Embattled fashion house Burberry reveals massive overhaul sending shares to an all-time high [CNBC]
BURBERRY GROUP PLC S/ADR (BURBY)
NASDAQ:AMEX Investor Relations:
burberryplc.com/en/investors.html
Company Research
Source: CNBC
Shares jumped over 22% on the announcement, logging their biggest-ever intraday gain. Analysts welcomed the plans as a potential “turning point” for the luxury fashion house's ailing fortunes. LONDON — Burberry is aiming to win back shoppers and boost waning sales by refocusing on heritage designs and statement pieces under sweeping revamp plans designed to revive the luxury fashion house's ailing fortunes. The “Burberry Forward” strategic overhaul, announced Thursday, intends to reconnect the brand with its “original purpose” while taking a more disciplined approach to product selection, with a focus on its staple coats and scarves, the company said. Shares jumped over 22% on the announcement, to log it biggest-ever intraday gain. The stock was last seen up 17% at 15:34 p.m. London time. Shares are down around 39% year-to-date. Analysts responded positively to the news, pointing to a potential “turning point” for the embattled brand. Schulman unveils new vision The pla
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