According to the Telegraph, Burberry Group Plc, the British fashion house, is anticipated to cut hundreds of jobs primarily in the UK due to a significant decline in its stock market valuation.
During a virtual meeting held in late June, employees were informed that they might face job redundancies or need to reapply for their roles. The source of this information was not specified.
Burberry has reportedly initiated a 45-day consultation period, suggesting the potential reduction of hundreds of positions. Union officials are reportedly in discussions with a specific group of employees regarding redundancy settlements. There is concern among employees that up to 400 jobs could be at risk. Burberry has chosen not to provide a comment to the Telegraph.
According to its latest annual report, Burberry employed an average of 9,169 full-time equivalent workers during the fiscal year 2023-24. The potential job cuts come after Burberry eliminated 500 positions in 2020, aiming to save £55 million ($70.5 million) in response to pandemic-related pressures.