Shares in fashion brand jump as ‘urgent’ cost-cutting programme announced following half-year losses

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Burberry has unveiled a £40m cost-cutting programme as its new chief executive pledged to “stabilise the business” with a turnaround plan aimed at reviving the fortunes of the ailing British luxury fashion brand.

Joshua Schulman, the former Coach boss who replaced his ousted predecessor, Jonathan Akeroyd, in July , said the company was “acting with urgency” after straying too far from its roots of “timeless core collections” and outerwear, including trench coats and scarves with its distinctive Burberry check.