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International Business Times

Business

Alexandra BACON

MYSTERIOUS: Burberry launches turnaround plan as posts loss - You Need To See This

Burberry Joshua Schulman Luxury China Kering

British fashion label Burberry exited London's top-tier FTSE 100 stocks index after 15 years, with analysts citing strategic mistakes and weak demand from China (Credit: AFP)

Troubled British fashion house Burberry on Thursday announced cost-cutting plans after posting a loss, with the global luxury sector pressured by weak Chinese demand.

Burberry reported a net loss of GBP74 million ($94 million) in the six months to the end of September, down from profit after tax of GBP158 million in the same period last year.

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