Burberry has named luxury retail veteran Joshua Schulman as its new CEO and Executive Director, effective July 17. Schulman had served as CEO of Michael Kors and Coach, as President of Bergdorf Goodman and as CEO of Jimmy Choo. Schulman will replace Jonathan Akeroyd, who had been named Burberry’s CEO in October 2021 and began in the position in April 2022.
The change at the top comes as Burberry revealed weak performance in its Q1 FY25, which ended June 29, 2024. The retailer generated £458 million, ($595 million),a 22% decrease compared to the same period the previous year, and comparable store sales fell 21%.
“Our Q1 FY25 performance is disappointing,” said Gerry Murphy, Chair of the Burberry board in a statement. “We moved quickly with our creative transition in a luxury market that is proving more challenging than expected. The weakness we highlighted coming into FY25 has deepened and if the current trend persists through our Q2, we expect to report an operating loss for our first half. In light of current trading, we have decided to suspend dividend payments in respect of FY25.”
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