Investor fury as lacklustre Burberry slumps By Anne Ashworth Updated: 16:51 EDT, 12 July 2024 e-mail View comments Dazzling: Singer Shakira wears a Burberry gown Burberry is facing flak from angry investors over lacklustre fashion ranges and the vertiginous decline in its share price which some fear could make it vulnerable to a takeover. Bosses at the British luxury fashion brand are likely to face an uncomfortable annual general meeting (AGM) on Tuesday amid gathering disquiet from shareholders. Burberry's shares have fallen from a high of 2,609p in April 2023 to 886.
6p yesterday, a decline of 66 per cent. One unhappy investor said: 'The revolving door of CEOs, designers and chief financial officers has to end, with a complete overhaul of the management team and non-executive board.' 'Burberry's management has achieved a collapsing share price with over 4 per cent of shares being shorted [when traders bet on a share price fall].
'This is coupled with sales, profits and cash flow all in major decline. The only metric going up is debt.' Even the sales assistants' outfits in Burberry's lavish stores are felt to reflect the upmarket brand's current dismal predicament.
'The uniforms are more Primark than premium label. For me, that's emblematic of Burberry's failed fashion strategy,' the investor said. RELATED ARTICLES Previous 1 Next Burberry profits plummet amid luxury slowdown and China.
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