Burberry, which has reported a 21 per cent fall in same-store sales for Q1 to June 29th, has announced the departure of CEO Jonathan Akeroyd by mutual agreement with the board.
Joshua Schulman
Joshua Schulman takes Akeroyd’s place effective July 17th. Schulman was previously CEO of Michael Kors.
Burberry has cautioned that it could make an H1 operating loss if the sales decline continues at the current rate.
Chairman Gerry Murphy said: “Our quarter one FY25 performance is disappointing. We moved quickly with our creative transition in a luxury market that is proving more challenging than expected.”
The business has been impacted by a backdrop of slowing luxury demand but had been rebalancing its product offering to include a broader everyday luxury offer and a more complete assortment across key categories.
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