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Burberry is to cut 500 jobs after global coronavirus lockdowns sparked a sales collapse, the British luxury fashion group said, according to AFP.
Sales tanked 45 per cent to $322 million in the company's first quarter, or 13 weeks to June, from a year earlier, Burberry said in a trading update that sent its share price sliding.
“In the first quarter, sales were severely impacted by the drop in luxury demand from Covid-19 and we expect it will take time to return to pre-crisis levels with the resumption of overseas travel,” Chief executive Marco Gobbetti said.
