Burberry slumps following a profit warning due to declining luxury sales.

Burberry Group Plc's profit forecast was cut by nearly £100 million, indicating a decline in demand for luxury goods, particularly in the US. The company's stock fell as much as 15% in London, the steepest intraday decline in over a decade. Burberry, a weaker luxury brand, is experiencing a turnaround, but Chief Executive Officer Jonathan Akeroyd said demand for luxury goods was falling in most regions, including the US and China territories, indicating a tough year for the sector in 2024.

January 12, 2024
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