(Bloomberg) -- Burberry’s new American boss says taking Britain’s best-known fashion brand down market is not in the cards.
Instead, Joshua Schulman said he wants to stay the course on elevating the brand but with a better balance on prices, speaking after his first London Fashion Week show since taking over as chief executive officer of Burberry Group Plc in July.
In effect, the former CEO of Michael Kors is seeking to address criticism that the UK trench coat maker’s effort to take the label up market was poorly executed, with new, unfamiliar products hastily introduced into stores at inflated prices, confusing customers about the brand.
Schulman’s stint at Michael Kors and Coach, considered affordable luxury brands, had prompted industry analysts to wonder if he’d take Burberry down market. Schulman will unveil his strategy for the brand in November.
The executive has taken charge at a difficult time for Burberry. In addition to an industry-wide slump in the fashion sector hit by falling demand in China and a slowdown in the US, the company has also been grappling with issues specific to it that have resulted in sliding sales and profit.
Earlier this month it was dropped from the FTSE100, ending a 15-year presence on the blue-chip benchmark after its capitalization fell below the level required to keep its place. Shares have tumbled by more than 75% since a record high in April last year. The stock rose as much as 1.8% in early London trading on Tuesday.
Burberry designer Daniel Lee, who is under pressure to help the label produce products that appeal to the label’s core customers, unveiled his Spring/Summer 2025 collection in London Monday at the National Theatre.
The collection featured a mix of male and female models wearing different types of jackets and trenches, some revisited with collars that looked like an angel’s wings, in brown, gray as well as pale pink tones.
Jerry Hall, Blur frontman Damon Albarn, actress Olivia Colman, who played the late Queen Elizabeth II in The Crown as well as former professional football player Rio Ferdinand were among the front row guests.
Yorkshire-born Lee was appointed two years ago under former CEO Jonathan Akeroyd who sought to bring back Burberry to its British roots. Schulman said he still aims to leverage the Britishness of the label, known for its distinct beige checks.
When asked if the collaboration with Lee would continue, Schulman just said “Today’s show was beautiful,” without elaborating further.
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