Burberry has warned it could shed 1,700 jobs, about 18 per cent of its global workforce, by 2027 as the UK luxury brand announced new cost cuts in an effort to turn around the business.
The company, which hired former Coach and Jimmy Choo chief executive Joshua Schulman last July to revive its fortunes, disclosed the plan as part of a push to generate an additional ￡60mn of savings by 2027.
It came as Burberry said it had swung to an operating loss of ￡3mn in the 12 months to March 29, compared with a ￡418mn profit the year before. Revenue fell 17 per cent to ￡2.5bn.
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