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British fashion house Burberry Group Plc is expected to shed hundreds of jobs, mostly in the UK, following a sharp drop in its stock market value, the Telegraph reported.<\/p>\n
Employees were informed during a Zoom<\/a> meeting in late June, with those affected told they were facing redundancy or having to reapply for their roles, the newspaper reported, without saying where it got the information. \u00a0<\/p>\n Burberry has reportedly begun a 45-day consultation, signaling that hundreds of positions could be cut.\u00a0<\/p>\n It\u2019s understood that union officials are coordinating redundancy settlements with a select group of employees. Employees fear as many as 400 jobs could be at risk. Burberry declined to comment to the Telegraph.\u00a0<\/p>\n Burberry employed an average of 9,169 full-time equivalent workers during the 2023-24 fiscal year, according to its most recent\u00a0annual report<\/a>.\u00a0<\/p>\n The reported cuts would follow 500 positions slashed in 2020, when the iconic trench-coat maker sought to save \u00a355 million ($70.5m) amid pressures from the pandemic.<\/p>\n<\/div>\n<\/div>\n