British luxury fashion house Burberry Group dropped out of the U.K.'s FTSE 100 on Wednesday, as waning sales and management changes added to the pressures facing the 168-year-old retailer.
The relegation deals a fresh blow for Burberry, whose share price has suffered a precipitous decline over recent months as the brand has fallen out of favor with consumers amid a wider slowdown in the luxury market.top performers in the FTSE 250.Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly
However, the gradual adoption of Burberry's iconic pattern by the British working class through the 1990s and 2000s dealt a heavy blow to the brand's high-end aesthetic — one from which it has struggled to recover.Burberry trench coat with checkered inner lining paired with jersey jogger set. According to Berstein estimates, the fresh approach could provide a much-needed boost to the company's struggling financials. Burberry reported ain first-quarter comparable store sales in July, prompting it to issue its third profit warning in 12 months and suspend its dividend payments
"It's a waste of time for the board to go out and search for the right chairman, when there are real needs to focus on with Mr. Schulman in his endeavor for shareholders," Smead, who is an investor in Burberry, said by email. In a separate note, he suggested that the entire board to be overhauled to reassure investors.Pedestrians walk past the window display of the store of British fashion label Burberry, in central London, on September 2, 2024.
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