Burberry's new strategy focuses on leveraging its British heritage, specifically the core products like trench coats and scarves, while scaling back prices on bags and shoes.
'We took pricing too high across the board,' Schulman explained, highlighting the missteps in Burberry's pricing strategy and the need for a more disciplined approach moving forward.
Looking ahead, Schulman remarked that Burberry plans to be incredibly disciplined in its branding, aiming to represent timeless British luxury through recognizable and familiar brand codes.
With an industry-wide slowdown impacting luxury demand, Schulman emphasized the need for Burberry to refocus on its core identity to address consumer preference shifts.
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