Burberry Cuts 1,700 Jobs in Major Restructuring

Burberry has announced plans to cut around 1,700 jobs, representing 18-20% of its global workforce, as part of a major cost-saving initiative aimed at reversing recent underperformance. CEO Joshua Schulman, who began leading the company last year, is refocusing the brand on its traditional trench coats and scarves to restore its identity and profitability. For the fiscal year ending March, Burberry reported an adjusted operating profit of £26 million, beating analyst expectations, but also recorded a pre-tax loss of £66 million and a 17% drop in revenue. The job reductions mainly target office and some retail positions, with £100 million in additional cost savings planned over two years. Sales declined across all major regions, particularly in Asia Pacific and the Americas, amid challenging macroeconomic and geopolitical conditions. Investors responded positively to the cost-cutting and strategic refocus, though Burberry is still in the early phase of its turnaround.