Burberry puts focus back on trench coats in turnaround plan [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
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Source: Yahoo! Finance
and be less ambitious with prices on bags and shoes, the loss-making luxury brand said in a revamp that sent its shares up sharply. New CEO Joshua Schulman laid out his turnaround plans on Thursday after Burberry reported a loss for the first half of its financial year and announced a 40 million pound ($50.67 million) cost savings programme. The group's shares surged more than 14%, putting them on course for their biggest one-day gain since March 2020. They are down more than 40% so far in 2024, including Thursday's rally. Burberry, like other luxury goods companies, has had a tough time as consumers' appetite for luxury fell in China and elsewhere, but the retailer has lagged in the industry-wide slowdown. Schulman, previously CEO at Coach and Michael Kors, is Burberry's fourth CEO in a decade, and the brand has also had three creative directors in the last seven years, each bringing new styles and logos that confused the brand identity. "Over the past several years, we mov
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