Luxury group Burberry has launched a formal process through which it could make around 400 employees redundant.

A report in London-based daily newspaper The Telegraph said the company had already begun a compulsory 45-day consultation period with employees. The newspaper said employees had found out about the impending job-cuts in late June.

Burberry reported its most recent full-year results in May. Revenues fell by 4% year on year to reach just under £3 billion, but operating profits were down by 34%, reaching £418 million.

The company has made no public comment about the proposed job-cuts. It employs a total of 9,000 people around the world.

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