Burberry has announced that during April 2016 to April 2017, their profits fell by 7.3% to $375.7 million. Sales have fallen more than 10% with the brands’ beauty divisions and wholesale retailers not reaching sales expectations. These small losses, however, are an effect of the brand experiencing change.
“The actions we have taken to lay the foundations for future growth are yielding early benefits, and I remain confident that these will build over time,” CEO Christopher Bailey explained, soon to be replaced by Executive Chairman Marco Gobbetti. Bailey welcomed Gobbetti to the job stating “with his extensive experience in the sector, we will build on these foundations to elevate and strengthen the brand further.”