Burberry appoints new boss as sales slump

UK fashion group Burberry has appointed a new boss as it looks to halt a slump in sales.

The company said Joshua Schulman, the former boss of US brands Michael Kors and Coach, will take over as chief executive.

Mr Schulman replaces Jonathan Akeroyd, who is leaving Burberry "with immediate effect by mutual agreement with the board", the company said.

His departure came as Burberry reported a sharp fall in sales for the past three months and warned that if current trends continue its profits will be below expectations.

Burberry - famed for its distinctive check pattern - said retail revenues fell by about 20% in the three months to 29 June.

The firm's chairman, Gerry Murphy, called the figures "disappointing" and said the company was suspending dividend payments for the current financial year.

Mr Murphy said he was "pleased" with Mr Schulman's appointment.

"Josh is a proven leader with an outstanding record of building global luxury brands and driving profitable growth," he added.