There are now going to be job cuts in Burberry’s head office!
Expectedly so, considering the tough times the British fashion label has been facing over continuous fall in its sales owing to extended lockdowns.
It is in the process of restructuring the entire organisation and unstated job cuts in London office are going to be a big part of Burberry’s restructuring process.
Here it is imperative to say that the fashion retailer had not furloughed any of its staff in last 4 months even when every second fashion retailer was doing so in different parts of the globe.
Though the retailer declined to make any comments on the decision of job cuts, it did say in a statement that the restructuring will be more about enhancing the product focus and help the brand become more agile and specialised so as to bring them more closer to its customers.
Coming closer to customers and driving standards of luxury seem to be topping the priorities in Burberry’s new business strategy.
With analysts already predicting a massive fall of 49 per cent in its Q1 sales, Burberry understands revamping of the company and some firm decisions are the only ways to survival and success in these challenging times. The Q1 report is expected to come out anytime today (15 July).
Watch out for this space to know the next development at Burberry!
The fashion retailer, started in 1856, today has its presence in over 50 countries and generates revenue of £2,720.2 million.