W hen the new boss of Burberry lays out the plan for the beleaguered luxury retailer on Thursday, he will do so against the backdrop of a downturn in China’s luxury sector, a rumoured takeover bid from an Italian rival and a cost-cutting drive. Joshua Schulman, the former head of Michael Kors and Coach, was appointed chief executive of Burberry in July and has been given the job of reviving the retailer’s flagging fortunes. It has struggled over the past year following a slowdown in demand for luxury goods, amid a wider decline in consumer spending and a faltering Chinese economy.
The downturn of the luxury sector in China has weighed on brands across the industry, including Richemont, the owner of Cartier, which reported a 27 per cent fall in sales in the country in the six months to September 30..
