Burberry to Cut 1,700 Jobs by 2027

Burberry plans to cut about 1,700 jobs—roughly 18-20% of its global workforce—by 2027 as part of a major restructuring and cost-saving initiative, with layoffs primarily targeting office staff and the night shift at its Castleford factory. The move aims to achieve £100 million in annual savings following steep sales and profit declines. CEO Joshua Schulman, appointed last year, is refocusing the brand on heritage items like trench coats and scarves after past strategic missteps and a downturn in the luxury market. The company reported an adjusted operating profit of £26 million, beating forecasts and causing shares to rise by up to 10%. Regional sales dropped, with the Americas and EMEIA down 4% and Asia Pacific down 9%, though Q4 results slightly exceeded expectations. Schulman remains optimistic, citing improved brand sentiment and plans for increased marketing as new collections launch.