By Linda Hall •
Updated: 28 Aug 2024 • 12:39 • 1 minute read
The next quarterly review is likely to see Burberry and EasyJet leave the UK’s FTSE 100 stock market index.
Insurer Hiscox and Tritax Big Box, also face relegation to lower-tier FTSE 250 although interest has focused on the more recognisable Burberry and EasyJet names.
EasyJet was only promoted in March 2024, but Burberry’s slide after 15 years as a FTSE regular came as a shock but not necessarily a surprise.
With a current market value of just under £2.6 billion (€3 billion) that is 70 per cent below that of April 2023, Burberry has been one of the worst-performing FTSE 100 companies so far this year.
Sales over the 13 weeks to 29 June were 21 per cent down on the same period in 2023, and the company has suspended its dividend.
The demand for luxury goods is dwindling globally and Burberry has been particularly affected by the slowdown in China. Despite an early boom in 2021 as the world emerged from the pandemic, this crucial market has taken longer to recover than expected.
Jonathan Akeroyd, Burberry chief executive since 2021, is held to have increased Burberry’s woes after deciding to take the company still further upmarket and alienating many perennial customers.
In a bid to revive Burberry’s waning fortunes Akeroyd made a rapid exit “by mutual agreement with the board” on July 15 and was replaced by Joshua Schulman, former chief executive of the Coach handbag brand.
Schulman was also at the receiving end of a £9.2 million (€10.9 million) “golden hello.”
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Originally from the UK, Linda is based in Valenca province and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
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