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business1 year ago

Burberry's Bold Revamp Boosts Shares Amid Heritage-Focused Turnaround

Burberry has announced a strategic overhaul called "Burberry Forward" to revive its brand by focusing on heritage designs and staple products like coats and scarves. This move, under new CEO Joshua Schulman, aims to reconnect with the brand's original purpose and improve its market position. The announcement led to a significant rise in Burberry's stock, marking a potential turning point for the company amid a broader luxury market slowdown. Analysts view the strategy as a positive shift towards authenticity and sustainable growth.

via CNBC|
#burberry#business#business-strategy
business1 year ago

Burberry's New CEO Drives Turnaround with Heritage Focus and Cost Cuts

Burberry is refocusing on its British heritage, emphasizing trench coats and scarves, and adjusting its pricing strategy to recover from financial losses. New CEO Joshua Schulman announced a £40 million cost-saving plan and a shift towards more affordable 'entry-level' products, while maintaining the brand's luxury status. The company's shares rose 14% following the announcement, despite a 40% decline in 2024. Burberry's recent struggles are attributed to high pricing and brand identity confusion, with Schulman aiming to stabilize the brand's market position.

via CNN|
#burberry#business#fashion
business1 year ago

Burberry Replaces CEO Amid Profit Warnings and Stock Plunge

Burberry has appointed Joshua Schulman as its new CEO, replacing Jonathan Akeroyd. Schulman, with a strong background in luxury fashion and retail, aims to drive global growth and reposition Burberry at the higher end of the market. He previously held leadership roles at Michael Kors, Coach, and Jimmy Choo. Schulman will start on July 17, working closely with Burberry's creative director Daniel Lee to enhance the brand's luxury appeal and profitability.

via WWD|
#burberry#business#ceo
business1 year ago

"Burberry Shares Plunge 10% Amid CEO Shakeup and Profit Warning"

Burberry shares dropped 11% after the company issued a profit warning, replaced its CEO, and suspended its dividend following a disappointing first-quarter performance. The luxury retailer expects an operating loss for the first half of the year if the current trading slowdown continues. Joshua Schulman has been named the new CEO, replacing Jonathan Akeroyd. The company plans to focus on rebalancing its product offerings and delivering cost savings to improve performance in the second half of the year.

via CNBC|
#burberry#business#ceo-change
business1 year ago

Burberry Replaces CEO Amid Sales Slump and Profit Warning

Burberry has replaced its CEO Jonathan Akeroyd with Joshua Schulman, former boss of Michael Kors, amid a significant drop in sales, particularly in China. The company is considering job cuts and has suspended dividend payments to save cash. Burberry's sales fell 21% in the last quarter, and the luxury market remains challenging. The new leadership aims to return to the brand's core image and improve performance in the second half of the year.

via BBC.com|
#burberry#business#china-market
fashion1 year ago

"Burberry's Fashion Evolution: From Celebrities to Family Legacy"

Burberry's Fall-Winter 2024 show at London Fashion Week featured a star-studded front row including Callum Turner, Skepta, and Barry Keoghan, reflecting the brand's strong ties to British culture. Under the direction of designer Daniel Lee, the collection aimed to capture the essence of Londoners, blending traditional Burberry elements with a contemporary twist. Lee's efforts to elevate the brand into a true luxury house while maintaining its broad appeal were evident in the diverse and relatable looks showcased on the runway. The show received praise for its nod to British heritage and its ability to attract a new generation of fans, signaling a potential turnaround for the iconic fashion house.

via GQ|
#british-fashion#burberry#daniel-lee
fashion1 year ago

"Highlights from Burberry's Outdoorsy Elegance at London Fashion Week"

