Burberry Announces CEO Departure and New Appointment
British fashion label Burberry has announced the immediate departure of its chief executive, Jonathan Akeroyd, following what the company described as “disappointing” financial results. Joshua Schulman, who previously led American fashion brands Michael Kors and Coach, will replace Akeroyd.
Burberry chair Gerry Murphy praised Schulman, calling him “a proven leader with an outstanding record of building global luxury brands and driving profitable growth.”
In a separate statement, Murphy expressed disappointment with Burberry’s recent performance. The company’s revenue fell by 22% to £458 million ($594 million) in the first quarter, which ended in June. Murphy indicated that Burberry would implement cost-cutting measures and warned of a potential operating loss in the first half of the year.
This change comes as the luxury fashion sector faces weak demand, particularly in China. In April, Gucci owner Kering issued a profit warning, highlighting the broader challenges in the market.
Burberry, established in 1856 by Thomas Burberry, is renowned for its iconic trench coats and signature tartan pattern, both of which have become symbols of British fashion.
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