Burberry set to rejoin Footsie: Turnaround at UK luxury fashion retailer gathers pace
Burberry will rejoin the FTSE 100 index in a sign its turnaround is gathering pace.
The luxury fashion retailer returns after its shares have jumped under its new boss, and will be trading on the- blue-chip Footsie from September 22, having been demoted to the FTSE 250 a year ago after 15 years.
Shares are up 95 per cent under a ‘regrounding’ of the firm by new chief Joshua Schulman.
He pledged to return it to ‘timeless British luxury’ by focusing on outerwear, such as its £1,900 signature check-print coats.
High-profile campaigns improved brand perceptions after customers cut spending and a slowdown in sales across the industry, fuelled by weaker demand in China.
Energy firm Metlen Energy & Metals will also join the top flight. The duo replace builder Taylor Wimpey and student accommodation maker Unite Group.
Back in fashion: Burberry shares have jumped under its new boss and it will be trading on the- blue-chip Footsie from September 22
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