Annual Report 2022/23
Annual Report 2022/23

Annual Report 2022/23

Table of Contents
Strategic Report
Chair’s Letter 3
Chief Executive Officer’s Letter 7
Financial Highlights 10
Business Model 12
Investment Case 14
Luxury Market Environment 16
Strategy Overview 20
Key Performance Indicators 30
Financial Measures 36
Financial Review 38
Capital Allocation Framework 47
Non-Financial and Sustainability
InformationStatement 48
Environmental and Social Responsibility 50
Product 51
Planet 56
People 68
Communities 82
Our Responsibility Approach 87
Task Force on Climate-related
FinancialDisclosures 94
Stakeholder Engagement 112
Board Engagement 116
Risk and Viability Report 118
Risk Management Activities 145
Viability Statement 149
Corporate Governance Statement
Chair’s Introduction 155
Board of Directors 157
Executive Committee 163
Corporate Governance Report 164
Division of Responsibilities
Governance Structure and Division
ofResponsibilities 173
Composition, Succession andEvaluation
Board Evaluation 179
Report of the Nomination Committee 182
Audit, Risk and Internal Control
Report of the Audit Committee 190
Remuneration
Directors’ Remuneration Report 200
Directors’ Report 246
Financial Statements
Statement of Directors’ Responsibilities 252
Independent Auditor’s Report to the
Members of Burberry Group plc 253
Group Income Statement 265
Group Statement of Comprehensive Income 266
Group Balance Sheet 267
Group Statement of Changes in Equity 268
Group Statement of Cash Flows 269
Notes to the Financial Statements 270
Five-Year Summary 319
Company Balance Sheet 322
Company Statement of Changes in Equity 323
Notes to the Company Financial Statements 324
Shareholder Information 331
Burberry 2022/23
1

Gerry Murphy
Chair
Strategic Report | Chair’s Letter
2
Burberry 2022/23

Dear Shareholder,
I am pleased to report that Burberry is in very good shape financially, operationally and
strategically, thanks to our leadership team and the energy and commitment of our
exceptional colleagues around the world. Jonathan Akeroyd, who joined Burberry as
ChiefExecutive Officer just before the start of FY 2022/23, has set out a clear ambition
for Burberry’s longer-term growth as the quintessential British luxury brand and has set
about achieving that ambition with great urgency.
Performance
Burberry is performing well and delivered record sales, profits and earnings per share.
Thisstrong financial performance has been achieved against a background of continuing
global uncertainty, high inflation and ongoing recovery from the COVID-19 pandemic,
especially in our important Asian markets where international travel and tourism are still
well below pre-pandemic levels, and clearly demonstrates again the agility and resilience of
ourbusiness.
As well as delivering for shareholders, we continued to bring Burberry’s purpose to life,
supporting all of our colleagues to reach their full potential and ensuring that Burberry is
always and everywhere a welcoming, inclusive, fair and safe place to work and one that
reflects, and is enriched by, the diversity of the communities in which we operate.
Our brand is rooted in the enduring values of our founder, Thomas Burberry. As a modern
British luxury brand, we are using our products to drive positive change. During FY 2022/23,
we renewed our commitment to act responsibly under the banner ‘Burberry Beyond’, laying
out ambitious targets in relation to climate change and preserving the natural world, notably
our determination to become Climate Positive by 2040. In this context, weare deepening our
engagement with suppliers and continue to strengthen and enforce our rigorous ethical
trading standards in our supply chain.
Chair’s Letter
“Burberry is in very good shape financially,
operationally and strategically, thanks to our
leadership team and the energy and commitment
of our exceptional colleagues around the world.”
Strategic Report | Chair’s Letter
Burberry 2022/23
3

As he signalled a year ago, and detailed at our interim
results presentation last November, Jonathan has
energised the Group as he reinforces Burberry’s
position as the standard bearer for modern British
luxury, leveraging our unique brand and heritage in
the process. Amongst a host of key operational
interventions, Jonathan’s appointment of Daniel Lee,
a young British designer who hails from our Yorkshire
heartlands, as our Chief Creative Officer stands out
as a statement of intent in this regard. As you can
read in Jonathan’s letter which follows, Daniel joins
an executive team being repurposed to achieve the
ambitious goals Jonathan has set for Burberry,
adding new talent and ideas to our deeply committed
and enthusiastic team.
Governance developments
Our new Directors’ Remuneration Policy, which will
be presented to shareholders for approval at the
Annual General Meeting in July 2023, is set out
on pages 212 to 225. Danuta Gray, Chair of our
Remuneration Committee conducted an extensive
engagement programme, engaging with shareholders
controlling around 65% of our issued share capital.
We are very grateful for the feedback we have
received. Danuta’s letter on pages 200 to 207
provides more detail regarding our proposed policy
and the consultation process and we look forward to
receiving your support.
Board changes
We recently said goodbye to Julie Brown who, as
Chief Operating and Financial Officer over the last
sixyears, has made a very significant contribution
to Burberry’s transformation and delivering our
sustainability ambitions. As announced on 15 March
2023, Kate Ferry will succeed Julie as Chief Financial
Officer and will join Burberry on 17 July 2023.
Katejoins us from McLaren Group where she has
overseen financial strategy and investor relations
and will be a strong addition to our Board and
executive team.
Matthew Key will retire from the Board and as Chair
of our Audit Committee at the end of the 2023 AGM
having served as a Non-Executive Director for just
over nine years. On behalf of the Board, I would like
to thank Matthew for his wise counsel, outstanding
service to Burberry and his leadership of the Audit
Committee since becoming Chair in February 2019.
As previously announced, Alan Stewart, who joined
the Board as a Non-Executive Director in September
2022 and has extensive experience as a chief financial
officer and non-executive director of major international
public companies, will take over as Chair of the Audit
Committee when Matthew retires.
Dividend
Overall, given the continuing performance of the
Group and its strong financial position, the Directors
are pleased to recommend a final dividend of 44.5p
per ordinary share subject to approval at the Annual
General Meeting. This is consistent with our Capital
Allocation Framework and gives a full year dividend
per ordinary share of 61.0p (FY 2021/22: 47.0p)
representing a pay-out ratio of around 50%. Also
consistent with our Capital Allocation Policy, the
Board has also approved a £400 million share
buyback to be completed in FY2023/24.
Strategic Report | Chair’s Letter
4
Burberry 2022/23

“We enter FY 2023/24 with
confidence, a clear and coherent
vision for Burberry as the beating
heart of modern British luxury,
renewed creative direction and
executive leadership to achieve
that vision and a bold and explicit
ambition for responsible growth.”
A reference to Thomas Burberry’s Open Spaces
manifesto, our purpose draws on our heritage of
pushing boundaries and making space for
creativity toflourish.
For our founder, “open spaces” referred to the
tiny pockets of air found within the weave of
gabardine, therevolutionary fabric he invented.
Itwas also a nod to the freedom his products
gave to the pioneers who wore Burberry clothing,
including explorer Sir Ernest Shackleton and
aviator Betty Kirby-Green, andthe open spaces
they explored.
Looking ahead
We enter FY 2023/24 with confidence, a clear and
coherent vision for Burberry as the beating heart of
modern British luxury, renewed creative direction and
executive leadership to achieve that vision and a bold
and explicit ambition for responsible growth, all built
upon the foundations laid down in recent years.
In closing, I want to express my thanks to Jonathan,
our executive team and colleagues everywhere for
their relentless energy and commitment to this new
and exciting phase of Burberry’s evolution and to my
fellow Board members for their unfailing engagement
and invaluable advice to me and our executive team.
As always, we thank our shareholders for their support.
Gerry Murphy
Chair
We uphold that tradition of innovation today to
inspire and delight our customers with products
of the highest quality and exceptional experiences.
Our purpose is underpinned by our values.
Beingcreatively driven, forward thinking,
openand caring, and proud of our heritage are
hallmarks of our organisation at its best and
have remained core to our brand since the
Company was founded in 1856.
Our purpose and values
At Burberry, we are guided by the core belief that Creativity Opens
Spaces. Our purpose informs the choices we make as a company and
shapes our long-term goals.
Strategic Report | Chair’s Letter
Burberry 2022/23
5

Jonathan Akeroyd
Chief Executive Officer
Strategic Report | Chief Executive Officer’s Letter
6
Burberry 2022/23

Dear Shareholder,
When I first wrote to you last year, I spoke of my admiration for Burberry, its position as a
unique British brand with an extraordinary heritage, iconic products and house codes, and
strong culture and values.
Over the last 12 months, I have had the opportunity to really get to know the business, visiting
many of our stores in key luxury locations around the world and seeing our manufacturing
facilities, both here in the UK and in Italy. I have been impressed by what I have seen and I
believe we are well positioned to leverage the unique attributes that make Burberry special to
drive revenue growth and acceleration.
FY 2022/23 performance
Thanks to these strong foundations, we delivered a strong financial performance in
FY 2022/23.
• Revenue reached £3.1 billion, up 5% at constant exchange rates (CER) and 10% at reportedrates
• Adjusted operating profit was £634 million, up 8% at CER
• Reported operating profit was £657 million, up 21%
• Adjusted diluted earnings per share (EPSA) was 122.5p, up 16% at CER and 30%
at reported rates
• Reported diluted EPS was 126.3p, up 29%
Revenue accelerated in the fourth quarter as growth rebounded in Mainland China following
the lifting of COVID-19 restrictions. Having travelled there to visit some of our stores and
meet with retail partners in person, I was very encouraged by the excitement surrounding
Burberry in the market. We also generated strong growth in EMEIA as tourism returned.
Ourperformance in both regions helped compensate for a softening in the Americas.
Despitethe slowing economy there, I was pleased with the direction in which our business
is evolving as we recruited more higher-spending women to our brand, buying into higher
value products, particularly leather goods.
Chief Executive Officer’s Letter
“We are well positioned to leverage the unique
attributes that make Burberry special to drive
revenue growth and acceleration.”
Strategic Report | Chief Executive Officer’s Letter
Burberry 2022/23
7

