Burberry announces losses and launches turnaround plan

Troubled British fashion house Burberry on Thursday announced a turnaround plan to kickstart the brand as it reported tumbling profits and a drop in sales.
It announced a net loss of £74 million ($94 million) in the first half of the year, down from a net profit of £158 million in the same period in 2023, Burberry said in a statement.
Revenue fell around 20 percent to £1.09 billion, while the group said it had initiated a cost savings programme.
The company announced a new strategic plan to reshape the brand, as the luxury fashion sector navigates weak demand, particularly in China.
"Today, we are acting with urgency to course correct, stabilise the business and position Burberry for a return to sustainable, profitable growth," said recently appointed chief executive Joshua Schulman.
Schulman said that Burberry, famed for its trench coats, will refocus on outerwear, in-store productivity and reignite a "high-performance culture".
"Over the past several years, we moved too far from our core with disappointing results," the group said in an earnings statement.
Schulman was appointed as chief executive officer in July after former CEO Jonathan Akeroyd left the group following poor results.
In September, Burberry exited London's FTSE 100 after 15 years at the top-tier index as analysts cited strategic mistakes and weak demand from China.

Agence France-Presse