New York Post

British luxury group Burberry on Monday fired its CEO and named former Coach boss Joshua Schulman to replace him, as it promises a “more familiar” look and presses on with efforts to revive the brand by moving upmarket.

The company also warned on profit and scrapped its dividend, sending shares to their lowest in more than a decade.

A slowdown in the luxury sector has hit the 168-year-old brand harder than rivals as customers were largely unimpressed by a style shift that aimed to expand beyond classic trench coats and accessories and command higher prices.



For the 13 weeks to June 29, underlying sales slumped...

Burberry fires CEO, names ex-Coach boss as replacement during luxe-sector slowdown


				













	LONDON — Joshua Schulman has been named chief executive officer of Burberry in stormy weather, amid a 22 percent decline in first-quarter retail revenue and the risk of an operating loss in the first fiscal half.Me+Em Is the Go-to Label for Royals, Celebrities and Labour Party Politicians




	Schulman, 52, will succeed Jonathan Akeroyd, who was ousted two years into his tenure during one of the most brutal macroeconomic periods the luxury goods industry has witnessed in more than a decade.




	An accomplished retailer and brand builder, Schulman will take up his job on Wednesday following the surprise announcement by Burberry on Monday morning...

Burberry Shakeup: Joshua Schulman Replaces Jonathan Akeroyd at Burberry Helm as Retail Sales Plummet 22% in Q1


				













	LONDON – Burberry is taking drastic action in response to the ongoing slowdown in luxury spending, ousting its chief executive officer Jonathan Akeroyd, replacing him with U.S. retail veteran Josh Schulman, and warning of an operating loss in the first half.Joshua Schulman Named CEO of Burberry, Replacing Jonathan Akeroyd




	In a first quarter trading update on Monday, four days earlier than scheduled, Burberry reported a 22 percent decline in retail revenue to 458 million pounds. Sales were down 20 percent at constant exchange rates.




	Comparable store sales fell 21 percent in the three months to June 29, compared with an 18 percent...

Burberry Warns of Operating Loss in H1 as First Quarter Sales Sink 22%

The chief executive of U.K.-based luxury retailer Burberry has departed the company after serving in the role a little more than two years. In a departure that caught the industry by surprise, Burberry said that chief executive Jonathan Akeroyd is leaving the company “with immediate effect by mutual agreement with the board.” His replacement is American executive Joshua Schulman, who most recently served as CEO of Capri Holdings’ Michael Kors brand from August 2021 to March 2022.

Luxury shakeup as Burberry taps American retail exec as its new CEO

The Associated Press

LONDON (AP) — British luxury fashion house Burberry said Monday it has appointed Joshua Schulman, formerly head of Michael Kors and Coach, as its new chief executive officer as the company warned it expected to record an operating loss in the first half of the year amid slumping retail sales.  Burberry said Schulman, 52, replaces Jonathan Akeroyd, who would step down and leave the firm with immediate effect “by mutual agreement with the board.” The unexpected announcement came as Burberry said its first-quarter revenue was down 21%, with sales declining in all regions — including China, the Americas and Europe — except in Japan. It said full-year earnings will also be lower than expected, and suspended its shareholder dividend payouts.  Burberry shares plunged more than 11% soon after markets opened Monday.

Burberry appoints a new CEO as the fashion house warns it expects a first-half operating loss

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Anika Jindal

Affluent people can splurge their money on the most luxurious possessions and lifestyles. However, most rich people are wise with money, refrain from making unnecessary purchases, and instead put their money to profitable use. Check out the list of 12 such things.

12 Things People Who Are Good With Money Will Never Spend On

24/7 Wall St.

Investors have been running on a high for the last several months as all major U.S. indices have reached new record levels seemingly month after month. Sentiment on the stock market has never been better, and investors are holding out to see how developments in the field of Artificial Intelligence (AI) and Machine Learning (ML) […]
The post Four Blue Chip Stocks To Buy Now And Hold For Forever appeared first on 24/7 Wall St..

Four Blue Chip Stocks To Buy Now And Hold For Forever

Contributors represent independent, third-party users who have joined our contributor program and self-verified their accounts. They have also demonstrated their experience writing hard news for other outlets. Contributors are expected, like all users, to adhere to our Community Standards.

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NewSantaAna

The FBI has seen a rise in scams targeting timeshare owners. In this kind of scam, criminals con these part-time property owners into shelling out hefty sums of cash, all under false pretenses related to their timeshare properties.

