Advertisement

Burberry Replaces CEO Following Tough Quarter, Warns of Potential Losses

Image courtesy Burberry

Burberry has named luxury retail veteran Joshua Schulman as its new CEO and Executive Director, effective July 17. Schulman had served as CEO of Michael Kors and Coach, as President of Bergdorf Goodman and as CEO of Jimmy Choo. Schulman will replace Jonathan Akeroyd, who had been named Burberry’s CEO in October 2021 and began in the position in April 2022.

The change at the top comes as Burberry revealed weak performance in its Q1 FY25, which ended June 29, 2024. The retailer generated £458 million, ($595 million),a 22% decrease compared to the same period the previous year, and comparable store sales fell 21%.

“Our Q1 FY25 performance is disappointing,” said Gerry Murphy, Chair of the Burberry board in a statement. “We moved quickly with our creative transition in a luxury market that is proving more challenging than expected. The weakness we highlighted coming into FY25 has deepened and if the current trend persists through our Q2, we expect to report an operating loss for our first half. In light of current trading, we have decided to suspend dividend payments in respect of FY25.”

Advertisement

Featured Event

Get free access to tactical tips, invaluable insights, and deep-dive conversations that will help you hone your strategies for Q4 and beyond. That way, you can be sure to be on shoppers’ nice lists this holiday season…and all year long.

Advertisement

Advertisement

Access The Media Kit

Interests:

Access Our Editorial Calendar




If you are downloading this on behalf of a client, please provide the company name and website information below: