Burberry is set to cut up to 1,700 jobs, representing about 18% of its workforce, as part of a major cost-saving initiative due to a pre-tax loss of £66 million. Most job reductions will impact head office functions in London, with additional changes in its West Yorkshire factory. CEO Joshua Schulman aims for £60 million in new savings, increasing total savings to £100 million by 2027. Despite the challenges, including a 12% decline in sales and decreased demand in China, Schulman expresses optimism about Burberry's future amid uncertain economic conditions.
Burberry's plan includes cutting up to 1,700 jobs and implementing further operational changes aimed at achieving total annualized savings of £100 million by 2027.
Joshua Schulman is optimistic about Burberry's future, despite acknowledging the impact of geopolitical instability on the luxury market.
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