New CEO Joshua Schulman Continues Leadership Overhaul to Revitalize the Brand
Burberry is accelerating its leadership changes under new Chief Executive Officer Joshua Schulman. On Tuesday, the company named Jonathan Kiman as its new Chief Marketing Officer, succeeding Rod Manley, whose planned departure was announced earlier this year.
Kiman, who will join Burberry’s London headquarters on September 9, brings extensive experience from his 12-year tenure at Gucci in Milan, where he held various senior roles, including Chief Marketing Officer. Before his time at Gucci, Kiman served as Chief Brand Officer at Versace.
Joshua Schulman, Burberry’s new CEO, expressed confidence in Kiman’s ability to enhance the brand’s marketing capabilities and strengthen its global presence. “Kiman has a wealth of experience in rejuvenating brands and building digital-savvy marketing organizations,” Schulman noted.
These changes come at a challenging time for Burberry, which has seen its share price plummet nearly 70 percent over the past year. The brand’s market capitalization has dropped to around 2.37 billion pounds, reflecting the impact of falling sales amid one of the most difficult macroeconomic periods for the luxury sector in over a decade.
In the first quarter, Burberry reported a 22 percent decline in retail revenue, down to 458 million pounds, with comparable store sales dropping 21 percent. Burberry Chairman Gerry Murphy described the quarter as “disappointing” and warned that if the luxury market’s weakness continues into the second quarter, the company could report an operating loss for the first half of the fiscal year, ending September 30.
In July, Burberry replaced former CEO Jonathan Akeroyd with Schulman, who brings extensive experience in high-end and aspirational luxury. The company has tasked Schulman, 52, with transforming Burberry into a brand with broader appeal, focusing on luxury outerwear and soft accessories.