This week’s news that Burberry is cutting 1,700 jobs after a 117% fall in profits is, of course, terrible for affected employees around the world – including 170 at its West Yorkshire trenchcoat factory – but did not come as a surprise within the fashion world.
Although a slowdown across luxury goods is partly to blame, some of this is Burberry specific – the buzz around the brand has been waning, and disquiet has led to this action plan. Those watching the company clearly approve – its shares rose 17% after the news on Wednesday.