Modern British luxury
In October, we appointed Daniel Lee as our new
Chief Creative Officer for this next phase, succeeding
Riccardo Tisci. Born in Bradford, UK, Daniel is an
exceptional talent with a deep understanding of
today’s luxury consumer and a strong record of
commercial success. He understands Burberry’s
heritage and its unique position as a British luxury
brand and his appointment reinforces the ambitions
we have for the Company.
In November, we set out a clear strategy to realise
Burberry’s potential as the modern British luxury
brand, with a medium-term target to grow sales
to £4 billion at constant exchange rates, and a
longer-term ambition to reach £5 billion in revenue.
The key elements of our plan are to harness the power
of our brand, bring all categories to full potential and
strengthen distribution, while continuing to simplify
and streamline key processes, deliver on our bold
sustainability ambitions, positively impact communities,
and ensure our people are supported and inspired
todeliver.
A new creative expression
We have made good progress on this since then.
Wehave started to bring more clarity to the brand,
refocusing on Britishness and broadening our appeal.
In February, we launched a new brand identity with
a fresh expression of our wordmark and a modern
evolution of our iconic Equestrian Knight Design.
Werolled this out across multiple touchpoints
including the facades and interiors of our stores
inLondon, Paris, Milan and New York.
Alongside this new creative expression, we launched
Daniel’s first campaign for Burberry. Shot in London,
the multimedia campaign featured a cast of eclectic
talent including Vanessa Redgrave, Georgia May Jagger
and Kano whom Daniel styled in our iconic rainwear
and Burberry Check. It reached an estimated half
a billion people in its first week alone and helped drive
a very strong acceleration in heritage rainwear sales
in the fourth quarter.
We followed this by returning to the London Fashion
Week schedule for Autumn Winter 2023, staging
Daniel’s debut runway in a custom-made tent in
Kennington Park, London, to reinforce our connection
with the great British outdoors. Opening the show
with a modern interpretation of the Burberry trench
coat, Daniel introduced a bold new colour palette to
our aesthetic and reimagined Burberry’s signature
codes across product categories. The collection featured
a compelling new bag offer and a broader shoe offer.
It also provided a fresh take on ready-to-wear, with
a fuller offer for the Burberry woman. The collection
was very well received and we are excited about it
landing in stores and online later this year.
At the same time, we advanced the rollout of our store
refurbishment programme, upgrading 60 stores
in the year, and delivered a material improvement
in store productivity. With 30% of our full-price
network now in a new format, we remain on track
to complete the refurbishment of all our stores by
FY 2025/26. We also focused on strengthening our
foundations in e-commerce and we have developed
a comprehensive plan to unlock our potential in
this channel. This includes elevating the customer
experience and enhancing product and merchandising
on Burberry.com.
Operational delivery
To drive the delivery of our growth ambition, we have
made changes to our operating model and hired
specialists in new leadership roles. We created an
innovation function and integrated responsibility for
global e-commerce, digital product and analytics
under a new Chief Digital, Customer and Innovation
Officer Giorgio Belloli. We streamlined our commercial
collection structure and strengthened the connection
between product merchandising, planning and design
under a new Chief Merchandising Officer Delphine
Sonder. We brought together supply chain and product
development under a new Chief Supply Chain and
Industrial Officer Klaus Bierbrauer to improve
efficiency, while ensuring end-to-end ownership
for delivery. We also appointed Melissa Johnston
to the newly-created role of Chief Visual Officer,
with responsibility for visual merchandising and
architecture. The positive impact of these changes
is already being felt.
Strategic Report | Chief Executive Officer’s Letter
8
Burberry 2022/23

We also announced the appointment of Kate Ferry
as our new Chief Financial Officer, succeeding
JulieBrown. Kate has extensive experience of public
markets, business transformation and development
and an excellent understanding of the consumer
and luxury industry. She is a strong addition to our
leadership team and I am excited about her joining
on 17 July 2023 to support this next phase of
Burberry’sdevelopment.
Alongside this, we are strengthening our industrial
capabilities by entering into an agreement to acquire
a product development business from a longstanding
Italian supplier. This strategic investment will enhance
our technical outerwear capabilities, building on our
strong manufacturing heritage in the UK, where
we will continue to weave gabardine and make our
heritage trench coats, and provide greater control
over the quality, delivery and sustainability of
ourproducts.
In addition, we continued to make progress on our
social and environmental responsibility programme.
This included further reducing our scope 1, 2 and 3
carbon emissions and expanding our aftercare services
to cover more products in more stores. To support
our UK employees through the cost-of-living crisis,
we brought forward the Living Wage increase
by more than six months. We also expanded our
wellbeing programme to benefit more than 5,000
workers in our extended supply chain. We continued
to positively impact young people through community
programmes and The Burberry Foundation.
Looking ahead
As we reflect on the past 12 months and look to the
year ahead, I would like to take this opportunity to
thank Riccardo Tisci and Julie Brown for their
support and the significant contribution they have
made to elevating our brand and business. They have
left strong foundations on which we can build.
I would also like to thank my Burberry colleagues for
their continued passion and commitment. We have
a clear plan to drive growth and acceleration that
the whole team has bought into. We have made good
progress on this. While the external environment
remains uncertain, we are confident we can achieve
our ambitions and realise Burberry’s potential as the
modern British luxury brand. We are excited about
the opportunity that lies ahead.
Jonathan Akeroyd
Chief Executive Officer
Strategic Report | Chief Executive Officer’s Letter
Burberry 2022/23
9

Strategic Report | Financial Highlights
Financial Highlights
1. All references to revenue growth are presented at Constant Exchange Rates (CER) and exclude the impact of the 53
rd
week in FY2021/22.
See page 45 for reconciliation to totalrevenue.
2. Retail/wholesale revenue.
3. For more detail on performance see Financial Review on pages 38 to 46.
Americas
£743m
-4% at CER
Number of stores: 85
Revenue by region
1,2,3
Europe, Middle East,
India and Africa
£1,004m
+22% at CER
Number of stores: 102
Asia Pacific
£1,297m
-1% at CER
Number of stores: 226
Total revenue by channel
Retail/wholesale revenue by destination (£m)
Period ending 1 April 2023 2 April 2022
Retail 2,501 2,273
Wholesale 543 512
Licensing 50 41
Revenue by product
2
Retail/wholesale revenue by product (£m)
Period ending 1 April 2023 2 April 2022
Accessories 1,125 1,017
Women’s 867 784
Men’s 868 807
Children’s, Beauty and other 184 177
10
Burberry 2022/23

Strategic Report | Financial Highlights
Revenue
Alternative performance measures, including adjusting measures, are defined on page 45.
* The Group also had borrowings at 1 April 2023 of £298m (2 April 2022: £298m, 27 March 2021:
£297m, 28 March 2020: £300m).
2023 2022 2021 2020
£3,094m
£2,826m
£2,344m
£2,633 m
Operating profit
2023 2022 2021 2020
£657m
£543m
£521m
£189m
Dividend per share
2023 2022 2021 2020
47.0p
42.5p
11.3p
61.0p
Adjusted diluted EPS
2023 2022 2021 2020
122.5p
94.0p
67.3p
78.7p
Diluted EPS
2023 2022 2021 2020
126.3p
97.7p
92.7p
29.8p
Cash (net of overdrafts)*
2023 2022 2021 2020
£961m
£1,177m
£1,216m
£887m
Adjusted operating profit
2023 2022 2021 2020
£634m
£523m
£396m
£433m
Burberry 2022/23
11

Design
We design products to inspire and excite
our customers. Wethink and act creatively,
and our teams across the business work
collaboratively with common goals
inmind.
Source
Wesource the finest materials available to
create our products. Weput sustainability
and the wellbeing of our people and
communities at the heart of our
businessdecisions.
Strategic Report | Business Model
Business Model
Born from innovation, Burberry is a global luxury brand with a rich British heritage.
Purpose-driven people
We are an open, inclusive and caring employer.
Webelieve our people’s diversity of skills, background
and life experiences fuel innovation. Today, our
colleagues represent 140 nationalities across
34 countries and territories.
A global luxury brand with a rich British heritage
Our identity is intrinsically linked to our British
heritage and the 167-year-old legacy of our founder.
With the invention of gabardine in 1879, Thomas
Burberry established our brand as an outerwear
pioneer driven by creativity. We build on this today.
What makes us different
What we do
Make
We make our products at Burberry-
owned sites in the UK and Italy, as well as in
collaboration with a network of global suppliers.
All our activities are underpinned by a
commitment to responsible craftsmanship.
Sell
We sell products through our directly
operated and franchised stores, as well as via
wholesale partners and online. For some products,
including eyewear and beauty, we collaborate with
licensing partners, leveraging their product and
distribution expertise.
Our purpose
Creativity
Opens Spaces
12
Burberry 2022/23

Strategic Report | Business Model
Unique supply chain rooted in Britishcraftsmanship
We combine traditional craftsmanship and innovative
manufacturing techniques to create products that are
designed to stand the test oftime.
We weave gabardine and manufacture our Heritage
Trench Coats at our sites in Yorkshire, where we
employ more than 700 people. Our cashmere scarves
are made in Scotland and we oversee all aspects of
the manufacture of our leather goods products at our
centre of excellence in Tuscany.
Digital pioneer with global retail footprint
We offer retail experiences aligned to our brand vision
through our global network of stores. We make Burberry
available whenever and wherever our customers
wish to engage with our brand. We seek to deliver
customer service of the highest standard.
Delivering growth while playing a positive role in society
Customers
We create opportunities for our
customers to explore the world of
Burberry and discover our products.
We engage with our customers
both in-store and online, building
a sense of community through
memorable experiences.
People
We put our people at the heart of
what we do and strive to provide
a rich and rewarding colleague
experience in a workplace where
our people can express their
creativity and bring their best and
true selves to work. We also seek
to have a positive impact on people
in our external supplychain.
Communities
We play a positive role in
society by contributing to
local economies. We support
communities through direct
partnerships and in collaboration
with relevant organisations.
Environment
We are committed to being a
responsible business. We innovate
to reduce our environmental impact
and collaborate with our industry
peers to create a more sustainable
future for luxury fashion.
Shareholders
We aim to provide return
on investment and create
sustainable long-term value for
our shareholders. To achieve this,
we focus on: revenue growth,
operating profit margin accretion
and capital efficiency.
Burberry 2022/23
13

Strategic Report | Investment Case
Investment Case
Our vision is to realise our potential as the modern British luxury brand,
delivering sustainable, high-quality growth and value for all our stakeholders.
Harness the power
of our brand
Bring all product
categories to full potential
Strengthen distribution
Burberry’s British heritage
permeates our brand and our
products. We are harnessing our
unique story and leveraging
what makes Burberry special
to deepen our relationship with
our customers, enhance our
storytelling and drivegrowth.
We are known for creating
beautiful products that are
made to last. We are elevating
each of our product categories
to reach their full potential,
strengthening our focus on
accessories, and creating a
wearable luxury wardrobe.
We are strengthening
distribution by focusing on
elevation and execution across
all channels and regions,
ensuring that our customers
can better connect with our
brand and discover the products
they love with ease.
Read more about our strategy on pages 20 to 29.
Read about our commitment to Responsibility on pages 50 to 93.
Seamless execution
Strategy
Environmental and Social Responsibility
Product
Responsible
craftsmanship
Communities
Positively impact
young people
Planet
Become Climate
Positive
People
Diversity, Equity,
Inclusion and
Wellbeing
Read more on page51 Read more on page56 Read more on page68 Read more on page82
14
Burberry 2022/23

