Fashion giant Burberry to axe 500 jobs
◆ Burberry will shed 500 jobs as part of a major cost-cutting programme prompted by a sales slump amid the coronavirus crisis, writes Hannah Uttley.
The luxury fashion giant said about 150 office-based roles in the UK will be affected, but none in retail or manufacturing.
The jobs set to be axed represent about 5pc of Burberry’s global workforce, with roles in its overseas offices and retail outlets also in danger.
The company reported a 45pc slump in sales to £257m for the three months to June as the closure of its stores and travel restrictions hit demand. Europe was hit hardest during the period with sales down 75pc, while revenues in the US fell 70pc.
Kendall Jenner, Bella Hadid, centre, and Gigi Hadid for Burberry’s summer 2020 collection