Fashion brand’s profit fall prompts bolder thinking from Bailey, who could use a retail specialist to help him turn things around
Burberry’s Christopher Bailey has two jobs already, chief executive and chief creative officer, and now he has a third: chief hatchet man. Strictly speaking, he can perform the cost-cutting role while wearing his CEO trench coat, but the size of the task is greater after a 10% fall in annual profit and a prediction of another decline to follow.
Last year’s modest cost-saving programme was about inspecting his executives’ minibar receipts and trimming a few people’s bonuses, or so it seemed. For 2016-17, the thinking is bolder: remove at least £100m of hard overheads.
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