Strategic Report | Investment Case
Value creation
Our value creation framework focuses on three pillars:
revenue growth, adjusted operating profit margin accretion and capital efficiency.
Revenue growth
Our target in the medium term is to deliver revenue of £4 billion (at FY 2021/22 CER). Our longer-term
ambition is to develop Burberry into a £5 billion revenue brand.
Adjusted operating profit margin accretion
High single-digit revenue growth will drive operating leverage, ensuring progression to our target of over 20%
adjusted operating profit margin (at FY 2021/22 CER) in the medium term.
Capital efficiency
Burberry has a Capital Allocation Framework, which prioritises the use of cash while maintaining
an appropriate capital structure for the business. Our uses of cash are summarised below.
Reinvest for
organic growth
1.
Progressive
dividend policy
2.
Strategic
inorganic
investments
3.
Return excess
cash to
shareholders
4.
Maintain a strong balance sheet with a solid investment grade credit rating
Our Capital Allocation Framework
Read more about our Capital Allocation Framework on page 47.
Burberry 2022/23
15

Strategic Report | Luxury Market Environment
Luxury Market Environment
The luxury sector
In 2022, the personal luxury market grew by 15% to a
record €353 billion.
Growth in the sector was a result of strong
performances across most geographies, particularly
South Korea and South East Asia, followed by Europe
and the Americas. Mainland China remained challenging
throughout 2022 due to prolonged COVID-19-related
restrictions, which impacted traffic and performance
across all channels and categories. Recovery is
expected in 2023 following the lifting of COVID-19
restrictions from December 2022. Growth in Europe
outperformed expectations due to sustained local
consumption and a rebound in tourist activity, while
the US posted solid first-half sales across all
channels and categories. Overall, luxury markets
surpassed pre-COVID-19 levels and are expected to
remain resilient despite continued global uncertainty.
Luxury geographies
Asia
Mainland China’s luxury market reduced 1% compared
with 2021. Growth was, however, up 94% from 2019,
representing the highest increase of all regions.
Theyear-on-year decline was fuelled by prolonged
lockdowns in the first and fourth quarters, which
impacted traffic and performance across all channels
and categories. With traffic recovering after the lifting
of COVID-19 restrictions, Mainland China’s luxury
market is expected to grow 15% year-on-year. In the
rest of Asia, overall sales increased by 43% versus
2021 and 14% versus 2019. South Korea and South
East Asia saw strong growth across all categories.
InJapan, sales increased by 18% versus 2021 and 1%
versus 2019 as a result of solid local consumption and a
resumption in tourism.
Americas
In the Americas, the personal luxury goods market
grew 26% in 2022 versus 2021, and 34% versus 2019.
This was due to an increase in local demand and a
rebound in tourism. Across the region, performance
was particularly strong in the first half of 2022, while
consumption softened in the second half of the year.
Inthe US, traditional luxury hubs such as New York
and Los Angeles returned to growth post lockdowns
and demand in second-tier markets, including Chicago
and Houston, remained strong. Since the start of
2023, the outlook for the personal luxury goods
market in the Americas has become more uncertain.
Europe and Middle East
Europe’s luxury market surpassed pre-pandemic levels,
growing 26% versus 2021 and 6% versus 2019, following
strong local demand (+50%) and increased tourist
spending from intra-regional and extra-regional
travellers (+50%). International tourism, particularly
in France and Italy, was led by tourists from the
Americas who have more than doubled their spending
versus 2019 due to a strong dollar. The Middle East
continued to experience strong growth, consistent
with trends seen in Europe.
Market growth by geography
Americas
+26% YOY
(+34% vs 2019)
Europe
+26% YOY
(+6% vs 2019)
Mainland
China
(1)% YOY
(+94% vs 2019)
Americas Europe Mainland China
Rest of Asia Rest of World
2019 2021 2022
16
Burberry 2022/23

Strategic Report | Luxury Market Environment
Product
Leather goods
Leather goods remained a strong category in 2022,
increasing by 24% versus 2021. The category
continued to attract customers purchasing both
iconic pieces and new hero items. Growth was
primarily seen in fashion-oriented pieces, particularly
in the small leather goods category, which continued
to gain traction.
Apparel
The apparel category grew by 23% in 2022 versus
2021 and 16% versus 2019, a significant rebound
from 2019 levels after several years of stagnation.
Inparallel, elevated streetwear, formal wear and
occasion wear also regained traction after the rise
of comfort wear during lockdowns.
Shoes
The footwear market grew by 21% versus 2021,
withstrong performances registered across most
geographies. Formal styles experienced a rebound
due to renewed interest post-lockdowns. As a result,
the formal category returned to 2019 levels, while
demand for sneakers cooled in favour of new
casualcategories.
Channels
Stores
Retail channels continued to see positive growth in
2022 as a result of customers returning to stores.
Mainline stores grew by 27% versus 2021 and
returned to 2019 levels in terms of channel mix.
Other offline channels continued to grow, with
outlets registering a 19% uptick versus 2021 and
travel retail delivering the highest growth at 40%
versus 2021, returning to pre-pandemic levels.
Digital
Online channels grew by 16% in 2022 versus 2021,
reaching a channel penetration of 21%, almost double
that of 2019 (12%). This indicates a normalising trend
compared to the dramatic acceleration experienced
throughout the pandemic. Brand.com outperformed
third-party distribution, as brands accelerated
efforts to engage their customers through digital
platforms under their control.
Wholesale
Wholesale continued to lose market penetration in
2022 as a result of consumers’ increasing reliance on
digital and direct-to-consumer channels. Despite
this, wholesale experienced a recovery from 2019 due
to the resurgence in tourism in Europe and a renewed
value proposition in the US. Within wholesale channels,
department stores and speciality stores grew 18%
and 15%, respectively, compared to 2021.
Market growth by channel
Stores
+27% YOY
(+23% vs 2019)
Digital
+16% YOY
(+120% vs 2019)
Wholesale
+18% YOY
((1)% vs 2019)
Market growth by product
Leather goods
+24% YOY
(+40% vs 2019)
Apparel
+23% YOY
(+16% vs 2019)
Shoes
+21% YOY
(+35% vs 2019)
Stores Digital Wholesale
2019 2021 2022
Burberry 2022/23
17

Strategic Report | Luxury Market Environment
Key themes
The luxury market continues to demonstrate its
resilience despite macroeconomic uncertainty.
Thishas been supported by strong generational
trends and an expanding customer base, as well as
solid fundamentals, including product elevation, the
continued strength of full-price channels, and luxury
brands’ power to inspire and engage consumers.
Broadening customer base
The luxury consumer base is rapidly expanding and
broadening across generations, spend levels and
geographies. In 2022, the luxury market approached
~400 million customers and is expected to grow
further to reach 500 million by 2030. By generation,
Gen Z and Gen Y customers continued to grow their
share of revenue from 44% in 2019 to 65% in 2022.
Gen Z and Gen Alpha customers, born in the early
2010s, are expected to have the biggest impact on
the development of the luxury market. Spending from
these generations is anticipated to grow three times
faster versus older generations until 2030,
encouraged by an informed approach to luxury.
The affluent customer base also grew from 35%
to an estimated 40% of market value in 2022,
increasing both in terms of customer numbers and
average spending. Luxury brands are developing
bespoke strategies to offer unique, dedicated and
enhanced product offerings and experiences to
engage this segment.
While traditional luxury geographies still hold the
majority share of the market, smaller markets,
suchas India and South East Asia, are emerging as
new pockets of growth for the industry.
Brand clarity and authenticity
Across all segments, consumers expect brands
to have a clear purpose and to communicate with
them in a meaningful, coherent and authentic way.
Successful brands are leveraging their attributes to
offer a unique proposition to customers who are
increasingly knowledgeable.
To engage their customers, luxury brands are
continuing to invest in local activities, taking over
key cities and landmarks to boost brand visibility
and heat. The strong cadence of local activations,
including shows, exhibitions, collaborations and
pop-ups, experienced over the last several years
will likelycontinue.
Product elevation
In 2022, the market saw a continuation of the product
elevation trend, which impacted demand over the last
three years, both in terms of categories and pricing
strategies. The formal-wear category, which declined
significantly during the early phases of the COVID-19
pandemic, rebounded in 2021 and continued to grow
in 2022. Inparallel, the definition of formal wear has
evolved. While work attire has shifted to become more
casual, occasion wear is predicted to dominate the
category. Brands have also continued to implement
deliberate pricing elevation strategies, particularly in
strategic categories such as leather goods.
Digital acceleration
The pandemic boosted the adoption of digital
channels among consumers. Share of sales through
online channels grew 20% in 2022 versus 2021.
Online channels are expected to continue to accelerate
in the medium term and to reach up to 34% of
market value by 2030, consolidating online’s role as
the primary channel for transactions. To capture this
opportunity, brands have continued to invest in their
own transactional channels, enriching content while
accelerating the development of omnichannel services
and formats to create an integrated customer
experience. As consumer targeting through traditional
digital marketing channels becomes less effective and
more costly, compounded by changes in data privacy
regulations, brands are investing more in fuelling
organic traffic to their websites through inspirational
campaigns and new channels, including the metaverse
and non-fungible tokens (NFTs).
Sources
1. Bain Altagamma Luxury Goods Worldwide Market Study Fall 2022 – 21
st
edition.
2. The State of Fashion 2023 – Business of Fashion and McKinsey & Company.
3. Goldman Sachs luxury industry estimates (December 2022).
18
Burberry 2022/23

Strategic Report | Luxury Market Environment
Burberry 2022/23
19

Strategic Report | Strategy Overview
Strategy Overview
Over the past five years, we have elevated our product offer and brand positioning to
reflect Burberry’s unique qualities and extraordinary heritage. In the next phase of
our strategy, we are focusing on revenue growth and acceleration.
In November 2022, we set out the next phase of
our strategy to realise our potential as the modern
British luxury brand. Inthe medium term, we are
targeting revenue of £4 billion (at FY 2021/22 CER).
Our longer-term ambition is to develop Burberry into a
£5 billion revenue brand. This will drive significant
operating leverage, increasing our adjusted operating
profit margin well above 20%.
Building on a very strong platform, wehave identified
opportunities across the business to unlockgrowth.
The key elements of our plan are as follows:
2017-2022: Brand elevation
Harness the power
of our brand
Modern British luxury
Bring all product categories
to full potential
Strengthen
distribution
Opportunities to unlock growth in the next phase
Seamless execution
2022+: Modern British luxury
Elevated the brand
Brand
Redefined brand image
Communications
Established the leather
goodscategory
Product
Reoriented business to full price
Cleaned up wholesale
Upgraded store network
Distribution
Operational efficiency
Enablers
Improve clarity
Broaden appeal through modern luxury aesthetic
Refocus on Britishness
Drive consistent brand message across
alltouchpoints
Supercharge customer focus
Bring all categories to full potential, shifting our
mix more towards accessories
Accelerate store refurbishments
Seize opportunities in e-commerce
Value chain excellence
Inspired people
Values and sustainability
20
Burberry 2022/23

