Embattled fashion house Burberry reveals massive overhaul sending shares to an all-time high [MSNBC.com]
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Source: MSNBC.com
Shoppers walk past Burberry's Shanghai storeKevin Lee | Getty ImagesLONDON —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 ended the day up 18.7%. Shares are down around 39% year-to-date.Analysts responded positively to the news, pointing to a potential "turning point" for the embattled brand.The plans provide the first insight into Burberry's repositioning under new CEO Joshua Schulman, who joined in July from Michael Kors, becoming the brand's fourth CEO in the last decade."Today, we are acting with urgency to course correct, stabilise the business and position Burberry for a return to sustainable, profitable growth," Schulman said in a statement.Stock Chart IconStock chart iconSchulman said tha
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