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Burberry to cut 500 jobs, including 150 layoffs in UK
Burberry Says Over Last Six Weeks Comparable Retail Store Sales Were Down Between 40% And 50%
Burberry's Hong Kong sales fall to 5% of total from 8% - CFO
Burberry Group plc (Burberry) is a global luxury goods manufacturer, retailer and wholesaler. It also licenses third parties to manufacture and distribute products using the Burberry trademarks. The Company's segments include retail/wholesale and licensing. The Retail/wholesale segment is engaged in the sale of luxury goods through Burberry mainline stores, concessions, outlets and digital commerce, as well as Burberry franchisees, prestige department stores globally and multi-brand specialty accounts. The Company generated licensing revenues through the receipt of royalties from global licensees of beauty products, eyewear and from licenses relating to the use of non-Burberry trademarks. The Company's product divisions are Women, Men's and Children's apparel, Accessories, and Beauty (which includes fragrance and make-up). Its subsidiaries include Burberry Latin America Holdings, S.L, Burberry (Suisse) SA, Burberry (Taiwan) Co Ltd, Burberry (Thailand) Limited and Burberry FZ-LLC
Horseferry House, Horseferry Road
Gerry M. Murphy
Chairman of the Board
Chief Executive Officer, Executive Director
Chief Financial Officer, Chief Operating Officer, Executive Director
President of Americas & Global Retail Excellence
President of Europe, Middle East, India & Africa
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Luxury brand Burberry said on Wednesday it would cut about 500 jobs globally, including 150 British-based office roles, as it forecast no quick recovery in demand, particularly from high-spending tourists.
British fashion brand Burberry said on Wednesday that demand was severely impacted by COVID-19 in the first quarter, with comparable sales falling 45%, although the decline eased to 20% in June driven by growth in mainland China and South Korea.
Britain's Burberry said the luxury fashion industry would take time to recover from the profound impact of the coronavirus outbreak that lowered its comparable sales by 27% in the final quarter and led it to scrap its final dividend.
Britain's Burberry said the luxury industry could take some time to recover from the COVID-19 pandemic as it reported a 27% drop in comparable sales in the final quarter of its year, which ended with about 60% of its retail stores closed.
Luxury brand Burberry <BRBY.L> will pay all its staff globally even if they are unable to work due to coronavirus crisis store or site closures, adding on Friday it will not tap a government support scheme in Britain.
High-end British fashion brand Burberry <BRBY.L> has turned over its production to make protective gowns for healthcare workers tackling the coronavirus outbreak, health minister Matt Hancock said on Friday.
Britain's Burberry <BRBY.L> said sales in the final weeks of March would plunge by up to 80% as the impact of coronavirus already seen in China spread to Europe and the United States, causing stores to close and luxury shopping to dry up.
Luxury British brand Burberry said the drop-off in demand due to coronavirus had intensified, pushing comparable retail store sales between 40% and 50% lower over the last six weeks.
Riccardo Tisci drew inspiration from Burberry's design heritage by re-imagining the British label's trenchcoats and camel, black and red check at London Fashion Week on Monday.
British stocks fell on Friday as dealers locked in profits after four straight sessions of gains in the midst of nagging worries over the coronavirus, and as luxury brand Burberry dropped after blaming the outbreak for weaker demand.
Burberry <BRBY.L> said the outbreak of the coronavirus was hitting luxury demand in China and Hong Kong, both important markets for the British fashion brand, sending its shares lower for a second day in a row.
London's main index fell on Friday as dealers locked in profits after four straight sessions of gains amid lingering worries over the coronavirus, and as luxury brand Burberry skidded after blaming the outbreak for hurting demand.
Britain's Burberry said on Friday the outbreak of coronavirus in mainland China was hurting luxury demand in one of its most important markets.
Luxury fashion label Burberry <BRBY.L> upgraded its full-year sales forecast on Wednesday as demand for Riccardo Tisci's new collections in Europe and mainland China offset a slump in Hong Kong.
London's FTSE 100 rebounded on Wednesday, as housebuilders advanced after Berkeley hiked its planned shareholder returns and worries over the spread of a new coronavirus in China eased.
British luxury label Burberry edged up its forecast for full-year sales on Wednesday after it saw strong demand for designer Riccardo Tisci's new collections in the 13 weeks to Dec. 28.
Burberry is turning a corner. Strong demand for designer Riccardo Tisci’s new collections has helped the UK fashion group, which is famed for its checked patterns, offset protest-related disruption at its Hong Kong hub. And Chief Executive Marco Gobbetti has a new plan to...
British luxury brand Burberry <BRBY.L> on Thursday said it has joined forces with China's Tencent <0700.HK> for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market.
British luxury brand Burberry <BRBY.L> said on Thursday the popularity of collections by its new chief designer Riccardo Tisci helped the group make up for lost sales in Hong Kong in the first half and it was sticking with year-end targets.
London's FTSE 100 edged lower on Thursday as a 9% drop in private equity company 3i and a handful of stocks trading ex-dividend overshadowed an earnings-driven surge in luxury brand Burberry.
Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.