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Burberry, a British luxury monobrand that is more than 160 years old, is best known for its outerwear and signature plaid. It has a global presence, with 32% of revenue generated in Europe, 42% in Asia, and 25% in North America. Apparel contributes about 60% of sales.

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iPhone 14 Popular In China?, Netflix May Lose Comics, Elon Musk&#39;s Starlink Slows, Byron Allen Faces $10B Lawsuit And More Top Financial Media Stories Monday, Sept. 26

Burberry Finance Chief Joins GSK As First Woman CFO

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Perfect Union has promoted Meghan Fort to chief operating officer after serving as the company&#39;s senior vice president of retail.

Meghan Fort Takes On New Role As Chief Operating Officer Of Perfect Union

Burberry Group PLC

iPhone 14 Popular In China?, Netflix May Lose Comics, Elon Musk's Starlink Slows, Byron Allen Faces $10B Lawsuit And More Top Financial Media Stories Monday, Sept. 26

<ul>
<li>GSK plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gsk#NYSE">GSK</a>) has&nbsp;<a class="editor-rtfLink" href="https://www.gsk.com/en-gb/media/press-releases/iain-mackay-chief-financial-officer-to-retire-from-gsk-julie-brown-appointed-as-successor/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">appointed</a>&nbsp;Julie Brown as its first-ever female chief financial officer to succeed Iain Mackay.</li>
<li>Mackay, 60, will retire next year after serving as GSK&#39;s finance chief for nearly four years.</li>
<li>Julie will join GSK in April 2023 and will work with Iain to transition responsibilities, taking responsibility as CFO and as an Executive Director of GSK on 1 May 2023.</li>
<li>Ms. Brown currently serves as Chief Operating and Financial Officer at the luxury fashion brand&nbsp;Burberry Group plc&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/burby#OTC">BURBY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bbryf#OTC">BBRYF</a>). Julie has previously worked at&nbsp;AstraZeneca plc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/azn#NASDAQ">AZN</a>) and&nbsp;Smith &amp; Nephew plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snn#NYSE">SNN</a>) as a non-executive director and Audit Chair of Roche Holdings AG.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/22/09/28929648/haleon-shares-pop-after-rejecting-zantac-indemnification-requests-from-gsk-pfizer" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Haleon Shares Pop After Rejecting Zantac Indemnification Requests From GSK, Pfizer</a>.</li>
<li>Mackay&#39;s retirement, which has been in discussion for some time, comes after GSK&#39;s spin-off of its large consumer health business,&nbsp;Haleon Plc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hln#NYSE">HLN</a>), in July to focus on prescription drugs and vaccines.</li>
<li>Investors may be surprised to see Iain Mackay&#39;s retirement after only a few years in the role and the announcement coming only months after announcing the departure of head of R&amp;D Hal Barron, Reuters&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/healthcare-pharmaceuticals/gsk-picks-burberrys-julie-brown-cfo-2022-09-26/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">quoted</a>&nbsp;citing J.P. Morgan note.</li>
<li>&quot;Post the recent separation of the consumer health business, there may have been a desire to increase Healthcare experience in GSK&#39;s management team,&quot; they wrote.</li>
<li>Price Action:&nbsp;GSK shares are down 0.75% at $29.14&nbsp;during the premarket session on the last check Monday.</li>
</ul>

Perfect Union has promoted Meghan Fort to chief operating officer after serving as the company&#39;s&nbsp;senior vice president of retail.
&quot;Meghan&#39;s passion for product and her years of system thinking have already translated into tangible benefits for the company,&quot; stated Denyelle Bruno, CEO of Perfect Union. &quot;Giving her more runway to make an even bigger impact was a no brainer.&quot;
Since joining the Perfect Union team, Fort has supported management systems across the organization&#39;s retail markets. Her prior experience comes from a variety of retail industries, including serving as the VP of North American Retail at Farrow &amp; Ball, where Fort grew sales by 50% over a 3-year period. With stops along the way at Burberry (OTCPK:BBRYF), Vineyard Vines, PRADA (OTCPK:PRDSF) and Ralph Lauren (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rl#NYSE">RL</a>), Fort held roles ranging from store management, human resources and product development.
&quot;I am incredibly grateful for the opportunity to continue growing with Perfect Union and look forward to the ability to work closely with the leadership team to ensure that we are creating the best cannabis experience possible,&quot; said the new COO.
As Perfect Union&#39;s chief operating officer, Fort will oversee the day-to-day administrative and operational functions of Perfect Union as a whole. Her retail experience and strong leadership background provide her with the skills that will aid in her new role.
Related News
<a href="https://www.benzinga.com/markets/cannabis/22/01/25284348/cannabis-movers-shakers-medmen-flora-growth-ayr-wellness-perfect-union-sipp-industries">Cannabis Movers &amp; Shakers: MedMen, Flora Growth, Ayr Wellness, Perfect Union, Sipp Industries</a>

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Stocks That Hit 52-Week Lows On Friday

