Economic Uncertainty Hits Recruitment and Luxury Sectors
Robert Walters and Burberry report significant declines due to global hiring slowdown and challenging market conditions.
- Robert Walters cut headcount by 5% in Q2, with net fee income down 12% and gross profit down 14%.
- The recruitment firm does not expect a market recovery before 2025, citing prolonged macroeconomic turbulence.
- Burberry CEO Jonathan Akeroyd steps down as the company suspends dividends and predicts a first-half operating loss.
- Burberry's revenues fell 22% in Q2, with significant drops in sales across all regions.
- China's slower-than-expected economic growth further pressures global markets, impacting sectors reliant on luxury demand.
Reuters 
Evening Standard 
The Guardian 
The Telegraph 
