Burberry shows luxury is not immune from the effects of the coronavirus pandemic as it reveals plans to accelerate cost-savings.
Burberry has announced plans to cut hundreds of jobs as the luxury brand plots a fightback from a collapse in sales at the height of the coronavirus crisis.
The company announced that 150 UK office roles were at risk as it seeks savings"to reinvest in customer facing activities" - with a further 350 jobs called into question across its operations globally. London-based Burberry said it had begun consultations with affected UK staff and it hoped to minimise redundancies elsewhere through redeployment, where possible, as part of efforts to save an additional £55m per year.Burberry warned that sales were expected to be 'materially impacted' by continuing COVID-19 disruption in Q2
Its first quarter trading statement demonstrated that luxury brands - and their customers - are not immune from the effects of theIn addition to lockdowns across its trading territories over the course of this year, it pointed to particular pressure on sales from the lack of international travel which has hit its usually strong tourism revenue.
Burberry only had 40% of its entire trading estate open at the start of the three months to 27 June quarter - reaching 50% at the end of the period.
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