Burberry is to cut 500 jobs after global coronavirus lockdowns sparked a sales collapse, the British luxury fashion group said on Wednesday, July 15.
The London-listed group on Wednesday said it was launching a fresh efficiency drive to generate annualized savings of £55 million with a one-off restructuring charge of £45 million. Chief executive Marco Gobbetti conceded that demand would"take time" to recover, despite easing lockdowns and the resumption of air travel.
"Demand for leather goods was particularly strong in mainland China and Korea, bringing new, younger luxury customers to the brand," Gobbetti added.
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