LONDON - Burberry Group said it will streamline front-office and certain retail functions in a cost-saving reorganization following global lockdowns that caused sales to fall by almost half in the latest three months.
The £55 million in new savings comes on top of a previous £140 million target. People familiar with the situation have said the moves will include job cuts. The company behind the iconic trenchcoat announced last week that it would consolidate its offerings around ready-to-wear, accessories and shoes as it aims to elevate the quality of its products while becoming more agile. The reorganization is part of a plan put in place by chief executive officer Marco Gobbetti, whose urgency has grown with the onset of the coronavirus pandemic.
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