Strategic Report | Strategy Overview
Harness the power of our brand
In this next phase of our strategy, we
are reinterpreting the richness of our
heritage with a modern vision and
refreshed aesthetic to support revenue
growth and acceleration. Weare also
improving brand clarity and broadening
our appeal by strengthening the
connection between our brand
messaging and product.
In February 2023, we brought to life
modern British luxury as a desirable and
relatable lifestyle with the launch of
Daniel Lee’s first creative expression for
Burberry. The campaign presented a
sharper and more coherent brand image,
which we consistently rolled out across
customer touchpoints. We will continue
to leverage our Britishness, and cement
our connection with British design, craft
and culture to enhance storytelling and
encourage growth.
At the same time, we are strengthening
our relationship with our customers and
building loyalty to increase customer
lifetime value, while setting ambitious
targets to acquire new customers
atpace.
Burberry 2022/23
21

Strategic Report | Strategy Overview
We are known for creating beautiful
luxury products that are made to last.
Inline with our new strategy, we are
elevating each of our product categories
to reach their full potential.
Our long-term ambition is to grow
accessories to more than 50% of our
business, while also growing our leather
goods and shoes businesses. We are
bringing an even greater level of
desirability to our leather goods offer
and are creating icons in women’s bags,
expanding our small leather goods (SLGs)
assortment, and taking advantage of
the market growth opportunity in men’s
bags. In shoes, we are building an offer
to cover both formal and casualwear,
strengthening our existing sneaker
business and seizing opportunities
in the outdoors category.
Bringing all product categories to full potential
Medium-term targets
Product
• ~2x leather goods business
• >2x shoe sales
• ~2x women’s ready-to-wear,
rebalancing offering and
driving high-potential
categories
• ~1.5x outerwear sales
We are developing a distinctive
aesthetic for Burberry womenswear,
creating an everyday and wearable
luxury wardrobe. We are rebalancing
our product range, particularly in
underrepresented categories, such
as dresses. We are also ensuring our
new women’s ready-to-wear offer is
represented in depth across our store
network, and we are taking a similar
approach to men’s ready-to-wear.
Within outerwear, we are building on
our legacy of innovation by developing
newer categories, such as quilts and
downs, and diversifying our silhouettes
while reinforcing our hero products.
22
Burberry 2022/23

Strategic Report | Strategy Overview
Strengthen distribution
Medium-term targets
Distribution
• All stores refurbished by
FY2025/26
• Increase store productivity
to £25,000 per square
metre per annum
• Double e-commerce sales,
reaching approximately
~15% retail penetration
In recent years, we have been upgrading
our store network, focusing on full-price
sales and rationalising wholesale. In this
next phase, we are strengthening our
distribution, focusing on elevation and
execution across all channels and regions.
We are increasing investment in
our full-price stores to accelerate
refurbishments and present a
consistent brand image and experience
to our customers. In addition, we are
transforming our productivity by
focusing on high average unit retail
(AUR) categories, such as bags and
outerwear, maximising opportunities to
drive conversion with SLGs, belts and
small accessories.
We are boosting momentum across
our core markets while maintaining
a well-balanced portfolio. We are
accelerating store refurbishment in
the Americas and Europe, Middle East,
India and Africa (EMEIA), while continuing
to focus on Mainland China, and grow
our business and gain market share
inJapan.
We are developing a stronger presence
in key wholesale doors, particularly to
attract new customers as we grow
our business in accessories and
womenswear. In the medium term,
weexpect our wholesale penetration
to decrease as our growth in full-price
stores continues to outpacewholesale.
We are strengthening our omnichannel
capabilities to improve productivity and
achieve greater integration into the
retail network. Wehave a significant
opportunity to improve conversion and
boost performance in several ways: a
refreshed website in line with our new
brand aesthetic; a compelling product
assortment; improved customer
experience; and a deeper relationship
with our community through innovation.
Burberry 2022/23
23

Execution is key to delivering our
strategy. We are simplifying our supply
chain and ensuring a stronger connection
between merchandising and design.
At the same time, we are continuing
to deliver on our bold sustainability
commitments and are positively
impacting our communities. Our people
are fundamental to this, and we are
passionate about ensuring they are
supported and inspired to deliver
great outcomes for our customers,
communities and other stakeholders.
Moreinformation on our Environmental
and Social Responsibility strategy can
be found on pages 50 to 93.
Strategic Report | Strategy Overview
Seamless execution
To support our ambition, we
plan to make investments in
key strategic priorities,
which will deliver significant
shareholder value:
• Maintain marketing and
visual merchandising
investment at a high
single-digit percentage of
sales to support our new
creative vision
• Increase store capital
expenditure to approximately
£120 million in FY 2023/24
to accelerate refurbishments
• Increase total capex to
approximately £200 million
in FY 2023/24 to support
other business investments,
including IT, digital,
Environmental and Social
Responsibility and Horseferry
House campus refurbishment
24
Burberry 2022/23

Brand
During the year, we connected with
our customers through campaigns
and activations rooted in our brand
heritage. In the first half FY 2022/23,
we dedicated a major brand moment
to the leather goods category and
launched our seasonal TB Summer
Monogram collection.
To celebrate our Autumn Winter 2022
outerwear collection, we launched a
dedicated campaign and activated it
through a series of Burberry Alpine
Outpost pop-ups in major shopping
districts around the world. The immersive
spaces showcased products in our new
Night Check pattern, alongside a wide
range of ready-to-wear items.
We followed this with our Festive
campaign starring Shakira and Burna
Boy called The Night Before, which
celebrated the excitement and
anticipation of festive preparations.
We celebrated our heritage later in
the year with the launch of our first
book, Burberry, in partnership with
Assouline. The richly illustrated volume
depicts our evolution from a family-run
company to a renowned global luxury
brand, and is filled with content from
the Burberry archive.
In October 2022, we began an exciting
new chapter in Burberry’s history
with the appointment of Daniel Lee
as our Chief Creative Officer. Born and
raised in Bradford, UK, Daniel is an
FY 2022/23 Business Update
We delivered a strong financial performance in FY 2022/23, delivering high single-digit growth
in comparable retail sales compared with last year. This performance was supported by good
progress in our core leather goods and outerwear categories, with revenue accelerating in the
fourth quarter as growth rebounded in Mainland China.
Strategic Report | Strategy Overview
award-winning designer with a unique
understanding of today’s luxury
consumer and a strong record of
commercial success.
In February 2023, with Daniel, we
launched a new creative expression for
the brand, with a new wordmark and a
refreshed version of our heritage mark,
the Equestrian Knight Design (EKD).
We rolled this out across all our customer
touchpoints, including the facades and
interior of our stores in key fashion cities.
Alongside this, we launched Daniel’s first
campaign for Burberry. The campaign
was anchored in Britishness and featured
our iconic products, outerwear and the
Burberry Check.
We followed this by returning to the
London Fashion Week schedule for
Autumn Winter 2023. Read more on
pages 26 to 27.
Burberry 2022/23
25

Strategic Report | Strategy Overview
A new creative expression
inspired by our heritage
In early February 2023, we revealed a
new brand identity with a new Burberry
wordmark. Alongside this, we refreshed
our iconic EKD. This is a heritage mark
from our archive that has existed since
1901. Daniel revisited it and brought it
to life in a bold new colour.
We launched the new branding across
multiple touchpoints, including the
facades and interiors of our stores in
key fashion cities. In each location, we
presented the EKD in a unique way,
through colours, textures and shapes
specifically designed for each space.
Forexample, for our store in Rue
Saint-Honoré Paris, we collaborated
with British artist Tom Atton Moore,
who created seven back-to-back
suspended works to hang in the store’s
windows as well as a bespoke rug
installation. This brought to life our new
vision in a cohesive yet highly localised
way, elevating the customer experience
in each store.
Alongside this, we launched Daniel’s
first campaign for Burberry. Shot in
London, the multimedia campaign
featured a cast of eclectic talent
including Vanessa Redgrave, Georgia
May Jagger and Kano whom Daniel
styled in our iconic rainwear and
Burberry Check. The campaign also
drew on our British heritage through
symbols including English roses
andswans.
The campaign presented a sharper and
more coherent brand image, which we
rolled out across a number of customer
touchpoints, including Burberry.com
and high visibility out-of-home displays.
Wealso took a fresh approach to
social media to deliver a more
inspirational experience.
26
Burberry 2022/23

Strategic Report | Strategy Overview
Fashion tailored to the outdoors
Building on the momentum and excitement generated by the introduction of our new
brand identity, we returned to the London Fashion Week schedule with our Autumn
Winter 2023 show. For Daniel’s debut collection, we built a custom-made tent in
Kennington Park, London to create a show space that reinforced our connection with
the great British outdoors.
The collection introduced a bold new colour palette to our aesthetic and reimagined
codes synonymous with Burberry such as gabardine, the Equestrian Knight and
check. It also brought function to luxury fashion.
Drawing on our unique Archive, the story of Burberry was told through oversized
trench coats, tartan-inspired kilts over trousers, chunky Aran and Argyle jumpers
and whimsical touches, such as oversized hats and ultra-cosy hot water bottles.
The collection featured new families of distinctive bags, including saddle bags and
satchels in sturdy fabrics, inspired by Burberry’s connection with the outdoors.
Italso introduced a broader shoe offer including equestrian and rubber rain boots,
which nodded to Burberry’s legacy of equipping explorers, and sandals, mules and
pumps in faux fur and shearling. Daniel also presented a fresh take on ready-to-
wear, with a fuller offer for the Burberry woman.
Guests from the worlds of fashion, film, sport and music attended the show,
alongside many of the cast members from Daniel’s debut campaign. The show was
very well received and together with our new creative expression generated over
4,000 pieces of coverage with an estimated reach of 4 billion.
Burberry 2022/23
27

