British luxury icon Burberry falls out of financial fashion with FTSE relegation [CNBC]
BURBERRY GROUP PLC S/ADR (BURBY)
NASDAQ:AMEX Investor Relations:
burberryplc.com/en/investors.html
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Source: CNBC
The relegation marks a fresh blow for Burberry, whose share price is down more than 53% so far this year. Successive CEOs have attempted to elevate the company's aesthetic. The appointment of Joshua Schulman as CEO in July now suggests a change in direction. LONDON — British luxury fashion house Burberry Group dropped out of the U.K.'s FTSE 100 stock market index on Wednesday, as waning sales and a slew of management changes have added to the mounting pressures facing the 168-year-old retailer. The company slipped into the FTSE 250 during September's quarterly rebalancing, index provider FTSE Russell said in a statement , bringing its 15-year run in the U.K. large-cap FTSE 100 blue chip index to a close. The changes will be implemented at the close of trade on Sept. 20 and will take effect from Sept. 23. The relegation deals a fresh blow for Burberry, whose share price has suffered a precipitous decline over recent months as the brand has fallen out of favor with consumers
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