3 months ago
15
British luxury fashion house Burberry says it has appointed Joshua Schulman, formerly head of Michael Kors and Coach, as its new chief executive officer.
This, as the company warned it expected to record an operating loss in the first half of the year amid slumping retail sales.
Burberry said Schulman replaces Jonathan Akeroyd, who would step down and leave the firm with immediate effect by mutual agreement with the board.
The unexpected announcement comes as Burberry said full-year earnings will also be lower than expected, and suspended its shareholder dividend payouts.
Burberry shares plunged more than 11 per cent soon after markets opened Monday.
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