Burberry has said it plans to axe around 1,700 roles globally as part of a cost-saving programme.

The British fashion retailer aims to save a total of £100 million by 2027, with savings also coming from increased efficiency of spend in procurement and real estate, as well as a new business strategy launched last November.

The move comes as Burberry publishes its latest financial results for the year ended 29 March 2025, with the company recording an adjusted pre-tax loss of £37 million compared to £383 million profits in the previous year.

Over the 12-month period, adjusted operating profit hit £26 million, with £67 million profit recorded in the second half offsetting a loss of £41 million in the first six months.

"While we are operating against a difficult macroeconomic backdrop and are still in the early stages of our turnaround, I am more optimistic than ever that Burberry's best days are ahead and that we will deliver sustainable profitable growth over time," said Joshua Shulman, chief executive, Burberry.

The chief exec said that after a challenging first half, it has moved at pace to implement Burberry Forward, its strategic plan to improve performance and drive "long-term value creation".

The new strategy involves rolling out enhanced visual merchandising in stores and online, as well as aligning product focus to core categories, which the company says already resulted in a "significant improvement" in its comparable retail sales in the second half of the financial year.

Burberry has also updated styling online and introduced new digital innovations to broaden appeal, as well as strengthening alignment between commercial and creative teams and changing its operating model to drive simplification and productivity.

Additionally, the business has sped up plans to address inventory overhang and restore scarcity with gross inventory of -7 per cent CER at March-25 ahead of guidance.

"With improvement in brand sentiment, we will be ramping up the frequency and reach of our campaigns as our Autumn and Winter collections arrive in store," added Shulman.

The company expects the new strategy to unlock £60 million in savings in the next two years, with the additional £40 million cost-saving programme supporting this.

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