Britain’s Burberry blamed a worsening slowdown in demand for luxury goods for its second downgrade in three months and warned of a tough challenge ahead as it launches a strategy to move upmarket, in a blow to its shares.

Burberry’s latest warning is a major setback to CEO Jonathan Akeroyd’s turnaround plan as he tries to lift the brand under the creative guidance of designer Daniel Lee, whose first collection was introduced last September...

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