Latest news with #trenchcoats
Vogue
3 days ago
- Business
- Vogue
Moisés Nieto Spain Fall 2025 Collection
This season, Moisés Nieto celebrated the 15th anniversary of his brand, but instead of a lavish runway show, the designer opted for something more meaningful: an intimate dinner attended by a small group of press and many of his longtime friends. 'In the end, I feel like fashion shows have become cold spectacles,' said Nieto. 'There's no time to talk, people are in a rush. You bare your soul, and then it's over in a second. I wanted something different: to see the faces around me and, above all, to celebrate slowly.' In this more relaxed and private setting, the designer revisited some of the standout pieces and patterns that have made him a household name in Spanish fashion. The lineup included his signature trench coats, masculine outerwear, and midi dresses in a palette of neutral tones and beiges. 'When I started, I didn't have any business mindset. You'd present 40 looks, and the pieces the buyers wanted would always repeat. That's how I learned which designs work and which don't. You learn a lot from your customers.' Today, those customers are more loyal than ever to his unmistakable craft.
The Sun
14-05-2025
- Business
- The Sun
Burberry warns staff their jobs will not be safe if they work at a certain time of day amidst job cuts
BURBERRY has pinned its revival on 'timeless British luxury', while telling staff their jobs will not be safe if they work at a certain time of day. The fashion house yesterday said it would be culling 1,700 jobs as part of a radical cost-cutting strategy in the face of losses and slumping sales. 3 3 The job cuts, equivalent to a fifth of its entire workforce, will fall on head office staff and cutting back on the shifts at its retail stores depending on peak hours. Bosses admitted that the firm would also be culling its entire night shift workforce at its Castleford factory in West Yorks. Around 150 workers there will lose their jobs, despite Burberry announcing a tie-up with King Charles' Highgrove estate to make £2,490 limited edition trench coats. CEO Joshua Schulman, who was sent in to Burberry ten months ago to spearhead a turnaround, yesterday said the changes were needed 'to maintain the long-term viability of UK manufacturing'. He added: 'We want to reiterate our commitment to making trench coats here in the UK.' Mr Schulman has recently launched his turnaround based on Burberry's heritage products. But he has also tried to make the brand more accessible with cheaper items, such as £450 bikinis as modelled by Rosie Huntington- Whiteley and £320 bucket hats, as worn by tennis star Jack Draper. Burberry said it wanted to cut costs by £100million after swinging to a £66million loss in the year to April. A year earlier it had profits of £383million. Shares in Burberry still rose 8.93 per cent to 900.63p yesterday as investors welcomed the cost-cutting. 'My bargain of the day' cries shopper after finding 'adorable' Burberry skirt in charity shop for £6 The brand has been battered by a slowdown in consumer spending in China, nervousness in the US and an ill-fated move into streetwear fashions, which alienated its discerning wealthy shoppers. Burberry, which used to rely on China for 40 per cent of its sales, said they fell by 16 per cent in Asia Pacific, while in America they were down by 9 per cent and in Europe they fell by 8 per cent. The firm also repeated its call for the UK Government to scrap the so-called tourist tax, which it says has made Britain a less attractive shopping destination in relation to its European peers. Mr Schulman said: 'We would love the UK to be an attractive destination. The withdrawal of UK tax-free shopping heaped additional pressure on the UK and we would welcome the repeal of that.' Co-op to recover THE CO-OP yesterday said its shops will be back to normal by the weekend — two weeks after it was hit by a cyber attack. Pictures of empty shelves have circulated on social media after the food retailer's deliveries were disrupted and its IT systems went down. Co-op — targeted by the same gang as Marks & Spencer — now insists that it is in the 'recovery phase'. Two weeks ago, it revealed hackers had accessed its data. Merger delivers a threat A NEWLY privatised Royal Mail faces more pressure from rivals after delivery firm Evri struck a merger with DHL, and locker business InPost announced a jump in revenues. Evri, which rebranded three years ago from Hermes to improve its reputation, is to become a logistics giant in the UK after the deal with DHL. 3 The tie-up will create a new firm delivering two billion parcels and letters a year. DHL has a smaller presence in the UK but will take a minority stake in Evri, which is owned by equity firm Apollo. Separately, InPost reported a 39 per cent rise in parcel volumes while revenues rose by a fifth to £585million. InPost, which recently bought Yodel, has 16,000 lockers across the UK and has benefited from Brits using it to buy and sell via platforms such as Vinted, as well as retailers. Czech billionaire Daniel Kretinsky, who sealed his £3.6billion takeover of Royal Mail last month, has said he wants to roll-out InPost-style lockers to his new purchase. Direct to probe AVIVA's £3.7billion takeover of rival insurer Direct Line has been referred for a probe by the competition authority. The insurer announced its takeover in December and received approval from shareholders in March. But it has taken until now for the Competition and Markets Authority to open its 'Phase One' investigation — looking at whether it will result in a 'substantial lessening' of competition. It comes as the Government says it wants the regulator to 'drive investor confidence and support economic growth'. Pawn is taken PAWNBROKER H&T Group is the latest British firm to be snapped up by an overseas rival, after agreeing to a £297million takeover. Shares soared yesterday by 40 per cent to 644p after it revealed US suitor First Cash made its first approach in December and made three more offers before a fourth cash proposal at 661p-a-share. H&T, which has 285 shops across the UK, has recently toasted a boom in revenues on the back of record-high gold prices as squeezed Brits cash in their jewellery.
