Struggling British fashion house Burberry has announced cost-cutting plans.
Burberry reported a net loss of £74m in the last 6 months. Revenue was down 22% to 1.09 billion. pounds, the group said in a statement.
"Today we are acting with urgency to stabilize the business and position Burberry for a return to sustainable, profitable growth," said newly appointed CEO Joshua Shulman.
Shulman said Burberry would refocus on outerwear and rekindle a "culture of high performance."
Italian fashion brand Moncler has expressed interest in buying the 168-year-old British company. Burberry is targeting new markets as demand for luxury goods continues to decline in China.
The Asia-Pacific region saw the biggest drop in sales, with store turnover in mainland China down 24 percent in the first half of the year.
China is the world's largest luxury market, accounting for half of global sales. However, the country's recovery from the pandemic has slowed and consumption has fallen, causing concern in the global fashion industry. | BGNES, AFP