Burberry today announced a turnaround plan as it reported a net loss of 74 million British pounds ($94 million) in the first half of 2024, compared to a net profit of 158 million British pounds ($200 million) in the same period last year. The British luxury house saw revenue fall 20% to 1.09 billion British pounds ($1.4 billion) and has suspended its dividend payments. The company’s newly appointed CEO Joshua Schulman introduced “Burberry Forward,” a strategic initiative focusing on outerwear, in-store productivity, and brand revitalization. The plan includes cost savings and accelerated reduction of excess store inventory. Despite recent challenges in the luxury sector, particularly in China, and its exit from London’s FTSE 100 in September after 15 years, Schulman expressed confidence in the brand’s potential.