK said they had struck what Sir Keir Starmer called a 'historic' deal on Thursday, which saw American import taxes on British goods like cars and steel either slashed or removed completely. US commerce secretary Howard Lutnick said on Thursday that plane engines and other aeroplane parts would also be excluded from trade tariffs as part of the trade deal. 'We've agreed to let Rolls Royce engines and those kind of plane parts come over tariff-free,' he said. He told reporters that an unnamed British airline had agreed to buy 10 billion US dollars (£7.56 billion) of Boeing planes as the trade deal was agreed. IAG did not confirm how much it had paid for the planes in its Friday announcement. Chief executive Luis Gallego said the order was a 'milestone' for the conglomerate and would 'strengthen our core markets' over the next decade.
South Wales Argus
09-05-2025
- Business
- South Wales Argus
British Airways owner IAG buys 32 new Boeing planes from US amid trade deal
International Airlines Group (IAG) confirmed the order of the Boeing 787-10 aircraft for its BA fleet, alongside 21 Airbus planes for its other airlines on Friday morning. The US and the UK said they had struck what Sir Keir Starmer called a 'historic' deal on Thursday, which saw American import taxes on British goods like cars and steel either slashed or removed completely. US commerce secretary Howard Lutnick said on Thursday that plane engines and other aeroplane parts would also be excluded from trade tariffs as part of the trade deal. 'We've agreed to let Rolls Royce engines and those kind of plane parts come over tariff-free,' he said. He told reporters that an unnamed British airline had agreed to buy 10 billion US dollars (£7.56 billion) of Boeing planes as the trade deal was agreed. IAG did not confirm how much it had paid for the planes in its Friday announcement. Chief executive Luis Gallego said the order was a 'milestone' for the conglomerate and would 'strengthen our core markets' over the next decade.
