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Annual Report 2024/25

Burberry Forward

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For 169 years, Burberry has pioneered clothing that protects people from the elements. From outfitting polar explorers to inspiring people to embrace the outdoors, we create outerwear that affords the wearer freedom, function and protection in style, whatever the weather.

2024/25 Highlights

Jump to KPIs
Total revenue

£2,461m

(2023/24: £2,968m)
2024/25 £m 2023/24 £m
Asia Pacific
237 stores		 1,043 1,286
EMEIA
100 stores		 842 1,017
Americas
85 stores		 510 603
2024/25 £m 2023/24 £m
Retail 2,076 2,400
Wholesale 319 506
Licensing 66 62
2024/25 £m 2023/24 £m
Accessories 841 1,055
Womenswear 718 860
Menswear 732 842
Childrenswear
and other		 104 149
Adjusted operating profit

£26m

(2023/24: £418m)
Operating (loss)/profit

£(3)m

(2023/24: £418m)
Adjusted diluted EPS

(14.8)p

(2023/24: 73.9p)
Diluted EPS

(20.9)p

(2023/24: 73.9p)
Cash (net of overdrafts)*

£708m

(2023/24: £362m)

51.2%

Reduction in Scope 3 emissions from a FY 2018/19 base year

84%^

Key raw materials in our products certified or responsibly sourced in FY 2024/25 (as defined in our Sustainable Raw Materials Portfolio)

273,435

People positively impacted in FY 2024/25 through community programmes supported by Burberry Group plc and The Burberry Foundation


* The Group also had borrowings at 29 March 2025 of £738m (30 March 2024: £299m).

^ This metric was subject to external independent limited assurance by Ernst & Young LLP (EY). For the results of that assurance, see EY’s Independent Limited Assurance Report and Burberry’s Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.

Leadership Statements

Download Statements
gerry-murphy

"We are setting Burberry on the path to sustainable, profitable growth"

Gerry Murphy
Chair

Chair's Letter

"With our shared vision, we will continue to build the next chapter in Burberry’s storied history, one that leverages our strengths and celebrates our heritage while looking ahead to the future.”

View Full Statement
joshua-schulman

"We have the most opportunity where we have the most authenticity"

Joshua Schulman
Chief Executive Officer

Chief Executive Officer’s Letter

"While we are still early in our transformation, I am more optimistic than ever that Burberry’s best days are ahead.”

View Full Statement

Our Strategy

In November 2024, we announced Burberry Forward, our strategic plan to reignite brand desire, improve performance, and drive long-term value creation.

In this next phase, our focus is on reconnecting our brand with its founding principle, which is to design clothing to protect people from the weather. We are leaning into our heritage and leveraging our strengths with a disciplined approach, as we believe we have the most opportunity where we have the most authenticity. As part of this, we are evolving our brand expression and product offer to appeal to a broad base of luxury customers.

Our refreshed strategy outlines a clear path forward, placing the customer at the centre of everything we do. It focuses on four pillars to drive our transformation.

1

TIMELESS BRITISH LUXURY

Since 1856, Burberry has created practical and stylish solutions for our customers. Today, staying true to our British roots, we are juxtaposing heritage and innovation to reignite brand desire.

2

LEAD WITH OUTERWEAR

As the only luxury brand founded on the principle that clothing should protect people from the weather, we are building on our outerwear authority and heroing our iconic scarves.

3

ALIGN DISTRIBUTION WITH PRODUCT AND CUSTOMER STRATEGY

We are embracing a customer-centred approach across channels, while striking the right balance between prominence, productivity and profitability.

4

REIGNITE A HIGH-PERFORMANCE CULTURE

We are enabling our colleagues to deliver Burberry Forward by enhancing cross-functional collaboration and rekindling creative and commercial alchemy.

1 Brand

TIMELESS BRITISH LUXURY

Since 1856, Burberry has created practical and stylish solutions for our customers. Today, staying true to our British roots, we are juxtaposing heritage and innovation to reignite brand desire.

We are pivoting to Timeless British Luxury. We celebrate Britishness in a way that our customers easily understand, using culturally relevant talent and storytelling that reflects British wit and style. Our imagery features iconic London landmarks and the British countryside, making our brand instantly recognisable.

We balance our seasonal fashion messages with campaigns focused on our category authority, such as our ‘It’s Always Burberry Weather’ campaign, which celebrates our longstanding heritage in outerwear.

