- Pope calls for 'arms to be silenced' in Christmas appeal
- Syria authorities say torched 1 million captagon pills
- Pope calls for 'arms to be silenced' across world
- 32 survivors as Azerbaijani jet crashes in Kazakhstan
- Pakistan air strikes kill 46 in Afghanistan, Kabul says
- Liverpool host Foxes, Arsenal prepare for life without Saka
- Japan FM raises 'serious concerns' over China military buildup
- Pope's sombre message in Christmas under shadow of war
- Zelensky condemns Russian 'inhumane' Christmas attack on energy grid
- Sweeping Vietnam internet law comes into force
- Pope kicks off Christmas under shadow of war
- Catholics hold muted Christmas mass in Indonesia's Sharia stronghold
- Japan's top diplomat in China to address 'challenges'
- Thousands attend Christmas charity dinner in Buenos Aires
- Demand for Japanese content booms post 'Shogun'
- As India's Bollywood shifts, stars and snappers click
- Mystery drones won't interfere with Santa's work: US tracker
- Djokovic eyes more Slam glory as Swiatek returns under doping cloud
- Australia's in-form Head confirmed fit for Boxing Day Test
- Brazilian midfielder Oscar returns to Sao Paulo
- 'Wemby' and 'Ant-Man' to make NBA Christmas debuts
- US agency focused on foreign disinformation shuts down
- On Christmas Eve, Pope Francis launches holy Jubilee year
- 'Like a dream': AFP photographer's return to Syria
- Chiefs seek top seed in holiday test for playoff-bound NFL teams
- Panamanians protest 'public enemy' Trump's canal threat
- Cyclone death toll in Mayotte rises to 39
- Ecuador vice president says Noboa seeking her 'banishment'
- Leicester boss Van Nistelrooy aware of 'bigger picture' as Liverpool await
- Syria authorities say armed groups have agreed to disband
- Maresca expects Man City to be in title hunt as he downplays Chelsea's chancs
- Man Utd boss Amorim vows to stay on course despite Rashford row
- South Africa opt for all-pace attack against Pakistan
- Guardiola adamant Man City slump not all about Haaland
- Global stocks mostly higher in thin pre-Christmas trade
- Bethlehem marks sombre Christmas under shadow of war
- NASA probe makes closest ever pass by the Sun
- 11 killed in blast at Turkey explosives plant
- Indonesia considers parole for ex-terror chiefs: official
- Global stocks mostly rise in thin pre-Christmas trade
- Postecoglou says Spurs 'need to reinforce' in transfer window
- Le Pen says days of new French govt numbered
- Global stocks mostly rise after US tech rally
- Villa boss Emery set for 'very difficult' clash with Newcastle
- Investors swoop in to save German flying taxi startup
- How Finnish youth learn to spot disinformation
- South Korean opposition postpones decision to impeach acting president
- 12 killed in blast at Turkey explosives plant
- Panama leaders past and present reject Trump's threat of Canal takeover
- Hong Kong police issue fresh bounties for activists overseas
Troubled Burberry exits London's top-tier shares index
British luxury fashion label Burberry is set to exit London's FTSE 100 after 15 years at the top-tier index, the stock exchange announced Wednesday, as analysts cited strategic mistakes and weak demand from China.
The relegation will "take effect from the start of trading" on September 23, the exchange's FTSE Russell subsidiary said in a statement.
Burberry, whose former chief executive hastily departed in July following poor company earnings, and the global luxury sector as a whole have been hit by strains in China's economy, the world's second biggest.
The exit of Burberry -- a 168-year-old label famous for its trench coats and trademark red, camel and black check design -- follows a regular reshuffle of the index containing the 100 biggest London-traded companies by market value.
Burberry was the FTSE 100's worst-performing company over the past year, its share price tumbling about 70 percent -- giving it a market capitalisation of £2.3 billion ($3 billion).
It will now move to the second-tier FTSE 250 while insurer Hiscox will take its place on the FTSE 100.
Jonathan Akeroyd left as CEO after the group itself described recent performance as "disappointing".
Departing after less than two and a half years at the helm, Akeroyd has been replaced by Joshua Schulman, a former CEO at American fashion brands Michael Kors and Coach.
- Risk of takeover? -
A quick turnaround of fortunes is unlikely, however, after Burberry chairman Gerry Murphy warned that the company risked an operating loss in its first half.
Revenue slid 22 percent to £458 million in Burberry's first quarter, or three months to the end of June.
Highlighting troubles across the luxury fashion sector, Gucci-owner Kering in April issued a profit warning, citing a weak Chinese economy.
Chinese data at the weekend, showing weakness in its manufacturing sector, resulted in "piling more pressure if it were needed on Burberry", said Richard Hunter, head of markets at Interactive Investor.
Thomas Burberry founded the brand in 1856. He went on to invent gabardine, the lightweight and water-repellent fabric used in the brand's trench coats.
Dan Coatsworth, investment analyst at AJ Bell, said that with Burberry's stock trading at a 14-year low, the company "was vulnerable to a takeover approach".
He added in a client note: "Any potential bidders would have to see through near-term problems and be confident in the company's ability to get back on track.
"The decision to take Burberry more upmarket and then heavily discount products to shift unsold stock was a bad move. While shoppers love a bargain, discounting can tarnish a luxury brand as it is perceived to be less desirable."
Chief creative director Daniel Lee, appointed to the coveted role in late 2022, has set out in his collections to emphasise the brand's British heritage.
However, demand for his designs have been impacted by "a lacklustre economic rebound from China post-pandemic, given the country has historically been a rich source of earnings", Coatsworth said.
"What makes Burberry appealing to a potential buyer is the enduring appeal of its products. There is instant brand association with its chequered patterns."
P.Santos--AMWN