Burberry, the British fashion brand known for its trench coats and signature checkered print, said on Wednesday that it would slash up to 1,700 jobs in a bid to cut costs as it tries to return to profit after a period of poor sales in an increasingly volatile luxury sector.
The job cuts, which represent 18 percent of the company’s global work force, are part of larger organizational changes that are expected to save the company 60 million pounds (about $80 million). The measures come amid global uncertainty that increased after President Trump imposed tariffs on America’s top trading partners.
“The current macroeconomic environment has become more uncertain in light of geopolitical developments,” the company said in a statement.