British fashion house Burberry Group Plc is set to cut hundreds of jobs, mainly in the UK, following a sharp fall in its stock market value, the Telegraph reported.
Employees were informed during a Zoom At a meeting in late June, those affected were informed that they risked being fired or having to reapply for their jobs, the newspaper reported, without specifying where it got this information.
Burberry has reportedly begun a 45-day consultation, suggesting hundreds of jobs could be cut.
Union officials are understood to be coordinating redundancy deals with a select group of employees. Workers fear that up to 400 jobs are at risk. Burberry declined to comment to the Telegraph.
Burberry employed an average of 9,169 full-time equivalents in the 2023-24 financial year, according to its most recent data. Annual Report.
The announced cuts would follow the elimination of 500 jobs in 2020, when the iconic trench coat maker sought to save £55 million ($70.5 million) amid pressures from the pandemic.
