Soft demand for luxury goods blurs Burberry’s upmarket dreams
CEO remains upbeat despite bad timing of global loss of appetite and second downgrade in three months
14 January 2024 - 05:59
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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