British fashion label Burberry, on Monday announced that chief executive Jonathan Akeroyd would be stepping down immediately following what the company termed “disappointing” results.
He will be succeeded by Joshua Schulman, who previously led American fashion brands Michael Kors and Coach, according to a statement from Burberry.
Burberry chair Gerry Murphy praised Schulman as “a proven leader with an outstanding record of building global luxury brands and driving profitable growth.”
In a separate statement, Murphy labeled Burberry’s recent “performance is disappointing.”
The group’s revenue fell 22 percent to £458 million, $594 million, in the first quarter, ending in June. Murphy mentioned that Burberry plans to cut costs and may face an operating loss in the first half.
This development occurs as the luxury fashion sector faces weak demand, especially in China, with Gucci owner Kering issuing a profit warning in April.
Founded in 1856 by Thomas Burberry, Burberry is a British luxury fashion house renowned for its iconic trench coats and signature tartan pattern, which has become a symbol of British fashion.
