Overview

• Burberry plans to cut 1,700 jobs globally, nearly 18% of its workforce, over the next two years as part of its restructuring efforts.
• The company reported a £66m pre-tax loss for the financial year ending March 29, a sharp drop from a £383m profit the previous year.
• Burberry aims to achieve £100m in annual savings by 2027 through workforce reductions, procurement efficiencies, and real estate adjustments.
• The job cuts will primarily impact head office roles, retail staffing schedules, and the night shift at its Castleford factory in the UK.
• CEO Joshua Schulman reaffirmed commitment to the 'Burberry Forward' turnaround plan, emphasizing the brand's focus on core outerwear products like trench coats and scarves.