Latest news with #burberry
NDTV
15-05-2025
- Business
- NDTV
Burberry Is Laying Off 1,700 People After Suffering Major Losses
British luxury fashion label, Burberry has recently declared that it could lay off as many as 1700 of its employees as a part of its plans to reduce costs by the year 2027. Also Read: Meet Sahib Singh, Burberry Children's AW '22 Adorably Chic New Sikh Model View this post on Instagram A post shared by Burberry (@burberry) The luxe English brand that has an iconic recall value with its red, black and beige gingham design announced this cut in their budget on Wednesday, May 14, 2025. This was in lieu of the fact that the company has suffered losses amounting to GBP 66 million in the previous financial year. View this post on Instagram A post shared by Burberry (@burberry) According to reports, these planned job cuts will end up minimizing the company's global workforce by a one-fifth margin. It will also account for the potential redundancies at the English brand's Castleford factory in West Yorkshire. Joshua Schulman who is the current chief executive of Burberry mentioned that a majority of these jobs cuts can be attributed to the decisions made by the brand's head office teams globally. Having said that, he pointed out that the cuts would naturally affect its United Kingdom employees the most since a majority of the brand's staff is based out of the country. Joshua added, "For a long time we have had overcapacity at that facility, and that is simply not sustainable," referring to the conditions at its Castleford factory. He further added, "But I want to be very clear that we are making this change to safeguard our UK manufacturing, and in fact we will be making a significant investment to renovate this factory in the second half." Burberry as a brand has largely been suffering on the sales front while tackling a frail demand for luxe segment good in general, that have been evident across China, the Americas and beyond.
Yahoo
14-05-2025
- Business
- Yahoo
Burberry to cut up to 1,700 jobs worldwide after £3 million loss
Burberry has announced plans to cut a potential 1,700 jobs worldwide as part of efforts to slash staff costs and return the luxury fashion brand to a profit. The company said it was hiking its cost-cutting target to £100 million of savings per year by the 2027 financial year. These savings will partly come from a reduction in 'people-related costs', the firm said, which could affect around 1,700 jobs globally over the two-year programme. View this post on Instagram A post shared by Burberry (@burberry) 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.'