We celebrate our iconic brand signifiers, including our Burberry Check and Equestrian Knight Design (EKD), with disciplined use of our heritage brand codes allowing us to strengthen our brand identity.

2 Product

LEAD WITH OUTERWEAR

As the only luxury brand founded on the principle that clothing should protect people from the weather, we are building on our outerwear authority and heroing our iconic scarves.

Our Product strategy is anchored in the principle that we have the most opportunity where we have the most authenticity.

In implementing our new strategic plan, we leaned into our into our unique strengths, leading with our core category, outerwear, while strengthening our soft accessories assortment.

We aim to earn authority in complementary categories. Ready‑to-wear is a natural extension of our core offering alongside leather goods and shoes to complement the assortment. We are sharpening our childrenswear offer.

We align our pricing with our category authority, restoring a good-better-best pricing architecture in a luxury context.

We focus on clear and consistent branding, celebrating our iconic Burberry Check and aligning our other brand signifiers. We are also rebalancing our assortment with our seasonal buy focused on key styles.

3 Distribution

ALIGN DISTRIBUTION WITH PRODUCT AND CUSTOMER STRATEGY

We are embracing a customer-centred approach across channels, while striking the right balance between prominence, productivity, and profitability.

We align our distribution with our Product and Customer strategy, and are focused on striking the right balance between prominence, productivity and profitability across all channels.

We place the customer at the centre of everything we do. In stores, we demonstrate our category authority by amplifying our iconic outerwear and scarves and increasing product density on the shop floor. We will roll out Scarf Bars and Trench Destinations across our store network to build demand for these categories.

On Burberry.com we reflect our category focus through a commercially relevant product assortment and styling that appeals to our luxury customers. We are also improving functionality to create an inspiring and customer-friendly online shopping experience.

We optimise our presence in key wholesale doors, continuing to focus on strategic accounts that align with our long-term vision. At the same time, we see opportunities to strengthen our position with key luxury retail and e-commerce partners, as well as in global travel retail.

4 Culture

REIGNITE A HIGH‑PERFORMANCE CULTURE

We are enabling our colleagues to deliver Burberry Forward by enhancing cross-functional collaboration and rekindling creative and commercial alchemy.

To reignite a high-performance culture across the business, we are focused on organising for growth, improving executional discipline and fostering greater team accountability. To ensure we are effectively tracking our progress, we are reviewing our reporting mechanisms and metrics to leverage data-driven decision-making.

We continue to uphold our commitment to sustainability, which is a fundamental part of who we are and is a key consideration for our colleagues, customers and stakeholders.

Financial Measures

Revenue growth*
Measured by CER Revenue growth %
-15%
Comparable sales growth*
Measured by CER Comparable store
sales growth %
-12%
CER Adjusted operating profit growth*
Measured by CER Adjusted operating profit growth %
-88%
Adjusted operating profit margin
Measured by Adjusted operating profit margin %
1.0%
Adjusted diluted EPS growth
Measured by Adjusted diluted EPS growth %
-120%
Adjusted Group ROIC
Measured by Adjusted Group ROIC %
1.0%

* At CER and adjusted for the 53rd week in FY 2021/22.

Burberry Beyond Strategy

Social and environmental responsibility is a key aspect of how Burberry operates as a business, and is of great importance to our colleagues and customers. Our Burberry Beyond strategy encompasses our work with respect to the sustainability-related impacts, risks and opportunities that exist within our value chain.

Jump to Impact
Product

Through textile innovation, Thomas Burberry elevated outerwear performance and enhanced its ability to protect explorers from the elements. As part of our ongoing commitment to responsible craftsmanship, we have set targets to incorporate certified and responsibly sourced key raw materials into our products, embed circular business models and eliminate plastic from our packaging.

Planet

From the invention of gabardine to outfitting adventurers, our heritage is intrinsically linked to the outdoors. We seek to manage our environmental impacts and contribute to global efforts to tackle climate change and nature loss.

People

People, our direct colleagues and those in our supply chain, are at the heart of our business and operations. Fostering an inclusive culture and safe environment where perspectives are shared freely, creativity is encouraged, and employee development is prioritised is at the core of our commitment to our people.

Communities

We strive to do the right thing for our customers, our communities and the world around us. We continue our founder’s legacy by championing our communities, supporting young people through the work of The Burberry Foundation and collaborating with organisations across the world to make a positive impact.

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