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All change at the top of British fashion: Burberry has announced the departure of chief executive Jonathan Akeroyd after it was forced to cancel its dividend after a slump in sales.
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Akeroyd has left the FTSE 100 company “with immediate effect by mutual agreement with the board”, Burberry said on Monday morning. Burberry has appointed American Joshua Schulman, a former Michael Kors boss, to replace him.
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Gerry MurphyBurberry Chair He called the performance “disappointing”.
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The Luxury market has proven more challenging than expected, but the Company has moved quickly to creatively pivot. Looking ahead to full-year 2025, the weaknesses we have identified have intensified and if current trends continue through the second quarter, we expect to post an operating loss for the first half of the year. Given current trading conditions, the Company has decided to suspend dividend payments for full-year 2025.
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Burberry’s latest financial results did not bode well for shareholders, with like-for-like sales falling 21% to £458 million in the 13 weeks to 29 June.
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Sales in the Asia Pacific region are down 23%. Full-year profits could fall 30%. Burberry said:
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The company operates against a backdrop of slowing demand for luxury goods, with all major regions affected by macroeconomic uncertainty leading to an industry slowdown.
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China’s GDP grows 4.7%, below forecast of 5.1%
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Bouverie’s struggles were underscored by China’s GDP figures released this morning, with growth slowing to 4.7% year-on-year in the second quarter, down from 5.3% in the first quarter and below the 5.1% forecast by economists polled by Reuters.
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China’s Communist Party leaders are holding their “Third Plenum” this week, a meeting held roughly every five years to set out long-term economic policies. The government is aiming for 5% growth in 2024, a target that may be difficult to achieve if the economic downturn continues.
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chart showing China’s GDP growing at its slowest rate since the first quarter of 2023.”,”caption”:”China’s GDP growing at its slowest rate since the first quarter of 2023.”,”credit”:”Photo: Trading Economics”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Analysts said the figures were “largely hampered by weakness in consumer spending and demand.” Deutsche Bank Guided by Jim ReidThey added:
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Other data showed that China’s retail sales slowed to +2.0% y/y in June (versus +3.4% expected, the worst since December 2022) after growing +3.7% y/y in May, highlighting the world’s second-largest economy’s struggles to boost consumption. Adding to the negative sentiment, China’s home prices fell again in June, down -0.67% m/m, while existing home prices were down -0.85%.
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agenda
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10am BSTEurozone Industrial Production (May, previous: -0.1% m/m, consensus: 1%)
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1:30pm: US New York Fed Manufacturing Index (July, previous: -6, previous: -6)
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Important Events
As expected, Burberry’s shares fell after this shocking news broke on Monday morning.
The fashion company’s shares fell 11% in early morning trading.
It’s been a pretty tough year. Today’s decline is in the bottom right of the chart below. But it’s been one-way traffic for the majority of 2024. The stock is down 45% this year.
China’s GDP data seemed to set the tone for stock markets on Monday, with European indexes dropping at the open.
London’s FTSE 100 and Spain’s Ibex were both down 0.4% at the start of trading, at least not in response to soccer.
Below are some opening snaps reported by Reuters.
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Europe’s STOXX 600 fell 0.3%
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Germany’s DAX index fell 0.2%
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Britain’s FTSE 100 index fell 0.4%
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France’s CAC40 fell 0.5%, while Spain’s IBEX fell 0.4%.
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The Euro Stoxx index fell 0.4%, while euro zone blue chips fell 0.4%.
Burberry replaces CEO after forecasting losses as growth slows on weak Chinese retail
Good morning and welcome to our live coverage of business, economy and financial markets.
A change at the top of British fashion: Burberry Announced the resignation of CEO Jonathan Akeroyd Poor sales forced the company to cancel its dividend.
Burberry announced on Monday morning that Akeroyd had “left the company with immediate effect by mutual agreement with the board of directors.” Burberry is an American Joshua ShulmanThe former president of Michael Kors took over as his successor.
Gerry MurphyBurberry Chair He called the performance “disappointing”.
The Luxury market has proven more challenging than expected, but the Company has moved quickly to creatively pivot. Looking ahead to full-year 2025, the weaknesses we have identified have intensified and if current trends continue through the second quarter, we expect to post an operating loss for the first half of the year. Given current trading conditions, the Company has decided to suspend dividend payments for full-year 2025.
Burberry’s latest financial results did not bode well for shareholders, with like-for-like sales falling 21% to £458 million in the 13 weeks to 29 June.
Sales in the Asia Pacific region are down 23%. Full-year profits could fall 30%. Burberry said:
The company operates against a backdrop of slowing demand for luxury goods, with all major regions affected by macroeconomic uncertainty leading to an industry slowdown.
China’s GDP grows 4.7%, below forecast of 5.1%
Bouverie’s struggles were underscored by China’s GDP figures released this morning, with growth slowing to 4.7% year-on-year in the second quarter, down from 5.3% in the first quarter and below the 5.1% forecast by economists polled by Reuters.
China’s Communist Party leaders are holding their “Third Plenum” this week, a meeting held roughly every five years to set out long-term economic policies. The government is aiming for 5% growth in 2024, a target that may be difficult to achieve if the economic downturn continues.
Analysts said the figures were “largely hampered by weakness in consumer spending and demand.” Deutsche Bank Guided by Jim ReidThey added:
Other data showed that China’s retail sales slowed to +2.0% y/y in June (versus +3.4% expected, the worst since December 2022) after growing +3.7% y/y in May, highlighting the world’s second-largest economy’s struggles to boost consumption. Adding to the negative sentiment, China’s home prices fell again in June, down -0.67% m/m, while existing home prices were down -0.85%.