FBI warns that Mexican cartels are targeting Americans with timeshare scams

New York City, NY

Cheryl E Preston

Yesterday was the third time this year that an ad stating Chelsea Clinton lives in a beautiful Virginia home popped up on my laptop. My computer did not warn me this was a dangerous site, so this time, I clicked on the link.

Chelsea Clinton is rumored to be living in Virginia but probably still in NYC

California State

Business Times

As dawn breaks at the base of Otay Mountain, the oppressive heat already engulfs the landscape. Even in the early morning, temperatures near this 3,500-foot peak soar into triple digits, a harbinger of the deadly conditions awaiting migrants attempting to cross the U.S.-Mexico border. This part of California is under an excessive heat warning, exacerbating the perils for those making the treacherous journey.

California Heat Exposes Migrants to Life-Threatening Conditions Amid Rising Temperatures

Stop & Shop, a major grocery chain owned by Dutch conglomerate Ahold Delhaize, announced on Friday its decision to close 32 underperforming stores across the northeastern United States. This strategic move aims to bolster the company's financial performance amidst growing competition and rising inflation.

Stop & Shop to Close 32 Stores Amid Rising Competition and Inflation Pressures

Chicago, IL

Foodie in Chicago

Shortly before 3 AM, people in the Chicago area may have felt their houses shake as a 3.4-magnitude earthquake occurred about 60 miles west of the city. (CHICAGO) The United States Geological Survey (USGS) reported a 3.4-magnitude earthquake around Somonauk, IL. Somonauk is in DeKalb and LaSalle Counties, 64 miles west of Chicago.

Did You Feel the Earthquake?

Community Voices represent independent, third-party users who have joined our contributor program but not yet verified their accounts. Community Voices are expected, like all users, to adhere to our Community Standards.

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The HD Post

CALIFORNIA – Starting July 1, landlords will only be allowed to collect one month’s rent for the security deposit on a rental property. Assembly Bill 12, signed into law last October, says regardless of whether the residential property is unfurnished or furnished, only one month’s rent can be charged in addition to any rent for the first month paid on or before initial occupancy.

Law limiting security deposits goes into effect July 1

Devra Lee

Disclaimer: This content was written by Devra Lee for general informational and entertainment purposes only. This service is to provide astrological information that has been researched, recorded, and observed by the author.

Horoscope for Tuesday, July 16th

China's GDP grew by 4.7% year-on-year in the April-June period, falling short of analysts' forecast of 5.1% and marking the slowest growth since the first quarter of 2023.

China's Q2 GDP Misses Forecasts, Economic Stimulus Expected to Intensify

The rapid rise of Chinese e-commerce giants Shein and Temu in the U.S. market has not only transformed American shopping habits but also presented unprecedented opportunities and challenges for the U.S. logistics sector.

Shein and Temu Disrupt U.S. Logistics Industry Amid AI Boom

New Jersey State

Morristown Minute

NEW JERSEY - Attorney General Matthew J. Platkin and the Division of Consumer Affairs announced today that Walmart has agreed to pay $1.64 million to settle allegations of unlawful unit pricing practices across its 64 New Jersey retail stores. The settlement, which includes a $1.61 million civil penalty, marks the largest ever obtained by the Division’s Office of Weights and Measures (OWM).

Walmart Pays $1.64M Settlement for Unlawful Pricing in NJ

(Bloomberg) — Citigroup Inc. is shuttering unused credit card accounts as a growing number of customers fall behind on their payments. The bank has also increased its capacity for collecting bad debts as part of its efforts to manage losses, Chief Financial Officer Mark Mason said on a conference call with journalists. That work has also included decreasing customers’ credit-card limits if they aren’t using them and tightening underwriting to ensure new accounts go to customers with higher credit scores.

Citi Shutters Unused Credit Card Accounts With Losses Soaring

Goldman Sachs reported a significant surge in its second-quarter profits, marking a 150% increase from the same period last year. This surge is attributed to a robust rebound in investment banking activities. The Wall Street giant's net income for the quarter reached $3.04 billion, surpassing analyst expectations, while total revenues rose by 17% to $12.73 billion.

Goldman Sachs Profits Surge 150% as Investment Banking Rebounds

Bryce Gruber

The color yellow is gorgeous, eye-catching, and downright happy for most people. So much so that it's the main hue in the world-famous happy face—but science says it's not the best color to wear on a date.

You Shouldn't Wear Yellow on First Dates, Here's Why

NewsBreak

Burberry Shares Plummets After Profit Warning and CEO Shake-Up

Burberry, the iconic British luxury brand, saw its shares plummet 16% on Monday after issuing a...

Burberry Shares Plummets After Profit Warning and CEO Shake-Up

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