Burberry's Bold Strategy: Restructuring, Britishness, and a Fashion Revival

Burberry plans to cut 1,700 jobs to boost its global performance. CEO Joshua Schulman's turnaround strategy focuses on British heritage and iconic products like trench coats. Despite challenges in the U.S. market, the strategy led to better-than-expected financial results and increased investor confidence.

Burberry is poised to slash 1,700 jobs, aiming to revitalize its global standing. The British luxury icon has outlined cost-cutting measures, pushing its shares up 8% as it embarks on a strategic overhaul under CEO Joshua Schulman.

The upcoming job cuts will largely target office roles, and crucially, the night shift at Burberry's Castleford trench coat factory will be discontinued. This decision, Schulman communicated, intends to rectify overproduction and stabilize Burberry's manufacturing presence in the UK.

Schulman, formerly affiliated with Coach and Jimmy Choo, redirected Burberry's focus onto promoting Britishness and staple products such as trench coats. The latest fashion show spurred enthusiasm, translating into doubled purchases from retailers, bolstering Burberry's renewed journey under its fourth CEO in a decade.

(With inputs from agencies.)