British fashion brand Burberry has announced the appointment of a new CEO alongside a significant revenue decline in its first quarter update. By ILM.

In the first quarter of the 2025 financial year, the company saw retail revenue decline by 22% year-on-year (20% at constant exchange rates) to £458 million (US$594.58 million) while comparable store sales were down by 21%.

Comparable store sales declined by 23% in the Asia Pacific region with drops of 21% in Mainland China, 38% in South Asia Pacific, 26% in South Korea and growth of 6% in Japan. EMEIA was down by 16% and the Americas dropped 23%.

Burberry also announced the exit of CEO Jonathan Akeroyd with immediate effect. He will be succeeded by Joshua Schulman as CEO and Executive Director.

Looking forward, the company expects a loss for the first half of the year if the slowdown continues beyond July. For the full 2025 fiscal year, Burberry is forecasting wholesale revenue to drop around 30%.

The Telegraph reported last week that the company will also cut hundreds of jobs in its UK offices as performance remains poor.