U.K.-based luxury goods retailer Burberry (LON: BRBY) (OTC: <a class="ticker" href="/stock/bbryf#OTC">BBRYF</a>) has rejected multiple takeover approaches from U.S. rival Coach Inc (NYSE: <a class="ticker" href="/stock/coh#NYSE">COH</a>) in recent months, according to a report on <a href="https://www.ft.com/content/f406c50c-ba18-11e6-8b45-b8b81dd5d080">Financial Times</a>.
<h3>The Rumored Interest</h3>
The report said the <a href="https://www.benzinga.com/news/16/12/8769215/wall-streets-m-a-chatter-from-december-2-4">deal</a> would have created a company with a market value in excess of above $20 billion, bringing together Coach&rsquo;s leather goods, handbags and shoemaker Stuart Weitzman with Burberry&rsquo;s trademark luxury outerwear and global retail footprint.
FT said <a href="https://www.benzinga.com/analyst-ratings/analyst-color/16/10/8538405/baird-prefers-carrying-coach-shares-following-handbag-su">Coach&rsquo;s </a>offers, which peaked sometime after the summer, were informal and comprised of a cash-and-stock acquisition of Burberry.
&ldquo;Talks are no longer active between the companies and that is not expected to change anytime soon after Burberry saw off the interest from its larger rival,&rdquo; the report highlighted.
<h3>Could It Have Succeeded Under Different Circumstances?</h3>
The report noted that Coach might have been more successful if had approached the British company earlier this year when Burberry shares were under pressure from a slowdown in luxury demand from Asia, questions over its leadership and fall in the pound over Brexit concerns.
FT added that<a href="https://www.benzinga.com/news/earnings/16/11/8628872/coach-reports-mixed-results-for-q1"> Coach </a>was working with three investment banks, including Evercore Partners, on the deal. Burberry&rsquo;s advisers included the London-based advisory firm Robey Warshaw.
Shares of Coach closed Friday&rsquo;s trading at $36.23.
Image Credit: By Shoshanah [CC BY 2.0], via <a href="https://commons.wikimedia.org/wiki/File:Coach_purse.jpg">Wikimedia Commons</a>

Rumors

Coach Reportedly Tried To Bag Burberry In Recent Months

Shares of Coach Inc (NYSE: <a class="ticker" href="/stock/coh#NYSE">COH</a>) and Burberry Group plc (OTC: <a class="ticker" href="/stock/burby#OTC">BURBY</a>) (OTC: <a class="ticker" href="/stock/bbryf#OTC">BBRYF</a>) traded up in Friday&rsquo;s pre-market session, after the Betaville blog reported that sourced had said that the two companies are working on a $20 billion merger.
Reuters later <a href="http://www.reuters.com/article/us-burberry-coach-idUSKCN12L1CB">argued</a> that its sourced had assured the companies &ldquo;are not in active merger talks,&rdquo; adding that the rumors were &ldquo;completely speculative.&rdquo; Moreover, Exane BNP Paribas analyst Luca Solca supplemented, &quot;a merger of Coach and Burberry would primarily be a merger of problems.&rdquo;
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/16/10/8587087/analyst-a-coach-burberry-combination-would-be-a-merger-of-problems">Analyst: A Coach-Burberry Combination Would Be A 'Merger Of Problems'</a></bzrelatedlink>
Investors should remember that both Coach and Burberry have been struggling to jump-start growth as luxury spending continues to decline.
To avoid further speculation, Benzinga contacted Coach. When Benzinga asked about the company&rsquo;s connection to acquisition rumors in Burberry and Michael Kors Holdings Ltd (NYSE: <a class="ticker" href="/stock/kors#NYSE">KORS</a>) this week, a spokesperson said that Coach has a policy of not commenting on rumors.
<a href="https://pro.benzinga.com/?utm_source=Benzinga&amp;utm_medium=Benzinga%20Top%20of%20Article&amp;am%22%3">Full ratings data available on Benzinga Pro.</a>
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email <a href="mailto:feedback@benzinga.com">feedback@benzinga.com</a> with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!

	Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.

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Coach-Burberry Merger: Where The Rumors Came From And How They Got Shot Down

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Coach Spokesperson Tells Benzinga It Has A Policy Of Not Commenting On Rumors, Regarding Its Connection To Acquisition Rumors In Michael Kors And Burberry This Week

