Burberry replaces CEO after 'disappointing' results
He is being replaced by Joshua Schulman, who has headed American fashion brands Michael Kors and Coach, Burberry said in a statement.
 |
| Burberry replaces CEO after 'disappointing' results, photo Daniel LEAL / AFP |
Burberry chair Gerry Murphy described Schulman as "a proven leader with an outstanding record of building global luxury brands and driving profitable growth".
In a separate statement, Murphy said Burberry's recent "performance is disappointing".
Revenue slid 22 percent to £458 million ($594 million) in the group's first quarter, or three months to the end of June.
He said Burberry would cut costs going forward, while the group risked an operating loss in its first half.
It comes as the wider luxury fashion sector navigates weak demand, particularly in China, with Gucci owner Kering in April issuing a profit warning.
What the stars mean:
★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional
Tag:Related Contents
Latest News
More News
- Limitations abound for domestic EV carbon credits (December 19, 2024 | 15:00)
- Businesses pivotal in offsetting carbon measures in Vietnam (December 19, 2024 | 13:00)
- Coordination key for circular economy (December 19, 2024 | 10:56)
- Vietnam’s first logistics laboratory established (December 19, 2024 | 08:00)
- Masan Consumer Holdings honoured with consecutive "Great Place To Work" certifications (December 18, 2024 | 16:55)
- SABECO’s research facility a dream for its brewmasters (December 17, 2024 | 10:30)
- Digital twins reshaping Vietnam's logistics and supply chain landscape (December 17, 2024 | 09:34)
- Enterprises awarded for pioneering innovation to attract talent (December 16, 2024 | 16:43)
- Testing future predicted for technology startups in Vietnam (December 14, 2024 | 15:00)
- Vincom Retail named among Forbes Vietnam's top 25 leading brands (December 14, 2024 | 11:58)
Latest News
Mobile Version