While most of the UK is basking in unseasonably glorious sunshine this week, spare a thought for the folks at Burberry who appear to be facing an altogether more gloomy outlook. The luxury British fashion house is weathering yet another storm with the announcement on May 14 of more financial losses and hundreds more job cuts.
The company announced that 1700 jobs will go in the next two years following a £66 million ($137 million) loss in the year to April, compared with a profit before tax of £383 million a year earlier. The house aims to save an extra £100 million by the end of the 2027 financial year, partly through cutting about 18 per cent of its global workforce.