Strategic Report | Strategy Overview
Product
During FY 2022/23, we developed and
elevated our product offer, exciting our
customers with new and desirable
products supported by a strong
programme of brand activations.
In outerwear, comparable store sales
grew 7% in the period. We took a
360-degree approach to supporting our
most iconic category which helped drive
performance. We put rainwear front
and centre of our brand campaign; we
dressed VIPs and brand ambassadors in
heritage Trench Coats at our Autumn
Winter 2023 show; and we launched
a refreshed version of our Trench Coat
in certified organic cotton.
This approach delivered a very strong
acceleration in heritage rainwear sales,
which doubled in the last quarter.
Leather goods comparable store sales
grew 12% in the year. Our Lola handbag
continued to be our best performing
range. We introduced new shapes,
including the Frances bag, and
enhanced our offer further, launching
the new Vintage Burberry Check line in
February 2023.
Ready-to-wear excluding outerwear
grew broadly in line with the Group
average for the year with womenswear
increasing a double-digit percentage
and men’s up a mid single-digit
percentage.
We are excited to build on this with
Daniel’s new offer, which will be
available later this year.
28
Burberry 2022/23

Strategic Report | Strategy Overview
Operations
To execute our plan, we made changes
to our operating model and hired
specialists in new leadership roles.
We created an innovation function and
integrated responsibility for global
e-commerce, digital product and
analytics under a new Chief Digital,
Customer and Innovation Officer Giorgio
Belloli. We streamlined our commercial
collection structure and strengthened
the connection between product
merchandising, planning and design
under a new Chief Merchandising Officer
Delphine Sonder. We brought together
supply chain and product development
under a new Chief Supply Chain and
Industrial Officer Klaus Bierbrauer to
improve efficiency, while ensuring
end-to-end ownership for delivery.
We also announced the appointment
of Kate Ferry as our new Chief
FinancialOfficer.
In March 2023, we entered into an
agreement to acquire a product
development business from a
longstanding Italian supplier.
Distribution
During FY 2022/23, we strengthened
our customers’ connection with our
brand in store and online.
We continued to roll out our store
refurbishment programme, updating 60
stores in the year, including Northpark
Dallas in USA, Taipei 101 and Nanjing
Deji Plaza in Mainland China. Almost
30% of our full-price network has been
refurbished and we aim to complete the
remainder by FY 2025/26.
At the same time, we delivered a
material improvement in store
productivity, supported by our
refurbishment programme and strong
growth in higher-priced categories.
We also deepened our relationship with
our community, building on our legacy and
credentials in digital innovation. In July
2022, we partnered with Mythical Games
for the second consecutive year to launch
a new NFT collection for its flagship title,
Blankos Block Party. Wealso introduced
a virtual Lola handbag collection on the
online gaming platform Roblox.
In October 2022, we partnered with
Minecraft, one of the world’s most
popular video games, to launch a bespoke
in-game adventure as well as a limited-
edition physical capsule collection.
Drawing inspiration from our pioneering
heritage, the adventure was set in a
fantastical version of London and was
punctuated by creative references to our
house codes, including an Equestrian
Knight, a Thomas Burberry Monogram
maze and a range of characters from
the Burberry animalkingdom.
We also focused on strengthening our
foundations in e-commerce and we have
developed a comprehensive plan to
unlock our potential in this channel.
Thisincludes elevating the customer
experience and enhancing product and
merchandising on Burberry.com.
Thisstrategic investment will
strengthen our technical outerwear
capabilities, building on our strong
manufacturing heritage in the UK,
wherewe will continue to weave
gabardine and make our heritage trench
coats, and provide greater control over
the quality, delivery and sustainability
of our products.
During the year, we also continued to
make progress on our social and
environmental responsibility programme.
This included further reducing our
scope1, 2 and 3 carbon emissions and
expanding our aftercare services to
cover more products in more stores.
Tosupport our UK employees through
the cost-of-living crisis, we brought
forward the Living Wage increase by
more than six months. We also expanded
our wellbeing programme to benefit
more than 5,000 workers in our
extended supply chain. We continued to
positively impact young people through
community programmes and
The Burberry Foundation.
Read more on pages 82 to 86.
Burberry 2022/23
29

Strategic Report | Key Performance Indicators
Key Performance
Indicators
Key Performance Indicators (KPIs) help management measure progress
against our strategy.
Non-financial measures
We have developed non-financial measures to assess our performance against our ongoing colleague
objectives and FY 2022/23 Responsibility targets, with progress regularly monitored by our Board.
For further details on Environmental and Social Responsibility activities and progress against FY 2022/23
targets, see pages 50 to 93. The Group has considered the non-financial reporting requirements under
sections 414CA and 414CB of the Companies Act 2006 and has included details in theAnnual Report.
Objective Measure Performance
Product
Source certified key raw materials
• 100% of key raw materials in our
products to be certified
1
and
traceable by FY 2029/30
1
• Percentage of certified
organic cotton
Percentage of certified recycled
nylon andpolyester
• Percentage of Canopy Green Shirt
rated viscose
• Percentage of certified wool
• Percentage of leather from
certified tanneries
• Percentage of feather and down to
be maintained as responsibly sourced
(Responsible Down Standard)
• Percentage of key raw materials
in our products to be traceable
(to country level as a minimum)
• 31%^ of our cotton was certified
organic in FY 2022/23
2
• 44% of our nylon and polyester
isrecycled
• 100% of our viscose is Canopy ‘Green
Shirt’ rated
• 46% of our wool in soft accessories
and knits is certified
• 96% of our leather is from tanneries
with environmental, traceability and
social compliance certification
• Maintained 100% of our virgin
feather and down certified to
Responsible DownStandard
• Commenced traceability pilot using
traceability tool and plan to extend this
trial to other supply chain partners in
FY 2023/24. Further details provided
on page52
1. See our Basis of Reporting and Responsibility Data Appendix on Burberryplc.com for further details about the scope of our raw material targets.
2. Based on cotton consumption in our products. Applies to all main materials and main linings, including blends where 50% or more of the composition within the material is
cotton. Accepted certification includes Global Organic Textile Standard (GOTS) or Organic Content Standard (OCS). Detailed methodology for our organic cotton target
can be found in our Basis of Reporting on Burberryplc.com.
^ Burberry appointed PricewaterhouseCoopers LLP (PwC) to provide independent limited assurance over selected planet and product information for FY 2022/23.
Information subject to assurance is denoted with a ^. PwC’s assurance report and Burberry’s Basis of Reporting for data subject to assurance are available on
Burberryplc.com.
30
Burberry 2022/23

Strategic Report | Key Performance Indicators
Objective Measure Performance
Product (continued)
Embed circular businessmodels
• Continue to evolve aftercare
offer and trial new circular
businessmodels
• Number of circular business model
trials in progress during the year
• By the end of FY 2022/23, over 300
stores across 33 countries and
territories offered one or more
aftercare services. Nearly 45,000
products were repaired or refreshed
using our aftercare offer during
theyear. We have continued to
evolve and expand our aftercare and
refresh services. Further details
provided on page 54
Eliminate plastic packaging
• Eliminate plastic from our consumer
packaging by FY2025/26
• Eliminate unnecessary plastics
used in operational packaging
and maximise recycled content
(with at least 50% of plastic to be
made from fully recycled content)
by FY2029/30
• We collect data on packaging raw
materials, including total weight and
% recycled/certified
• Details on key areas of progress are
provided on page 55
Burberry 2022/23
31

Strategic Report | Key Performance Indicators
Objective Measure Performance
Planet
Reduce our scope 1, 2 and 3 emissions,
and become Climate Positive by2040
• Across our own operations, we aimed
for a 95% reduction in scope 1 and 2
GHG emissions by FY 2022/23
(from FY 2016/17) and to maintain
this year-on-year through to
FY2039/40
• Across our extended value chain, we
aim for a 46% reduction in scope 3
GHG emissions
1
by FY 2029/30
(from FY 2018/19) and a 90%
reduction in scope 3 GHG emissions
by FY 2039/40 (from FY2018/19)
• Become Climate Positive by
FY2039/40 by neutralising
residual emissions through carbon
removalprojects
• Total scope 1 and scope 2 (market-
based) emissions
• Total scope 3 emissions
• Total emissions across all scopes
• Scope 1 and 2 emissions reduced by
93% from our FY 2016/17 baseline.
Further details provided on page59
• Scope 3 emissions reduced by 40%^
from our FY 2018/19 baseline.
Further details provided on page 61
• We continue to expand our support
for regenerative agriculture practices
within our supply chain, building our
capacity to identify and source
future carbon removal opportunities
• In partnership with PUR we are
working with our wool producers in
Australia to promote regenerative
farming practices. The project was
piloted in 2021 and was extended to
cover 12 farms in 2023
• Further details provided on page65
1. The SBTi-approved target is a near-term commitment to reducing absolute scope 3 GHG emissions by 46.2% by FY 2029/30 from a FY 2018/19 base year.
^ Burberry appointed PricewaterhouseCoopers LLP (PwC) to provide independent limited assurance over selected planet and product information for FY 2022/23.
Information subject to assurance is denoted with a ^. PwC’s assurance report and Burberry’s Basis of Reporting for data subject to assurance are available on
Burberryplc.com.
32
Burberry 2022/23

Strategic Report | Key Performance Indicators
Objective Measure Performance
Planet (continued)
Embed sustainable manufacturing
processes across our supply chain
• Extend our sustainable manufacturing
initiatives, covering energy, water
and waste, both within our own
manufacturing and across our
supplychain
Multiple KPIs tracked, including:
• Percentage of finished goods vendors
sourcing renewable electricity
• Percentage of key supply chain
partners assessed using our water
conservation framework
• Number of finished goods vendors
enrolled in waste reduction and
recycling programme
• Energy: 73% of finished goods
vendors globally used electricity
from renewable sources
• Water: we assessed 84% of our raw
material suppliers and finished goods
vendors in relation to their water
resilience. The overall percentage of
our products delivered by green-rated
raw material suppliers increased
from 14% to over 45%
• Chemicals: rated Aspirational by
ZDHC for a second consecutive year
• Waste: 33 finished goods vendors
globally took part in our waste
reduction and recycling programme
in FY 2022/23
• Further details provided
on pages56 to 67
Protect nature
• Contribute to sustainable management
of natural forests and support zero
deforestation across our products
and supply chain by FY2025/26
• Percentage of Canopy ‘Green Shirt’
rated viscose
• Percentage of our leather from
certified tanneries
• 93% of allpaper-based packaging
procured in FY 2022/23was Forest
Stewardship Council (FSC
TM
)certified
1
• 100% of our viscose is ‘Green Shirt’
rated in the Canopy Hot Button
Ranking Report
• 96% of leather procured from
certified tanneries in FY 2022/23
• Continued commitment to not
sourcing any leather from high-risk
countries
• Started a raw materials traceability
programme
• Further details provided on page 65
1. In order to calculate the percentage of FSC
TM
-certified paper-based packaging, we have relied on the accuracy of the information supplied to us by our nominated
packaging suppliers regarding the value of certified paper packaging sold to Burberry.
Burberry 2022/23
33

