Burberry has announced plans to cut around 1,700 jobs globally following a dramatic 117% decline in annual profits amounting to approximately $87.8 million. This reduction represents about 20% of its global workforce of 9,300 employees. CEO Joshua Schulman clarified that most cuts will occur at head offices and involve reorganizing in-store duties, asserting the company's commitment to its UK manufacturing by investing in renovations. The luxury brand's struggles reflect wider challenges in the sector, with reduced consumer spending amid inflation and economic uncertainty, a trend observed across similar luxury brands.
Burberry's recent announcement of potential job cuts precedes a staggering 117% drop in profits, highlighting significant challenges within the luxury retail sector.
CEO Schulman emphasized that Burberry's decision to reduce jobs is aimed at organizing operations and safeguarding UK manufacturing through factory renovations.
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