Last update on: 1:41 pm July 19, 2024 by fashionabc

British luxury brand Burberry names former Michael Kors and Coach CEO, Joshua Schulman, Chief Executive Officer. Schulman will replace Jonathan Akeroyd with immediate effect, by mutual agreement with the Board.

Image Source: www.burberry.com

Joshua Schulman, 52, brings a wealth of experience to his role as CEO of Burberry. His journey in the industry began with a solid educational foundation at New York University and Parsons School of Design, setting the foundation for a remarkable career that has shaped the trajectory of iconic fashion brands worldwide. 

Schulman’s formative years in the industry were characterised by pivotal roles at Yves Saint Laurent and Gucci, where he honed his skills and gained invaluable insights into luxury fashion and brand management, laying a solid foundation for his future leadership endeavors. He then moved on to the Neiman Marcus Group, where he served as president of Bergdorf Goodman, the iconic luxury department store in New York City. Over a five-year period, his strategic vision and operational expertise elevated Bergdorf Goodman to a pinnacle of luxury retail.

Schulman’s influence extended across the Atlantic to London’s vibrant fashion scene, where from 2007 to 2012, he served as CEO of Jimmy Choo. During his tenure, he expanded the brand’s global footprint and solidified its reputation as a premier luxury footwear label. However, Schulman’s leadership acumen came into prominence during his tenure as CEO of Michael Kors, where he navigated the luxury brand through a pivotal year from 2021 to 2022. Prior to this, his tenure at Coach as CEO and brand president from 2017 to 2020, witnessed him driving significant growth and fostering innovation within the organisation.

As CEO of Burberry, Schulman leverages his extensive background and visionary approach to steer the brand through a dynamic, competitive global landscape. His strategic initiatives focus on innovation, sustainability, and digital transformation, and aims to uphold Burberry’s legacy of craftsmanship and British heritage while ensuring its continued relevance in the evolving world of luxury fashion.

Burberry Market Share and Celebrity Endorsements

Established in 1856, Burberry has grown to become one of the most valuable luxury fashion brands worldwide. Underpinned by founder Thomas Burberry’s passion for the outdoors, his innovative rain-ready fabric gabardine to protect explorers from the elements, created the foundation for the iconic trench which remains core to the business even today. Since, the fashion house moved on to ready-to-wear- outerwear- fashion accessories- fragrance- sunglasses and cosmetics. Currently listed on London Stock Exchange and a constituent of the FTSE 100 Index, the brand has 229 retail stores, 145 concessions, 56 outlets and 33 franchise stores worldwide. Per Statistica, ‘Famous for its trench coats and signature tartan lining pattern, the company generated over three billion British pounds in annual revenue worldwide in 2023, most of it coming from the Asia Pacific region.’ 

Image Source: www.burberry.com

However, Burberry witnessed a slowdown in recent times. “Our Q1 FY25 performance is disappointing. We moved quickly with our creative transition in a luxury market that is proving more challenging than expected,” said Gerry Murphy, Chair of Burberry. “We are taking decisive action to rebalance our offer to be more familiar to Burberry’s core customers whilst delivering relevant newness. We expect the actions we are taking, including cost savings, to start to deliver an improvement in our second half and to strengthen our competitive position and underpin long-term growth.”

Burberry believes there is an opportunity to reconnect with their core customer base and capitalise on the enduring appeal of its iconic products whilst delivering relevant newness. Against a backdrop of slowing luxury demand, the focus is on rebalancing its product portfolio to include everyday luxury and to refine the brand communication to emphasise more of the brand’s timeless, classic attributes. Burberry’s new marketing plans include an outerwear campaign to be launched in October, building on the established resilience of the house icons, and a new website by the end of August. 

Celebrity endorsements have been a cornerstone of Burberry’s marketing strategy, bolstering its appeal and solidifying its status as a leading fashion brand. Over the years, it has strategically collaborated with celebrities such as Cara Delevingne, Emma Watson and Naomi Campbell. The brand is popular among global celebrities. Beyoncé wore two custom-made Burberry ensembles during her On the Run II world tour: a checked bodysuit, cropped jacket and thigh-high boots in New Jersey and a pearl-encrusted bustier in Houston. Rihanna wore a satin trench while promoting Fenty Beauty in Dubai and Madonna casually sported a Burberry cotton trench with a pair of jeans in Paris.