Shares of Coach Inc (NYSE: <a class="ticker" href="/stock/coh#NYSE">COH</a>) were trading higher by nearly 4 percent early Friday morning following unconfirmed reports the fashion icon is being targeted for an acquisition by London-based Burberry Group (which trades (OTC: <a class="ticker" href="/stock/bbryf#OTC">BBRYF</a>) in addition to on the LON under ticker BRBY).
A <a href="https://www.betaville.co.uk/news/coach-and-blackstone-said-to-be-in-the-early-stages-on-evaluating-8-billion-burberry-bid-sources/">Betaville report</a> suggested that Coach is working with financial advisers on a combination with Burberry.
However, investors shouldn't rush to assume a deal will happen, at least not yet. Exane BNP Paribas' analyst Luca Solca was <a href="https://www.bloomberg.com/news/articles/2016-10-21/burberry-shares-gain-after-report-coach-is-considering-merger">quoted by Bloomberg</a> as saying in a research note that a merger between Coach and Burberry "would primarily be a merger of problems" and "M&amp;A history in luxury has shown that mergers don't obviously help in regaining brand traction and desirability."
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/earnings/16/10/8548393/lvmhs-earnings-show-high-end-luxury-market-remains-strong">LVMH's Earnings Show High-End Luxury Market Remains Strong</a></bzrelatedlink>
Both companies are struggling to spur growth at a time when luxury spending is decreasing. Bloomberg pointed out that both companies recently reshuffled their management roster in hopes of bringing in fresh blood that can reverse declining trends.
It is also important to note that <a href="http://www.bloomberg.com/news/articles/2016-03-08/burberry-surges-on-speculation-trenchcoat-maker-may-attract-bid">reports surfaced earlier this year</a> that Burberry itself tapped advisers to prepare a defense against a possible bid for the company after an un-named investor acquired a 5 percent stake in the U.K.-fashion icon.
Burberry's London-listed stock (LON:BRBY) gained nearly 6 percent following the report.
<a href="https://pro.benzinga.com/?utm_source=Benzinga&amp;utm_medium=Benzinga%20Top%20of%20Article&amp;am%22%3">Full ratings data available on Benzinga Pro.</a>
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email <a href="mailto:feedback@benzinga.com">feedback@benzinga.com</a> with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!

Analyst: A Coach-Burberry Combination Would Be A 'Merger Of Problems'

The high-end UK-based fashion line Burberry (BURBERRY GROUP ORD GBP0.0005 (OTC: <a class="ticker" href="/stock/bbryf#OTC">BBRYF</a>) (OTC: <a class="ticker" href="/stock/burby#OTC">BURBY</a>) (LON: BRBY)) had a terrible year, as the company's pretax profit plunged 10 percent to £421 million ($612.41 million). The company's London-listed stock has lost more than 8 percent since the start of 2016, nearly 35 percent over the past year and is lower by more than 16 percent over a five-year period.
Burberry has seen sales in its key Asian market fall sharply. According to a report from <A href="http://money.cnn.com/2016/06/06/news/companies/burberry-ceo-huge-paycut/index.html?iid=SF_LN">CNN Money,</a> Chinese consumers "have been turning away from Burberry's trademark checked trench coats and other luxury goods" amid a slumping economy.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/news/earnings/16/04/7840380/do-burberry-earnings-forecast-trouble-for-luxury-retailers">Do Burberry Earnings Forecast Trouble For Luxury Retailers?</a></bzrelatedlink>
At least the company's CEO, Christopher Bailey, is setting an example in how executives should act at a time when shareholders are seeing losses. Bailey received a pay of just £1.9 million for the year ending March 31, 2016, compared to his £7.5 million a year ago.
Bailey also serves as Burberry's chief creative officer.
Meanwhile, Burberry said none of its top executives will receive any sort of annual bonus this year. The move follows a "backlash" over executive compensation and was made to "appease investors" ahead of next month's annual general meeting of Burberry's shareholders.

Burberry CEO Takes 75% Pay Cut After Rough Year

Shares of Burberry (OTC: <a class="ticker" href="/stock/bbryf#OTC">BBRYF</a>) fell 19 percent on Tuesday, the biggest single-session drop since November 2008. Britain's maker of the iconic trench coat and other luxury goods said adjusted pretax profit through March will be at the lower end of analyst estimates.

The announcement may suggest that the demand for luxury products is finally feeling the effects of the global economic downturn, as the appetite for expensive goods declines.

Burberry said same-store sales in the 10 weeks prior to September 8 were flat compared with a year earlier. The slowdown in sales happened primarily in the last few weeks and was a result of global economics.

The company didn't specify the area most affected by the sales slowdown. But indicators point to weakening demand in Asia, which accounts for around 38% of the company's revenue. 

Asia, especially China, has been the greatest source of growth in the luxury category, but signs of a slowing Chinese economy have led analysts to forecast a softer market for luxury products.

Data from China released yesterday shows exports grew only 2.7% year-to-date, down dramatically from growth rates of more than 20% a year earlier, suggesting weak overseas economies, particularly in the Eurozone, are having a significant effect.
 
Burberry's rivals LVMH Moët Hennessy, Louis Vuitton SA and PPR SA also saw sharp declines, as traders may believe that they will face similar problems.

Burberry said its full-year adjusted pretax profit would be at the lower end of analyst expectations, which stand at between £407 million and £455 million, according to the company.

"As we stated in July, the external environment is becoming more challenging," said Chief Executive Angela Ahrendts. "In this context, second-quarter retail sales growth has slowed against historically high comparatives."

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Burberry Slips on Weaker Asian Demand

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