Burberry, the faltering British luxury fashion brand, announced a change of course to “reconnect” with core customers along with another profit warning and the resignation of its CEO.
Jonathan Akeroyd is departing Burberry with immediate effect, “by mutual agreement with the board,” the firm announced in an unplanned trading update. It occurs less than three years following the appointment of the former Versace CEO in 2021.
After releasing its second earnings warning of the year, Burberry promoted Joshua Schulman, a former CEO of the US fashion business Coach, to the top position to replace Akeroyd. Burberry also disclosed a list of “immediate actions” required to turn around the company’s situation.
It comes after a double-digit drop in sales in its main markets during the first quarter, which the business called “disappointing.” While sales in Europe, the Middle East, India, and Africa fell 16 per cent, store sales in the Americas and Asia Pacific fell 23 per cent.
The clothing line declared that it would concentrate on “more of the timeless, classic attributes that Burberry is known for” under Schulman’s direction. October will see the global debut of an outerwear campaign that aims to “build on the established resilience of our house icons.”
“We believe there is an opportunity to reconnect with our core customer base and capitalise on the enduring appeal of Burberry’s iconic products and brand while delivering relevant newness,” the company said.
According to Gerry Murphy, the chair of the brand, this would entail returning attention to items that have traditionally been crucial to the brand’s expansion, such as its scarves and trench coats, which are renowned for their iconic Burberry check pattern.
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