Burberry's Bold Turnaround: Joshua Schulman's Strategic Reboot

Burberry's new CEO, Joshua Schulman, unveiled a strategic plan to revive the luxury brand amid sliding sales. The company suspended its 2025 dividend and introduced a £40m cost-saving initiative. Schulman aims to refocus on core offerings and stabilize Burberry for sustainable growth.

In an effort to revive Burberry amidst challenging times, new CEO Joshua Schulman has charted a turnaround course for the iconic British luxury brand. Announcing the strategy on Thursday, Schulman acknowledged continued sales decline but emphasized a renewed focus on outerwear and core clientele.

As part of the new strategy, Burberry has suspended its 2025 dividend and introduced a cost-saving program worth £40 million. Schulman expressed urgency in implementing these changes to stabilize the business and set the stage for sustainable, profitable growth.

Despite the strategic shift, Burberry's second-quarter sales mirrored the decline of the first, with first-half revenue dropping by 20% in constant currency. The brand faces significant challenges ahead as it seeks to regain its market footing.

(With inputs from agencies.)