Burberry may cut 1,700 jobs globally to reduce costs as profits fall

"Burberry plans to cut 1,700 jobs globally by 2027, including eliminating a night shift in its Yorkshire factory, as profits plummet."

"The brand aims to save £60m as it copes with a 117% drop in annual profits, which fell to a £66m loss."

Burberry announced plans to cut approximately 1,700 jobs globally by 2027 in response to a staggering 117% drop in pre-tax profits, resulting in a £66 million loss. The job cuts will affect almost 20% of its workforce, targeting head offices and the Yorkshire raincoat factory. CEO Joshua Schulman indicated that the changes align with a broader strategy to save £60 million, following previous efforts to save £40 million. Despite the challenges in the luxury market, Schulman expressed cautious optimism about the brand's future, highlighting upcoming investments in the factory.

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