Burberry plunges to £53m loss | EUROtoday

Burberry has introduced plans to chop prices by £40m after the troubled vogue model stumbled to a £53m loss in six months.

Joshua Schulman, who took over as chief govt of the British luxurious stalwart in July, mentioned he needed to deal with “productivity, simplification and financial discipline” in a bid to “stabilise the business”.

Burberry suspended its dividend for 2025 after it fell a loss within the six months to September, having recorded a £223m revenue throughout the identical interval final 12 months.

However, Burberry shares surged by 14.2pc in early buying and selling after Mr Schulman pledged a “course correction” below his new strategic plan to reshape the model as the luxurious vogue sector navigates weak demand, significantly in China.

In its technique replace, Burberry signalled that its worth will increase had gone too far, saying costs, significantly in leather-based items, “did not always align with our category authority”.

Mr Schulman mentioned his turnaround plan would contain bettering its web site and in-store productiveness, shaking up pricing and focusing extra on the corporate’s core merchandise.

He mentioned: “Our recent underperformance has stemmed from several factors, including inconsistent brand execution and a lack of focus on our core outerwear category and our core customer segments.”

He added: “Today, we are acting with urgency to course correct, stabilise the business and position Burberry for a return to sustainable, profitable growth.”

Read the newest updates under.