Burberry, facing significant financial challenges, is preparing to cut a substantial number of jobs as part of a cost-cutting initiative following a steep decline in profits and stock market value. The luxury fashion brand, which has seen its market value drop by over a third since the beginning of the year and risks losing its FTSE 100 status, announced restructuring plans via Zoom in late June. Approximately 400 jobs are at risk in its UK offices, with a 45-day consultation period underway. Despite a 36% YoY decline in annual profits to 418 million British pounds ($536 million) and a 4% drop in sales, Burberry has not confirmed the exact number of job losses. CEO Jonathan Akeroyd acknowledged the difficulty of executing the brand’s strategy amid challenging luxury market conditions.