Burberry Appoints Joshua Schulman as CEO Amidst Plummeting Sales

The luxury fashion house replaces Jonathan Akeroyd following a 22% drop in first-quarter retail revenue and suspends dividend payments.

Burberry's retail sales fell by 22% year-on-year in the first quarter, with significant declines in key markets like China and the US.
Jonathan Akeroyd steps down as CEO after two years, replaced by Joshua Schulman, former CEO of Coach and Michael Kors.
The company warns of an operating loss for the first half of the fiscal year and has suspended its dividend to strengthen its balance sheet.
Burberry plans to focus on core products like trench coats and checks while maintaining a range of price points.
Schulman aims to balance Burberry's luxury appeal with broader customer accessibility, without transforming it into a 'British Coach.'