Strategic Report | Key Performance Indicators
Objective Measure Performance
People
Being a luxury brand which is inclusive
of all
• Achieve a 95% completion rate
globally for episodes 1 and 2 of our
online Diversity, Equity and Inclusion
learning journey
• Percentage of colleagues who have
completed episodes 1 and 2 of the
online training
• 90% of colleagues have completed
episode 1 and 96% of colleagues
have completed episode 2
Increase representation
• Ensure shortlists across all
recruitment campaigns are
gender-balanced
• Increase hiring representation to
25% ethnic minority candidates in
the UK
• Increase hiring representation to
25% Black/African-American
candidates in the US
• Percentage of female candidates
shortlisted
• Percentage of ethnic minority
candidates in the UK
• Percentage of Black/African-American
candidates in the US
• In FY 2022/23, shortlists across all
recruitment campaigns consisted of
60% female, 38% male and 2%
‘other’ candidates
1
• In FY 2022/23, hiring representation
in the UK consisted of 39.5%
2
ethnic minority candidates
• In FY 2022/23, hiring representation
in the US consisted of 16% Black/
African-American candidates
Ethical trading
• Ensure our responsible sourcing
standards and audit requirements
are upheld by suppliers across our
supply chain
• Extend our capacity building
programme to help our key vendors
of finished goods introduce and
manage their own ethical trading
monitoring programmes
• Number of audits carried out in the
last year
• Number of vendors participating in
the Vendor Ownership Programme
during the financialyear
• 98% of our finished goods supply
chain globally is in line with our
responsible sourcing standards
• We conducted 449 audits and 19
engagement activities across our
finished goods and raw material
supply chains
• Our Vendor Ownership Programme
is now in place at 22 vendors,
reaching over 16,500 workers across
252 subcontractors, an increase of
3% compared with FY 2021/22.
Further details are provided on
pages 79 to 81
Wellbeing in the supply chain
• Extend our Supply Chain Engagement
Programmes to further advance
wellbeing, livelihoods, inclusivity and
worker voice across our supply chain
• Number of sites covered by worker
Wellbeing Programme
• Number of calls to Burberry-sponsored
hotlines in the lastyear
• Our Wellbeing Programme reached
15 key finished good vendors in
manufacturing facilities and has
impacted over 5,000 workers globally
• Burberry-sponsored worker hotlines
are in place across 38 factories in our
supply chain, covering more than
27,000 workers, an increase from
19,000 workers in FY 2021/22
• Further details are provided on
pages80 to 81
1. These values are based on candidates who chose to voluntarily disclose.
2. This data excludes those who choose not to disclose their ethnicity, which is c.33% of total UK hires.
34
Burberry 2022/23

Objective Measure Performance
People (continued)
Create a workplace where all our
colleagues are engaged with our
brand, purpose and values to drive
positive business outcomes
• Colleague engagement scoreas
measured by our Glint survey
• Colleague engagement score of
75points*
Ensure our policies, processes,
practices and resourcespromote
equal gender representation in
ourleadership population
• Number of women globally in
Director and above roles, divided by
the total number of Director and
above roles
• Women account for 54% of the
leadership population
Communities
Empower young people to create
better futures
• Positively impact 500,000 people by
FY 2025/26, particularly young
people in underserved communities
• Number of people positively
impacted through community
programmes supported by
TheBurberry Foundation or
BurberryGroup plc
• In FY 2022/23, 160,785 people
were positively impacted through
community programmes supported by
Burberry Group plc and The Burberry
Foundation. See pages 83 to 86
for further details
Increase volunteering opportunities
forcolleagues
• 20% increase in the number of
colleagues volunteering in
FY 2022/23 (from FY 2021/22)
• 10% increase in volunteering hours in
FY 2022/23 (from FY 2021/22)
• Number of employees who
participated in volunteering and
fundraising activities
• Total hours of employee
timevolunteered
• In FY 2022/23, 3,685 colleagues
participated in volunteering and
fundraising activities, a 168%
increase from 1,374 colleagues
inFY 2021/22
• They collectively contributed over
6,615 hours to charitable causes this
financial year, around the same level
as FY 2021/22
1
* Employee engagement score as measured by Glint employee engagement surveys undertaken in March 2023. Engagement index based on completed survey
responsesonly.
1. Volunteering hours are calculated based on colleagues’ disclosures.
Strategic Report | Key Performance Indicators
Burberry 2022/23
35

Strategic Report | Key Performance Indicators
Revenue growth* Comparable sales growth* Adjusted operating
profitgrowth*
Adjusted operating
profitmargin
Adjusted diluted EPSgrowth Adjusted Group ROIC
KPI
This measures the appeal of the
Burberry brand to customers
through all of our saleschannels.
Financial ambition in medium
term: £4 billion of revenue
(atFY 2021/22 exchange rates)
equating to high single-digit
growth over the period.
This measures the growth in
productivity of existing stores.
It is calculated as the annual
percentage increase in sales
from retail stores that have
been open for more than
12 months. It is adjusted for
permanent closures and
refurbishments, and includes
all digital revenue.
Financial ambition in medium
term: £4 billion of revenue (at
FY 2021/22 exchange rates)
equating to high single-digit
growth over the period.
This measure tracks our ongoing
operating profitability and reflects
the combination of revenue
growth and cost management.
Financial ambition over time:
adjusted operating profit growth
ahead of revenue growth.*
KPI
This measures how we drive
operational leverage and
disciplined cost control, with
thoughtful investment for
future growth building the
long-term value of the brand.
Financial ambition: progression
to our target of over 20% at
FY2021/22 exchange rates in
the medium term.
Growth in adjusted diluted
EPS reflects the increase in
profitability of the business,
movement in the tax rate and
share repurchase accretion.
Financial ambition over time:
adjusted diluted EPS growth
ahead of revenue growth.*
Adjusted Group ROIC measures
theefficient use of capital on
investments. It is calculated as
the post-tax adjusted Group
operating profit divided by
average adjusted operating
assets over the period.
Financial ambition over time:
ROIC significantly ahead of
Weighted Average Cost of
Capital (WACC).
Measure CER Revenue growth % CER Comparable store
salesgrowth %
CER Adjusted operating
profitgrowth %
Measure Adjusted operating
profitmargin %
Adjusted diluted
EPSgrowth%
Adjusted Group ROIC %
+5% +7% +8% 20.5% +30% +28.6%
2023 £3,094m +5%
2021
£2,344m -10%
2022
£2,826m +23%
2020
£2,633m -4%
2023 +7%
2021 -9%
2022 +18%
2020 -3%
2023 £634m
2021
£396m
2022
£523m
2020
£433m
+8%
-8%
+38%
-1%
2023 20.5%
2021
16.9%
2022 18.5%
2020 16.4%
2023 +30%122.5p
2021 -14%
67.3p
2022 +40%94.0p
2020 -4%78.7p
2023
2021
17.0%
2022 24.6%
2020 20.0%
28.6%
Performance
FY 2022/23 revenue increased
by 5% at CER.
FY 2022/23 comparable sales
increased by 7% in the year
as a result of good progress in
our core leather goods and
outerwear categories.
Adjusted operating profit in
FY2022/23 increased by 8%
at CER. This was as a result
of thegrowth in revenue and
controlling adjusted operating
cost growth as a result of
strong cost management.
Performance
Adjusted operating profit margin
improved by 200 bps which was
60 bps at constant exchange
rates as a result of the leverage
from revenue growth in excess
of operating cost growth and
140 bps from the impact of FX
and the 53
rd
week in FY 2021/22.
Adjusted diluted EPS increased
by 30% year-on-year, due to
the improvement in adjusted
operating profit, the reduction
in net finance expense and
the accretion from the
sharebuyback.
Adjusted Group ROIC increased to
28.6%, significantly ahead of the
Group’s WACC, in FY2022/23,
mainly due to the increase in
adjusted operating profit.
Average operating assets
increased by5%.
* At CER and adjusted for the 53
rd
week in FY 2021/22.
Details of alternative performance measures are shown on pages 45 and 46.
Financial Measures
36
Burberry 2022/23

Strategic Report | Key Performance Indicators
Revenue growth* Comparable sales growth* Adjusted operating
profitgrowth*
Adjusted operating
profitmargin
Adjusted diluted EPSgrowth Adjusted Group ROIC
KPI
This measures the appeal of the
Burberry brand to customers
through all of our saleschannels.
Financial ambition in medium
term: £4 billion of revenue
(atFY 2021/22 exchange rates)
equating to high single-digit
growth over the period.
This measures the growth in
productivity of existing stores.
It is calculated as the annual
percentage increase in sales
from retail stores that have
been open for more than
12 months. It is adjusted for
permanent closures and
refurbishments, and includes
all digital revenue.
Financial ambition in medium
term: £4 billion of revenue (at
FY 2021/22 exchange rates)
equating to high single-digit
growth over the period.
This measure tracks our ongoing
operating profitability and reflects
the combination of revenue
growth and cost management.
Financial ambition over time:
adjusted operating profit growth
ahead of revenue growth.*
KPI
This measures how we drive
operational leverage and
disciplined cost control, with
thoughtful investment for
future growth building the
long-term value of the brand.
Financial ambition: progression
to our target of over 20% at
FY2021/22 exchange rates in
the medium term.
Growth in adjusted diluted
EPS reflects the increase in
profitability of the business,
movement in the tax rate and
share repurchase accretion.
Financial ambition over time:
adjusted diluted EPS growth
ahead of revenue growth.*
Adjusted Group ROIC measures
theefficient use of capital on
investments. It is calculated as
the post-tax adjusted Group
operating profit divided by
average adjusted operating
assets over the period.
Financial ambition over time:
ROIC significantly ahead of
Weighted Average Cost of
Capital (WACC).
Measure CER Revenue growth % CER Comparable store
salesgrowth %
CER Adjusted operating
profitgrowth %
Measure Adjusted operating
profitmargin %
Adjusted diluted
EPSgrowth%
Adjusted Group ROIC %
+5% +7% +8% 20.5% +30% +28.6%
2023 £3,094m +5%
2021
£2,344m -10%
2022 £2,826m +23%
2020 £2,633m -4%
2023 +7%
2021 -9%
2022 +18%
2020 -3%
2023 £634m
2021
£396m
2022 £523m
2020 £433m
+8%
-8%
+38%
-1%
2023 20.5%
2021
16.9%
2022
18.5%
2020
16.4%
2023 +30%122.5p
2021 -14%
67.3p
2022 +40%
94.0p
2020 -4%
78.7p
2023
2021
17.0%
2022
24.6%
2020
20.0%
28.6%
Performance
FY 2022/23 revenue increased
by 5% at CER.
FY 2022/23 comparable sales
increased by 7% in the year
as a result of good progress in
our core leather goods and
outerwear categories.
Adjusted operating profit in
FY2022/23 increased by 8%
at CER. This was as a result
of thegrowth in revenue and
controlling adjusted operating
cost growth as a result of
strong cost management.
Performance
Adjusted operating profit margin
improved by 200 bps which was
60 bps at constant exchange
rates as a result of the leverage
from revenue growth in excess
of operating cost growth and
140 bps from the impact of FX
and the 53
rd
week in FY 2021/22.
Adjusted diluted EPS increased
by 30% year-on-year, due to
the improvement in adjusted
operating profit, the reduction
in net finance expense and
the accretion from the
sharebuyback.
Adjusted Group ROIC increased to
28.6%, significantly ahead of the
Group’s WACC, in FY2022/23,
mainly due to the increase in
adjusted operating profit.
Average operating assets
increased by5%.
* At CER and adjusted for the 53
rd
week in FY 2021/22.
Details of alternative performance measures are shown on pages 45 and 46.
Burberry 2022/23
37

