Jobs to go at Burberry as revenues fall by 17%, with leathergoods lagging
Accessories and apparel brand Burberry has reported full-year results of just under £2.5 billion for the 12 months ending March 29, 2025. This is a fall of 17.1% compared to the previous financial year.
The company said outerwear and scarves had performed better than the group average, that ready-to-wear had performed broadly in line with the group average, but that leathergoods had lagged the group average for the 12-month period.
Chief executive, Joshua Schulman, who took up the role in mid-July 2024, said Burberry had faced “a challenging first half”. Under his leadership, he said the company had put in place a new strategic plan “to reignite brand desire, improve performance and drive long-term value creation”.
It said it hoped this plan will help it save £100 million by the end of March 2027. This will include a “reduction in people-related costs” which could impact around 1,700 jobs across the company.
Mr Schulman said: “The continued resilience of our outerwear and scarf categories reaffirms my belief that we have the most opportunity where we have the most authenticity. While we are operating against a difficult macroeconomic backdrop and are still in the early stages of our turnaround, I am more optimistic than ever that Burberry’s best days are ahead and that we will deliver sustainable profitable growth over time.”
