Burberry launches "urgent" turnaround plan on sales slump and fall into the red

Burberry's Financial Struggles: Burberry reported significant financial losses in the first half of the year, with an operating loss of £53 million and a pre-tax loss of £80 million, leading to a 22% drop in sales to £1.09 billion. The company has announced an urgent turnaround plan to return to profitability.

Strategic Shift and Future Plans: The new "Burberry Forward" plan aims to refocus on its core outerwear category and improve brand execution while implementing cost-saving measures. The company is optimistic about regaining annual revenues of £3 billion over time despite current challenges in the market, particularly in Asia.