Burberry blames ‘inconsistent brand execution’ for sales decline
The heritage luxury brand says it is heading back to its “original purpose and values” to regain market share.
Burberry has blamed “inconsistent brand execution” and moving “too far from its core” for what it describes as “disappointing results”.
The business said its “brand expression” was focused on being “modern at the expense of celebrating [its] heritage”, with new CEO Joshua Schulman suggesting the brand had “introduced new brand codes and signifiers” over the past few years that “were unfamiliar to our customers”. It dropped out of the FTSE 100 in September for the first time in 15 years, and its Q2 revenue was down 22% to £1.086bn for the six months ending 28 September 2024.
