Jonathan Akeroyd departing after less than two-and-a-half years; shares slump
Luxury fashion firm Burberry has said boss Jonathan Akeroyd has left after just over two years in the job. Photograph: Jonathan Brady/PA WireBurberry replaced its chief executive and suspended its dividend after a downturn in the luxury industry thwarted the British trench coat maker’s effort to challenge high-end labels such as Chanel and Louis Vuitton.
Burberry also suspended its dividend on Monday and said the slowdown in luxury sector sales has persisted into July. It said if the situation continues, it will report a loss for the first six months of the year as well as full-year profit below expectations. Burberry has struggled in the past decade since the departure of Angela Ahrendts, who was credited with reviving the brand. She was replaced by Christopher Bailey in a move that angered investors as he took on a dual role of CEO and chief creative officer.
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