Burberry’s CEO wants to take it further upmarket — now the stock is diving
|11/09/2017||Posted by BusinessMediaguide.Com under General World News||
- Burberry’s new CEO announced plans to establish the brand “firmly in luxury.”
- Transformation of the brand will cost up to £160 million a year in capital expenditure and both profits and revenue are likely to be flat for the next few years.
- Stock dived 10% on the news, recovering slightly to an 8.5% fall by mid-morning.
LONDON — Burberry stock crashed almost 10% on Thursday morning after the British luxury brand’s new CEO announced plans to take it further upmarket.