Burberry Soars 15% with New CEO, Joshua Schulman

Burberry’s new CEO, Joshua Schulman, is on a mission to bring the iconic British brand back to life. Schulman, who previously led Michael Kors, took over in July and didn’t hold back in admitting Burberry’s issues and a plan of action. He called out the lack of focus on their signature outerwear and the high prices that have made luxury pieces, like their leather goods, too expensive for many customers. Schulman’s “Burberry Forward” plan is all about getting back to their roots, reconnecting with customers, and reviving what people love about Burberry.

Despite recent struggles, Schulman’s honesty and vision gave investors something to cheer about—Burberry’s stock jumped nearly 15% after his announcement. The plan? Lean into what Burberry does best, like classic British outerwear, and focus on loyal customers who’ve felt priced out recently. Schulman believes that by staying true to Burberry’s roots, the brand can regain the trust and loyalty of fans who have loved it for years.

To make this vision happen, Burberry will be cutting costs by £40 million a year, with a big chunk happening this year. Schulman also aims for a long-term goal of £3 billion in revenue, although he hasn’t set a firm deadline. It’s a big ask, but Schulman’s focus on quality, affordability, and Burberry’s heritage gives hope that this iconic brand can return to its former glory.