Trench Warfare

Joshua Schulman
I’m sure Schulman will cut costs where he can, but the key to Burberry succeeding is going to be getting outerwear—its definitive hero product—right. Photo: Victor Boyko/Getty Images for Michael Kors
Lauren Sherman
July 15, 2024

On Monday morning, after reporting that first-quarter sales took a 21 percent dive, Burberry’s board announced that it had fired C.E.O. Jonathan Akeroyd. Ordinarily, news of a leadership change might cause a stock to rally. Instead, amid projections that the second quarter won’t be much better, shares of Burberry dropped more than 15 percent.