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Burberry’s CEO wants to take it further upmarket — now the stock is diving





Models walk the runway at the Burberry show during the London Fashion Week February 2017 collections on February 20, 2017 in London, England. (Photo by )

  • Burberry’s new CEO announced plans to establish the brand “firmly in luxury.”
  • Transformation of the brand will cost up to £160 million a year in capital expenditure and both profits and revenue are likely to be flat for the next few years.
  • Stock dived 10% on the news, recovering slightly to an 8.5% fall by mid-morning.

LONDON — Burberry stock crashed almost 10% on Thursday morning after the British luxury brand’s new CEO announced plans to take it further upmarket.

Burberry said in a statement that it would “sharpen our brand positioning. This will require us to change our approach to product, communication read more >>>

Source:: BusinessInsider.Com

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