Burberry begins search for new chair

Murphy, who is also chair at supermarket Tesco, is not anticipated to leave this year, according to sources cited by the report.

Reports emerged last summer that a search for a non-executive director to replace Murphy at some point in the future had commenced, but Sky News says that has now been replaced by a formal search for his successor.

Burberry has had a flurry of leadership changes in recent years. Former Coach boss Joshua Schulman took the chief executive position in 2024 from Jonathan Akeroyd, who left after just three years in the role.

Much like other luxury brands, Burberry has suffered from a slowdown in the global market for high-end fashion. The brand slipped out of the FTSE 100 in September after several profit warnings last year.

Its latest results showed a 7% decline in retail revenue in the 13 weeks to December 28, 2024, versus the same period the year before. However, this led to a surge in the share price due to the decline being less than analyst forecasts.

Shares fell again in the wake of US President Donald Trump’s tariffs announcement, but have been recovering since the he announced a pause of the policy.