Burberry boss unveils turnaround plan amid takeover rumours

Was the new boss of Burberry lays out the plan for the beleaguered luxury retailer on Thursday, he will do so against the backdrop of a downturn in China’s luxury sector, a rumored takeover bid from an Italian rival and a cost-cutting drive.

Joshua Schulman, the former boss of Michael Kors and Coach, was named chief executive of Burberry in July and has been given the job of reviving the retailer’s faltering fortunes.

It has struggled over the past year following a slowdown in demand for luxury goods amid a broader decline in consumer spending and a faltering Chinese economy. The downturn in the luxury sector in China has weighed on brands across the industry, including Richemont, the owner of Cartier, which reported a 27