International fashion brand Burberry has announced that it will be cutting 500 jobs in response to the coronavirus pandemic, which has devastated the retail sector.
Up to 150 UK office-based jobs are set to go, with a further 350 international jobs are also under threat. The announcement is part of plans to save the business £55m – brought on by the impact of COVID-19.
The London-based retailer hopes to minimise further job losses through redeployment.
Burberry’s Chief Executive Marco Gobbetti commented: “Sales were severely impacted by the drop in luxury demand from COVID-19 and we expect it will take time to return to pre-crisis levels with the resumption of overseas travel.
“As we enter the second phase of our strategy, we are sharpening our focus on product and making other organisational changes to increase our agility and generate structural savings that we will be able to reinvest into consumer-facing activities to further strengthen our luxury positioning.”