Burberry announced a series of organizational changes as part of its ongoing efforts to revitalize the company. Despite facing challenges, the luxury fashion brand reported that sales fell less than expected, signaling potential positive momentum.

Luxury fashion house Burberry has announced plans to cut 1,700 jobs worldwide, nearly 20% of its global workforce, in a bold turnaround effort amid declining sales and profits. The embattled company is taking significant steps to address a tough year marked by declining performance.