The Independent
14-05-2025
- Business
- The Independent
Burberry announces thousands of job cuts as fashion house's profits falter
Luxury fashion house Burberry has announced plans to cut nearly a fifth of its global workforce, impacting approximately 1,700 jobs over the next two years. The cost-cutting measure aims to bolster profitability and streamline operations. The majority of the cuts will target office-based roles globally, with the UK headquarters expected to bear the brunt of the reductions due to its larger employee base. Retail positions will also be affected, with shift pattern adjustments planned to align staffing with peak demand periods. Burberry's Castleford factory in West Yorkshire, known for producing the brand's iconic trench coats, will see the elimination of its night shift. This move, anticipated to impact around 150 jobs (approximately 25 per cent of the factory's roles), comes ahead of planned renovations at the facility. The trench coats manufactured at the site retail for between £1,000 and £10,000. Burberry chief executive Joshua Schulman said: 'For a long time we have had overcapacity at that facility, and that is simply not sustainable. '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. 'Our intention is that we make our British heritage raincoats in the UK for many generations for come.' Burberry hired about 9,170 employees around the world last year, so reducing about 1,700 roles would equate to about 18.5 per cent of its total workforce. It launched a £40 million cost-cutting programme in November after first sinking to a loss. On Wednesday, Burberry said it wants to make an additional £60 million of savings by the 2027 financial year, which would bring the target to a combined £100 million. It hopes these savings will partly come from reducing 'people-related costs', which will be focused on the UK where the company houses teams including its designers. The fashion firm has been affected by a slump in demand for luxury goods, particularly across Asia, and more recently concerns over the impact of higher US tariffs on the business have surfaced. It reported a pre-tax loss of £66 million for the year to March 29, sinking from a profit of £383 million the prior year. Retail comparable store sales fell 12 per cent year on year, with a 16 per cent slump in sales across Asia dragging on the total. But Burberry said trading improved over the second half of the latest year, compared with the first half, which gives it 'confidence' its strategic plan is starting to pay off. Demand for its popular staple styles including trench coats and scarves meant the retailer's outerwear category continued to perform better than other products, like leather bags and accessories. And Mr Schulman said the brand will be 'ramping up the frequency and reach' of its marketing campaigns, which have recently featured the likes of actors Olivia Colman and Barry Keoghan. Shares in Burberry surged by nearly 10 per cent on Wednesday as investors welcomed the group's plans to cut costs and return to profitability. Susannah Streeter, head of money and markets for Hargreaves Lansdown, said: 'Burberry is dealing with difficult conditions in the mid-market luxury sector. 'It doesn't have the same pull of its ultra-luxe rivals, and aspirational shoppers are more cautious without the deep pockets of wealth to keep them insulated.' She added: 'Although the most onerous tariffs have been rolled back, consumer confidence in China, which has been the powerhouse for luxury brands, will take time to be restored, which could also slow down Burberry's progress.'
Bloomberg
14-05-2025
- Business
- Bloomberg
FTSE 100 Live: UK Stocks Set to Slip After Missing Out on Rally
Burberry said that the outlook for the luxury industry has become more uncertain as it reported a drop in annual sales. The British trenchcoats and scarves maker reported an operating loss for what it said was a 'challenging' year in which it has retooled its strategy. Its like-for-like sales decline eased somewhat in the fourth quarter of the year, however, though it still saw falling sales across regions. 'We are still in the early stages of our turnaround. The current macroeconomic environment has become more uncertain in light of geopolitical developments,' the company said.