Strategic Report | Financial Review
Financial Review
The Group has delivered a strong financial performance, supported by good
progress in our core leather goods and outerwear categories, and saw revenue
accelerating in the fourth quarter as growth rebounded in Mainland China.
Theperformance metrics and commentary included in the Group Financial Highlights exclude adjusting items
unless stated otherwise. The alternative performance measures presented in this section include: CER, adjusted
profit measures, comparable sales, free cash flow, cash conversion, adjusted EBITDA and net debt.
Thedefinition of these alternative performance measures is onpage 45.
Revenue
• Revenue of £3,094 million increased 5% at CER
and 10% on a reported basis with comparable store
sales up 7% and up 14% excluding Mainland China
• Strong performances across core outerwear and
leather goods categories with leather goods
comparable store sales up 12% and outerwear
comparable store sales up 7% in the year
• Regional performance of comparable store revenue
was EMEIA +27%, APAC +19%, Americas -7%
Adjusted Profit
• Adjusted operating profit of £634 million increased
8% at CER and 21% on a reported basis
• Adjusted operating margin increased to 19.0% at
CER and 20.5% reported
38
Burberry 2022/23

Strategic Report | Financial Review
Summary income statement
Period ended
£ million
52 weeks ended
1 April
2023
53 weeks ended
2 April
2022
YoY % change
52 vs 53-week
Reported FX
YoY % change
52 vs 52-week
CER
Revenue 3,094 2,826 10 5
Cost of sales* (912) (831) 10 8
Gross profit* 2,182 1,995 9 4
Gross margin* 70.5% 70.6% (10bps) (80bps)
Net operating expenses* (1,548) (1,472) 5 2
Net opex as a % of sales* 50.0% 52.1% (210bps) (140bps)
Adjusted operating profit* 634 523 21 8
Adjusted operating profit margin* 20.5% 18.5% 200bps 60bps
Adjusting operating items 23 20  
Operating profit 657 543  
Operating profit margin 21.2% 19.2%  
Net finance charge** (23) (32) (30) 
Profit before taxation 634 511 24 
Taxation (142) (114)  
Non-controlling interest (2) (1)  
Attributable profit 490 396 24 
Adjusted profit before taxation* 613 492 25 11
Adjusted diluted EPS (pence)* 122.5 94.0 30 16
Diluted EPS (pence) 126.3 97.7 29 
Weighted average number of diluted ordinary shares (millions) 388.0 404.8 (4) 
* Excludes adjusting items. All items below adjusting operating items are on a reported basis unless otherwise stated.
** Includes adjusting finance charge of £2 million (FY 2021/22: £1 million). 
Revenue analysis
Revenue by channel
Period ended
£ million
52 weeks ended
1 April
2023
53 weeks ended
2 April
2022
YoY % change
52 vs 53-week
Reported FX
YoY % change
52 vs 52-week
CER
Retail 2,501 2,273 10 6
Comparable store sales growth 7% 18%  
Wholesale 543 512 6 1
Licensing 50 41 23 22
Revenue 3,094 2,826 10 5
Burberry 2022/23
39

Strategic Report | Financial Review
Retail
• FY 2022/23 Retail sales grew 6% at CER;
10%reported
• Impact of space -1%
• Comparable store sales grew 7%, directly affected by
COVID-19 restrictions in Mainland China. Excluding
Mainland China comparable store sales grew by 14%
Comparable store analysis by region
Asia Pacific saw volatile growth in the year due to
COVID-19-related disruption in Mainland China in Q1
and Q3 impacting full-year growth of 2%.
• Mainland China comparable store sales fell 11% in
the year. The significant disruption in Q1 and Q3
(comparable store sales -35% and -23%
respectively) was only partially offset by Q2
(comparable store sales -1%) and the start of
recovery in Q4 that saw 13% comparable store
sales growth
• South Korea grew 7% in both the year and Q4.
Theregion has seen consistent growth in the year,
benefiting from over 50% of stores being updated
by the year end
• Japan also saw strong comparable store sales
growth up 27% in the year and 30% in Q4
• Rest of Asia rose over 35% in the year with a
strong performance in Q4 that increased more
than 50%, boosted by returning Chinese tourists
EMEIA had an excellent year with comparable store
sales up 27% in FY 2022/23 and Q4.
• The region benefited from strong tourist growth
that more than doubled in the year with the share
of mix from tourists increasing to over 40% of
total sales (less than 25% in FY 2021/22) with a
strong performance from US, Middle East, and
Asia outside of Mainland China
• Continental Europe outperformed in the region
with the UK broadly in line with the region average
Americas fell 3% in the year with a deterioration to
-7% in Q4.
• We continue to see higher AUR categories,
especially rainwear and leather outperforming, with
pressure on the entry level items. Globally, the
Americas customer fell low single-digit percentage
in Q4 with the decline in locals broadly offset by
tourist spending as Americans transitioned to
buying Burberry in EMEIA
Comparable store analysis by product
• We maintained our focus on the core leather and
outerwear categories with both showing a good
performance in the year
• Outerwear comparable store sales grew 7% in
FY 2022/23 and 30% in Q4. The strong traction
at the end of the period was mainly from rainwear
following the brand refresh featuring the
heritagerange
• Leather goods comparable store sales grew 12% in
the year and 15% in Q4. This was driven by bags
especially from the continued success of our Lola
campaign as well as the Frances shape
• Ready-to-wear excluding outerwear saw growth
broadly in line with the Group average for the year,
with womenswear increasing double-digits while
menswear saw mid-single digit growth
Store footprint
The transformation of our distribution network
continued during the year.
• We opened 21 full price stores, closed 25 stores
with one outlet opened and two closed
• Including refurbishments, we increased the number
of updated stores by 60
• Key openings/refurbishments included Northpark
Dallas in USA, Taipei 101 and Nanjing Deji Plaza in
Mainland China
• As of 1 April, we have 107 stores in the new design:
79 in Asia including 25 in South Korea and 26 in
Mainland China, 21 in EMEIA and seven in Americas
• We completed seven more in April and remain on
track to complete the roll out by FY 2025/26
• We remain pleased with the performance of
updated stores that saw both store productivity
and AUR higher by mid-teens percentages
compared with equivalent stores following
theiropenings
40
Burberry 2022/23

Strategic Report | Financial Review
Wholesale
Wholesale revenue increased 1% at CER (6% at reported rates) with good growth in EMEIA offsetting pressure in Asia
travelretail.
Licensing
Licensing revenue grew 22% at CER and 23% at reported exchange rates.
Operating profit analysis
Adjusted operating profit
Period ended
£ million
52 weeks ended
1 April
2023
53 weeks ended
2 April
2022
YoY % change
52 vs 53-week
Reported FX
YoY % change
52 vs 52-week
CER
Revenue 3,094 2,826 10 5
Cost of sales* (912) (831) 10 8
Gross profit* 2,182 1,995 9 4
Gross margin %* 70.5% 70.6% (10bps) (80bps)
Net operating expenses* (1,548) (1,472) 5 2
Net operating expenses as a % of sales* 50.0% 52.1% (210bps) (140bps)
Adjusted operating profit* 634 523 21 8
Adjusted operating margin %* 20.5% 18.5% 200bps 60bps
* Excludes adjusting items.
Adjusted operating profit increased 8% at CER and 21% reported with the margin up 60bps and 200bps respectively:
• Gross margin declined by 80bps at CER with benefits from price increases more than offset by cost inflation and regional sales
mix headwinds. It fell 10bps at reported rates
• Adjusted net operating expenses rose by 2% at CER
• Adjusted operating profit came in at £634m including a £78m FX tailwind in FY 2022/23
Burberry 2022/23
41

Strategic Report | Financial Review
Adjusting items*
Adjusting items were a net credit of £21m (FY 2021/22: £19m net credit).
Period ended
£ million
52 weeks ended
1 April
2023
53 weeks ended
2 April
2022
The impact of COVID-19  
Inventory provisions 1 16
Rent concessions 13 18
Store impairments 6 (5)
Government grants 2 2
Receivable impairments – 1
COVID-19 adjusting items** 22 32
Restructuring costs (16) (11)
Profit on sale of property 19 –
Revaluation of deferred consideration liability (2) (1)
Adjusting operating items 23 20
Adjusting financing items (2) (1)
Adjusting items 21 19
* For more details see note 6 of the Financial Statements.
** Includes a £1m credit (FY 2012/22: £16m credit) that has been recognised through cost of sales.
The key adjusting items are as follows:
• The impact of the COVID-19 pandemic saw a total
credit of £22m from COVID-19-related
adjustments with a £1m inventory provision
reversal that has now completed, £13m of rent
concessions, £2m of Government grantsoutside
of the UK and £6m reversal of the store
impairment provision
• We incurred £16m of restructuring costsrelating
to the completion of our multi-year cost reduction
programmes, bringing the total spend on our
programmes to £154m, with cumulative cost
savings of £206m
• The profit on sale of property relates to the sale of
a freehold property in Boston, USA completed in
the year
Adjusted profit before tax*
After an adjusted net finance charge of £21m
(FY 2021/22: £31m), adjusted profit before tax was
£613m (FY 2021/22: £492m).
* For further detail on adjusting items see note 6 of the
FinancialStatements.
Taxation*
The effective tax rate on adjusted profit was flat at
22.2% (FY 2021/22: 22.2%). The reported tax rate on
FY 2022/23 profit before taxation was 22.4%
(FY 2021/22: 22.3%).
* For detail see note 9 of the Financial Statements.
Total tax contribution
The Group makes a significant economic contribution
to the countries where it operates through taxation,
either borne by the Group or collected on behalf of
andpaid to the relevant tax authorities. In
FY 2022/23, thetotaltaxes borne and collected
globally by the Group amountedto £509m. In the
UK,where the Group is headquartered and has
significant operations, Burberry paid business taxes
of£166mandcollected a further£32m of taxes
on behalf of theUK Exchequer. For further
information see Burberryplc.com.
42
Burberry 2022/23

