CEO Joshua Schulman stated that Burberry's recent revenue decline necessitated an urgent "course correct" strategy to regain focus on core customers and sustainable growth.
Schulman emphasized Burberry's underperformance was due to "inconsistent brand execution" and acknowledged the company's pricing strategy had alienated many consumers inadvertently.
Jelena Sokolova from Morningstar commented on Burberry's pricing strategy, indicating that customers perceive the brand as less legitimate compared to luxury counterparts like Louis Vuitton.
Burberry's new strategy includes revitalizing its brand identity through leadership changes and campaigns that echo the brand's heritage, aiming to reconnect with its core audience.
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