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Burberry replace boss after sales slump forces cancellation of divi
Evening Standard
|July 15, 2024
BURBERRY announced the shock departure of its chief executive today, alongside a profit warning and the cancellation of its dividend amid a global sales slump.
Jonathan Akeroyd is stepping down from the world famous fashion house “with immediate effect”.
He will be replaced by the American executive Joshua Schulman, who was CEO of Jimmy Choo, the luxury shoe brand, between 2007 and 2012.
The overhaul came alongside a trading update that Burberry’s chairman, Gerry Murphy, described as “disappointing”. He said the “luxury market ... is proving more challenging than expected”, adding: “We are taking decisive action to rebalance our offer to be more familiar to Burberry’s core customers whilst delivering relevant newness.”
Burberry’s shares tumbled 85p to 802p early today, a drop of almost 10% and the biggest fall on the FTSE 100.
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