Naomi Campbell made a surprise appearance at London Fashion Week, walking the runway at Burberry's closing show, which celebrated its 40th anniversary. The event was attended by a star-studded crowd including celebrities like Barry Keoghan, Anna Wintour, and Joanna Lumley. Other highlights included shows by JW Anderson, Roksanda, Masha Popova, Edward Crutchley, Sinéad O'Dwyer, and Harris Reed, showcasing a mix of luxury must-haves, 90s and 00s nostalgia, daring designs, and body positivity.

via BBC.com|
#burberry#celebrity#fashion
fashion1 year ago

"London Fashion Week 2024: Highlights and Trends"

London Fashion Week celebrated its 40th anniversary with standout shows from Burberry, JW Anderson, Erdem, and Simone Rocha. JW Anderson's collection featured a nostalgic British theme with chunky knits and trench coats, inspired by Generation Z's remixing of the past. The designer aimed to capture the changing face of Britain through a subversive take on familiar styles.

via The New York Times|
#british-design#burberry#fashion
fashion1 year ago

"Maya Wigram: The Rising Star of London Fashion Week"

Maya Wigram, Phoebe Philo's daughter, made her runway debut at Burberry's fall 2024 show, closing the event. Not much is known about her, but she is active on Instagram and Depop. The show also featured industry icons like Agyness Deyn, Lily Cole, and Lily Donaldson, and showcased a luxe lineup of heavy-duty classics in a collection by Burberry's chief brand officer, Lee. With her mother's successful brand launch last year, Wigram's future in the fashion industry holds much potential.

via WWD|
#burberry#fashion#fashion-industry
fashion1 year ago

"London Fashion Week Fall 2024: Memorable Moments and Celebrity Sightings"

London Fashion Week celebrates its 40th anniversary with 44 shows and 15 presentations, featuring designers like Simone Rocha, J.W. Anderson, and Marques Almeida. The event showcases whimsical and experimental designs, with Burberry's Daniel Lee closing the season. Notable appearances include Central Saint Martins alums Amber W. Smith and Susan Fang, as well as LVMH prize semi-finalist Paolo Carzana. Key highlights include Simone Rocha's triumphant return to London with her ready-to-wear show and the avant-garde designs of young talents.

via W Magazine|
#burberry#fall-2024#fashion
business-fashion2 years ago

Burberry's Profit Warning Signals Luxury Sales Slowdown

Burberry issues a profit warning as it expects annual profits to be significantly lower than previously anticipated, citing a slowdown in luxury demand and consumers cutting back on expensive purchases like trenchcoats and scarves amid the cost of living crisis. The company's share price slumped 14% in early trading, and revenues fell 7% year on year. The luxury brand's premium priced products were deemed too expensive for household budgets, and the impact of the cost of living crisis on consumer spending is evident.

via The Guardian|
#burberry#business-fashion#consumer-spending
business2 years ago

Burberry's Revenue Target at Risk as Luxury Slump Hits Shares

Burberry shares dropped 9% after the luxury fashion retailer warned that its full-year operating profit would likely be at the lower end of forecasts due to a global slowdown in luxury spending. The company also cautioned that it may miss its annual revenue projections for low double-digit growth. Burberry's comparable store sales growth slowed to just 1% in the fiscal second quarter, down from 18% in the previous quarter, as momentum in China fizzled out. The company cited softer demand for luxury goods globally and the axing of VAT-free shopping for international visitors in the UK as challenges.

via CNBC|
#burberry#business#earnings-report
business2 years ago

European Stocks React to Earnings and Luxury Spending Slowdown

European stocks were cautious as positive sentiment cooled, with Siemens shares up 5% after posting record-breaking quarterly earnings but warning of a sales growth slowdown in 2024. Burberry shares plunged 10% as the luxury fashion brand warned of a potential miss in its annual revenue forecast due to a global spending slowdown. Hellofresh shares plummeted 20% after the German meal kit delivery company cut its profit forecast on weak sales growth and rising costs. Swedish games developer Embracer Group saw its shares jump over 14% after beating profit expectations.

via CNBC|
#burberry#business#earnings