Burberry warns 1,700 jobs at risk after annual loss

Burberry warned it could chopped arsenic galore arsenic 1,700 jobs worldwide. Photo: HENRY NICHOLLS / AFP/File
Source: AFP

British luxury fashion statement Burberry said Wednesday it could shed astir one-fifth of its planetary workforce implicit 2 years to trim costs arsenic it fell into an yearly nett loss.

The troubled radical is successful the midst of a turnaround program to assistance boost income and chopped costs arsenic the planetary luxury assemblage struggles with anemic user demand, notably from China.

Net nonaccomplishment stood astatine £75 cardinal ($99.8 million) successful the 12 months to the extremity of March, compared to a nett of £270 cardinal 1 twelvemonth earlier, Burberry said successful a statement.

Further cost-saving measures were announced connected Wednesday, targeting an further redeeming of £60 cardinal by 2027, which would interaction astir 18 percent of its workforce, oregon 1,700 people.

Revenue besides fell 17 percent to £2.46 billion.

"While we are operating against a hard macroeconomic backdrop and are inactive successful the aboriginal stages of our turnaround, I americium much optimistic than ever that Burberry's champion days are ahead," said main enforcement Joshua Schulman.

Schulman was appointed CEO successful July, replacing Jonathan Akeroyd, vowing to triumph backmost customers with a renewed absorption connected outerwear, including its famed trench coats.

The radical besides warned that the economical situation has go "more uncertain successful airy of geopolitical developments."

Source: AFP