
Is Burberry back? What the British house is (finally) getting right
Like its most venerable customer, Queen Elizabeth II, the outerwear label founded by Thomas Burberry in 1856 has endured many anni horribiles. A global slowdown in demand, the scrapping of VAT-free shopping and rising labour and material costs led to profits plummeting by 117 per cent, and May's announcement of the loss of 1,700 jobs – almost a fifth of the workforce – including 170 at its West Yorkshire factory.
But if a week is a long time in fashion, three months is an eternity. Since then, shares in Burberry have doubled in value, rising from 654p in April and currently trading hands for 1,252p, valuing the company at £4.5 billion.
Ironically, for a brand that trades so heavily on Britishness, the man responsible for turning around its fortunes is American. And also expensive. Joshua Schulman, who succeeded former Versace boss Jonathan Akeroyd as CEO last July, received almost £2.6 million in his first nine months in the job, and is on course to receive a bonus worth 300 per cent of his £1.35 million salary, taking his earnings to £5.6 million if his performance targets are met, excluding a potential £3.6 million bonus if he doubles Burberry's share price in three years and re-enters the FTSE 100.
Eye-watering as these figures might be, Schulman seems to be proving that he's worth it. After seasons in the doldrums, and rumours of creative director Daniel Lee being replaced, Burberry seems to be turning a corner.
'After years of stylistic experimentation and inconsistent results, Schulman is taking the brand back to its roots: British heritage, iconic garments, visual consistency,' notes luxury brand strategist Armando Zuccali.
'It's refocusing on key outerwear garments and communicating a more authentic, grounded identity. In a luxury market that's slowing down and searching for stability, Burberry's move is strategic: betting on emotional memory, quality, and timeless authority.'
Here's a deep dive into what it's doing right
It's redefining Britishness
We all know Burberry is British. We also know that Britain is obsessed with class. While Burberry has always been adept at aligning itself with upper crust Englishness (Princess Margaret and the Mitford sisters were frequent show references) it's had a chequered (or check patterned) history with its more working class roots.
In the early 2000s, it frantically tried to distance itself from its associations with football casuals after its checked scarves and bucket hats became popular on the terraces. After EastEnders actress Daniella Westbrook was photographed wearing head to toe Burberry in 2002, the classic house check all but disappeared from the catwalk.
Not any more. The house check is back, and Burberry is wisely marketing itself as a broad, classless and more diverse church, platforming black actors (Michael Ward, Jodie Turner Smith, Ncuti Gatwa), sports stars (Ramla Ali, Bukayo Saka) and musicians (Stormzy, Little Simz) by casting them in its ad campaigns.
Where once it presented a narrower view of Britain, now it's as multicultural as it ought to be.
It's controlling the weather
Not even God can control the British weather, whose vagaries are far more unpredictable than most. Burberry has turned these vagaries into a strength, 'owning' them with an aplomb that has made customers sit up, take notice – and ideally, buy a Burberry trench coat.
Last October, it launched an ad campaign titled 'It's Always Burberry Weather', riffing on the notion that rain isn't so much a soggy inconvenience as an excellent reason to reach for its classic trench. The strategy played straight into Burberry's history, founded as it was to provide practical outdoor attire. It was Burberry who in 1888 patented gabardine, the water-resistant fabric that revolutionised rainwear.
As a reminder of these roots, Burberry umbrellas have since been prominently featured in fashion shows, window displays and shop floors, after Schulman questioned why none were for sale, pointing out that customers were more likely to buy a £500 umbrella than a £3,000 trench.
It's working with the nation's sweethearts
It's always nice to see Kate Moss in an ad campaign (she's appeared in 18 of Burberry's), but Burberry is casting its net much wider than its previous blonde, 'English Rose', aristocratic remit.
Recent campaigns have included Olivia Colman, Kate Winslet and Richard E Grant, well-loved faces who resonate with an older demographic. The latter starred on the house's catwalk in February, alongside actor Jason Isaacs.
They've also activated fond core memories by drawing on popular British rom coms: for summer 2025, a short film starring Winslet made reference to that classic Christmas watch, The Holiday (2006), with Winslet appearing in front of a wisteria-clad doorway. This clever storytelling builds an emotional connection.
It's connecting with Gen Z
Like it or not, we're living in the influencer age, which means that ad campaigns, fashion shows and promotional events should be optimised for their potential to be shared and go viral. Gen Z is as glued to its phone as its parents: the difference being it's more voracious in 'liking' and sharing content, be it an Instagram Story or a TikTok video.
It's this demographic which makes clothes matter to a wider audience than the one invited to a fashion show. Having fashion critics' approval is important, but so too is reach. Burberry's front rows featuring the younger Gallaghers (Liam's children Gene, Lennon and Molly; Noel's daughter, Anais) are Instagram gold, as is the stunt of placing a human dressed as an equestrian 'knight' (a Burberry emblem) front row.
Event-wise, it's ploughed every facet of Britishness, from hosting a pub quiz in a London 'boozer' to ensuring a presence at the Chelsea Flower Show.
Most impactful of all was its festival campaign, featuring Liam Gallagher, Goldie, Alexa Chung and Cara Delevingne speaking fondly about mud dressed in Burberry raincoats and wellies. On Instagram, it's currently posting content to its 20.1 million followers from Ibiza. At this point, all it needs to be mindful of is overkill.
It's focusing on core products
All the feel-good ad campaigns in the world won't work if the product isn't strong, and after several mis-steps, creative director Daniel Lee is finally approaching the top of his game. Plaudits to Burberry for not firing him as had been rumoured: no-one wants another round of musical chairs, and Lee clearly has talent, having been hugely successful at Bottega Veneta, where he worked (and increased profits) during his four year tenure.
Lee took up his role in 2022: his most recent collection, shown in February, was well-received, and wisely focused on outerwear and other core products for which the brand is best loved. But in such a price-sensitive climate, it would be a mistake to hike prices any further. Yes, it's a luxury brand, but some items are still overly expensive: £850 is steep for a small quilted canvas bag, while £2090 is even steeper for a fairly lacklustre leather 'Rocking Horse' shoulder bag. By lowering the price of its £450 check triangle bikini, the Gen-Zedders who love it might actually have a hope of affording it.
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