Burberry has announced a significant restructuring plan involving the elimination of 1,700 jobs worldwide, aiming to cut costs by £100 million each year by 2027. This reduction represents about 20% of its global workforce, with notable impacts at the Castleford factory in West Yorkshire. CEO Joshua Schulman emphasized that this decision stems from long-standing overcapacity issues and is crucial for preserving UK manufacturing. Despite current economic challenges, Schulman remains optimistic about Burberry's future, aiming for sustainable growth and a strong commitment to British heritage products.
For a long time we have had overcapacity at that facility, and that is simply not sustainable. But I want to be very clear that we are making this change to safeguard our UK manufacturing.
Our intention is that we make our British heritage raincoats in the UK for many generations for come.
While we are operating against a difficult macroeconomic backdrop and are still in the early stages of our turnaround, I am more optimistic than ever that Burberry's best days are ahead.
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