Burberry replaces CEO after ‘disappointing’ results

(FILES) Branding for a fashion retailer Burberry is pictured outside a store in west London on May 15, 2022. British luxury goods group Burberry announced on July 15, 2024, that it was replacing its chief executive Jonathan Akeroyd, following the publication of another “disappointing performance” by a group that has been suffering for months from the slowdown in demand for top-of-the-range products. (Photo by Daniel LEAL / AFP)

London, United Kingdom — British fashion label Burberry on Monday announced the immediate departure of chief executive Jonathan Akeroyd, as it posted what it described as “disappointing” results.

He is being replaced by Joshua Schulman, who has headed American fashion brands Michael Kors and Coach, Burberry said in a statement.

Burberry chair Gerry Murphy described Schulman as “a proven leader with an outstanding record of building global luxury brands and driving profitable growth”.

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In a separate statement, Murphy said Burberry’s recent “performance is disappointing”.

Revenue slid 22 percent to £458 million ($594 million) in the group’s first quarter, or three months to the end of June.

He said Burberry would cut costs going forward, while the group risked an operating loss in its first half.

It comes as the wider luxury fashion sector navigates weak demand, particularly in China, with Gucci owner Kering in April issuing a profit warning.