Struggling British luxury brand Burberry today announced plans to cut up to 1,700 jobs worldwide by 2027, including eliminating the entire night shift at its Yorkshire raincoat factory. The cuts come after the company reported a 117% fall in annual pre-tax profits, posting a 66 million British pounds ($85.8m) loss compared to a 383 million British pounds ($498m) profit the previous year. The cost-saving plan potentially affects nearly 20% of Burberry’s 9,300 global workforce. CEO Joshua Schulman indicated most cuts would target head offices, primarily in London. Despite the downturn, Burberry shares rose 8.6% following the announcement.