On Monday,burberry, a British fashion label, announced that chief executive Jonathan Akeroyd would be leaving his position immediately due to what the company called “disappointing” financial results. Joshua Schulman, who has previously led American fashion brands Michael Kors and Coach, will replace Akeroyd, according to a statement from Burberry.
Gerry Murphy, the chairman of Burberry, praised Schulman as “a proven leader with an outstanding record of building global luxury brands and driving profitable growth.” In a separate announcement, Murphy expressed his dissatisfaction with Burberry’s recent performance, describing it as disappointing.
For the first quarter, ending in June, Burberry reported a 22 percent decline in revenue, down to £458 million ($594 million). Murphy indicated that the company would implement cost-cutting measures and warned that Burberry could face an operating loss in the first half of the year.
This news comes as the luxury fashion industry, particularly in China, faces weak demand. In April, Kering, the owner of Gucci, issued a profit warning, highlighting the challenges in the sector.
Established in 1856 by Thomas Burberry, the British luxury fashion house is renowned for its iconic trench coats and signature tartan pattern, a hallmark of British fashion, according to PUNCH Online.
