Burberry announced plans to cut approximately 1,700 jobs globally by 2027 in response to a staggering 117% drop in pre-tax profits, resulting in a £66 million loss. The job cuts will affect almost 20% of its workforce, targeting head offices and the Yorkshire raincoat factory. CEO Joshua Schulman indicated that the changes align with a broader strategy to save £60 million, following previous efforts to save £40 million. Despite the challenges in the luxury market, Schulman expressed cautious optimism about the brand's future, highlighting upcoming investments in the factory.
Burberry plans to cut 1,700 jobs globally by 2027, including eliminating a night shift in its Yorkshire factory, as profits plummet.
The brand aims to save £60m as it copes with a 117% drop in annual profits, which fell to a £66m loss.
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