Burberry Replaces CEO and Rethinks High-End Luxury Strategy

Jonathan Akeroyd leaves after less than two-and-a-half years
Luxury slowdown persists, forcing Burberry to pause dividends

WATCH: Burberry Group Plc suspended its dividend on Monday and said the slowdown in the luxury sector sales persisted into July. Chloe Meley reports.Source: Bloomberg

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By Jennifer Creery and Angelina Rascouet

July 15, 2024 at 6:20 AM UTC

Updated on

July 15, 2024 at 10:12 AM UTC

Burberry Group Plc replaced its chief executive officer and issued a profit warning after a downturn in the luxury industry thwarted the British trench coat maker’s effort to challenge high-end labels such as Chanel and Louis Vuitton.

Shares in the British company plunged nearly 17% after it announced Jonathan Akeroyd is departing after less than two-and-a-half years. He is being replaced by Joshua Schulman, a former CEO of Michael Kors, Coach and Jimmy Choo.