Burberry's Strategic Turnaround: Navigating Challenges with CEO Joshua Schulman

British luxury brand Burberry plans to cut 1,700 jobs globally to reduce costs and revitalize its performance under CEO Joshua Schulman. Schulman aims to refocus Burberry's strategy on iconic products to address past missteps. The job cuts will mainly affect office roles, and the company's shares rose 8% following the announcement.

British luxury brand Burberry announced plans to cut 1,700 jobs worldwide, equating to roughly 20% of its global staff, as a part of cost-reduction measures within a broader strategic overhaul. The move aims to bolster its performance under the leadership of CEO Joshua Schulman, who is steering the company through a critical phase.

Joshua Schulman, having helmed Burberry since his transition from Jimmy Choo last year, has redirected the company's strategy and marketing. Emphasizing iconic trench coats and scarves, Schulman seeks to address past errors like product missteps and price hikes. In a press conference, he underscored that Burberry's brand metrics have significantly improved recently.

The job cuts will largely target office roles, including the cancellation of a night shift at its trench coat factory in Castleford, England. This reorganization is expected to trim costs and address issues of overproduction. Following this update, Burberry's shares surged by 8%, reflecting optimism among investors.

(With inputs from agencies.)