Joshua Schulman, the former CEO of American fashion firms Coach and Michael Kors, will take over for him, Burberry announced in a statement.

“A proven leader with an outstanding record of building global luxury brands and driving profitable growth,” according to Burberry chair Gerry Murphy, is Schulman.

Murphy added in a different statement that Burberry’s most recent “performance is disappointing.”

The group’s first quarter, or the three months ending at the end of June, saw a 22% decline in revenue to £458 million ($594 million).
While the company faced the possibility of an operational deficit in the first half, he promised Burberry that costs would be reduced moving forward.

It happens at a time when the luxury apparel industry as a whole is navigating poor demand, especially in China, where Gucci owner Kering issued a profit warning in April.
Thomas Burberry founded the opulent British fashion brand Burberry in 1856.

According to PUNCH Online, the company, which is well-known for its trench coats, is also well-known for its distinctive tartan design, which has come to represent British fashion.

AFP