Burberry Group Plc's newly appointed CEO, Joshua Schulman, has unveiled a strategic overhaul aimed at reversing a significant decline in sales.

Since taking charge in July, Schulman has outlined a comprehensive plan that prioritizes the outerwear division, enhances both in-store and online productivity, and realigns the company's pricing structure.

The ambitious objective is to achieve annual sales of £3 billion ($3.8 billion) in the long term.

This initiative comes as the iconic UK fashion label grapples with worsening performance, signaling a critical moment for the brand as it seeks to regain its footing in a competitive market.