Burberry fires its executives to boost sales

Burberry, a British fashion brand, announced Jonathan Akeroyd’s immediate resignation as CEO on Monday after releasing what it called “disappointing” results.

Joshua Schulman, the former CEO of American fashion firms Coach and Michael Kors, will take over for him, Burberry announced in a statement.

Burberry chair, Gerry Murphy described Schulman as “a proven leader with an outstanding record of building global luxury brands and driving profitable growth.”

In a separate statement, Murphy said Burberry’s recent “performance is disappointing.”

The group’s first quarter, or the three months ending at the end of June, saw a 22% decline in revenue to £458 million ($594 million).

While the company faced the possibility of an operational deficit in the first half, he promised Burberry that costs would be reduced moving forward.

It happens at a time when the luxury apparel industry as a whole is navigating poor demand, especially in China, where Gucci owner Kering issued a profit warning in April.

Thomas Burberry founded the opulent British fashion brand Burberry in 1856.

According to PUNCH Online, the company, which is well-known for its trench coats, is also well-known for its distinctive tartan design, which has come to represent British fashion.

AFP