Strategic Report | Financial Review
Cash flow and leverage
Summary statement of cash flows
The following table is a summary presentation of the cash flows, excluding financing cash flows to align with our definition of free
cash flow.
Period ended
£ million
52 weeks ended
1 April
2023
53 weeks ended
2 April
2022
Adjusted operating profit 634 523
Depreciation and amortisation 344 313
Working capital (76) 54
Other including adjusting items 10 19
Cash generated from operating activities 912 909
Payment of lease principal and related cash flows (210) (206)
Capital expenditure (179) (161)
Proceeds from disposal of non-current assets 32 8
Interest (22) (30)
Tax (140) (180)
Free cash flow 393 340
Free cash flow was £393m in the year (FY 2021/22: £340m).
The major components were:
• Cash generated from operating activities increased to £912m from £909m, inclusive of a working capital outflow of £76m
(FY 2021/22: £54m inflow)
• Capital expenditure of £179m (FY 2021/22: £161m)
• Tax cash of £140m, down £40m compared to the prior year which included one-off payments
Cash net of overdrafts on 1 April 2023 was £961m, compared to £1,177m on 2 April 2022. On 1 April 2023 borrowings were
£298m from the bond issue leaving cash net of overdrafts and borrowings of £663m (2 April 2022: £879m). With lease liabilities
of £1,123m, net debt in the period was £460m (2 April 2022: £179m).
Net Debt/Adjusted EBITDA was 0.5x, at the lower end of our target range of 0.5x to 1.0x. The increase in leverage from 0.2x at
the FY 2021/22 year end has primarily been driven by the share buyback programme.
Period ended
£ million
52 weeks ended
1 April
2023
53 weeks ended
2 April
2022
Adjusted EBITDA – rolling 12 months 975 836
Cash net of overdrafts (961) (1,177)
Bond 298 298
Lease debt 1,123 1,058
Net Debt 460 179
Net Debt/Adjusted EBITDA 0.5x 0.2x
Burberry 2022/23
43

Strategic Report | Financial Review
Outlook
We maintain our guidance of high single-digit revenue
CAGR at CER from a FY 2019/20 base and 20%
adjusted operating profit margin at CER for
FY 2023/24, and our medium-term target of £4bn
sales at FY 2021/22 CER.
We expect our Wholesale business to be broadly
stable for FY 2023/24, with a low double-digit
percentage decline in the first half and recovery in
the second half, and for the retail space that we
occupy to be broadly stable.
We will continue to roll out the store refurbishment
programme and expect capital expenditure to be
around £200m including around £120m on stores and
for over 50% of the network to be refurbished or
opened in the new format by the end of FY 2023/24.
Due to the increase in the UK corporate tax rate
to 25% from 1 April 2023, the Group’s adjusted
tax rate is expected to increase to around 27%
forFY 2023/24.
Based on 21 April 2023 spot rates we expect a
currency headwind of around £70m on revenue
and around £40m on adjusted operating profit
inFY 2023/24.
A full-year dividend of 61.0p per share is proposed,
anincrease of 30% in line with adjusted EPS growth
and a planned share buyback of £400 million in line
with our capital allocation framework.
Store portfolio

Directly-operated stores

Stores Concessions Outlets Total Franchise stores
As at 2 April 2022
218 143 57 418 38
Additions 13 8 1 22 3
Closures (12) (13) (2) (27) (6)
As at 1 April 2023 219 138 56 413 35
Store portfolio by region*

Directly-operated stores

As at 1 April 2023 Stores Concessions Outlets Total Franchise stores
Asia Pacific 107 96 23 226 8
EMEIA 51 33 18 102 27
Americas 61 9 15 85 –
Total 219 138 56 413 35
* Excludes the impact of pop-up stores.
44
Burberry 2022/23

Alternative performance measures
Alternative performance measures (APMs) are non-GAAP measures. The Board uses the following APMs to describe the Group’s
financial performance and for internal budgeting, performance monitoring, management remuneration target setting and external
reporting purposes.
APM Description and purpose GAAP measure reconciled to
Constant
Exchange
Rates (CER)
This measure removes the effect of
changes in exchange rates and the 53
rd
week compared to the prior period. The
constant exchange rate incorporates
both the impact of the movement in
exchange rates on the translation of
overseas subsidiaries’ results and also on
foreign currency procurement and sales
through the Group’s UK supply chain.
Results at reported rates
Comparable
Sales
The year-on-year change in sales from
stores trading over equivalent time periods
and measured at constant foreign
exchange rates. It also includes online
sales. This measure is used to strip out
the impact of permanent store openings
and closings, or those closures relating
to refurbishments, allowing a comparison
of equivalent store performance against
the prior period. The measurement of
comparable sales has not excluded
stores temporarily closed as a result
of the COVID-19 outbreak.
Retail Revenue:
Period ended YoY%
52 weeks ended
1 April 2023
53 weeks ended
2 April 2022
Comparable sales 7% 18%
Change in space (1%) 2%
CER retail 6% 20%
53
rd
week (2%) 2%
FX 6% (3%)
Retail revenue 10% 19%
Adjusted
Profit
Adjusted profit measures are presented
to provide additional consideration of the
underlying performance of the Group’s
ongoing business. These measures
remove the impact of those items which
should be excluded to provide a consistent
and comparable view of performance.
Reported Profit:
A reconciliation of reported profit before tax to adjusted profit
before tax and the Group’s accounting policy for adjusted profit
before tax are set out in the Financial Statements, in the income
statement and note 2.
Strategic Report | Financial Review
Burberry 2022/23
45

APM Description and purpose GAAP measure reconciled to
Free Cash
Flow
Free cash flow is defined as net cash
generated from operating activities less
capital expenditure plus cash inflows
from disposal of fixed assets and
including cash outflows for lease principal
payments and other lease related items.
Net cash generated from operating activities:
Period ended £m
52 weeks ended
1 April 2023
53 weeks ended
2 April 2022
Net cash generated from
operatingactivities 750 699
Capex (179) (161)
Lease principal and related
cashflows (210) (206)
Proceeds from disposal of
non-current assets 32 8
Free cash flow 393 340
Cash
Conversion
Cash conversion is defined as free cash
flow pre-tax/adjusted profit before tax.
Itprovides a measure of the Group’s
effectiveness in converting its profit
intocash.
Net cash generated from operating activities:
Period ended £m
52 weeks ended
1 April 2023
53 weeks ended
2 April 2022
Free cash flow 393 340
Tax paid 140 180
Free cash flow before tax 533 520
Adjusted profit before tax 613 492
Cash conversion 87% 106%
Net Debt Net debt is defined as the lease liability
recognised on the balance sheet plus
borrowings less cash net of overdrafts.
Cash net of overdrafts:
Period ended £m As at 1 April2023 As at 2 April2022
Cash net of overdrafts 961 1,177
Lease liability (1,123) (1,058)
Borrowings (298) (298)
Net debt (460) (179)
Adjusted
EBITDA
Adjusted EBITDA is defined as operating
profit, excluding adjusting operating
items, depreciation of property, plant and
equipment, depreciation of right of use
assets and amortisation of intangible
assets. Any depreciation or amortisation
included in adjusting operating items are
not double-counted. Adjusted EBITDA is
shown for the calculation of Net Debt/
EBITDA for our leverage ratios.
Reconciliation from operating profit to adjusted EBITDA:
Period ended £m
52 weeks ended
1 April 2023
53 weeks ended
2 April 2022
Operating profit 657 543
Adjusted operating items (23) (20)
Amortisation of intangible assets 37 39
Depreciation of property, plant
andequipment 95 86
Depreciation of right-of-use assets* 209 188
Adjusted EBITDA 975 836
*Excludes £3 million depreciation on right-of-use assets included in adjusted operating items.
Strategic Report | Financial Review
46
Burberry 2022/23

Strategic Report | Capital Allocation Framework
Capital Allocation Framework
Burberry’s Capital Allocation Framework is used to
prioritise the use of cash generated by the Group.
The framework addresses the investment needs of
the business, regular dividend payments and
additional returns to shareholders. The framework
also seeks to maintain an appropriate capital
structure for the business and a strong balance sheet
with a solid investment grade credit rating.
Capital structure metrics
As at
1 April
2023
As at
2 April
2022
Cash net of overdrafts £961m £1,177m
Lease liability (£1,123m) (£1,058m)
Borrowings (£298m) (£298m)
Net debt (£460m) (£179m)
Reinvest for
organic growth
Capital spend across
store portfolio,
including new spaces
and refurbishments; IT
infrastructure, including
digital and the supply
chain. Spend includes
investment in
Environmental, Social
and Governance
initiatives, for example,
costs incurred in meeting
our Sustainability
Bond use of proceeds
commitments as set
out on pages 92 to 93.
1.
Progressive
dividend policy
The absolute amount
of dividend per share
will remain stable or
increase on a full-year
basis, broadly targeting
a pay-out of around
50% of adjusted
earnings per share at
reported rates of
exchange. Theinterim
dividend pay-out is
30% of the absolute
value of the prior year
full-year dividend.
2.
Inorganic strategic
investments
Investment in inorganic
structural changes to
our business activities,
which are expected to
be infrequent.
3.
Return excess
cash to shareholders
Returns to shareholders
based on target leverage
range of 0.5x to 1.0x,
after considering future
cash generation and the
external environment.
4.
Maintain a strong balance sheet with a solid investment grade credit rating
• Review the principal risks of the Group and relevant financial parameters, both historical and projected, including
liquidity, netdebt and measures covering balance sheet strength
• These risks and financial parameters are considered by the Board when assessing the viability of the Group, as set
out on pages118 to 151
Net Debt/Adjusted Earnings Before Interest, Taxes,
Depreciation and Amortisation (EBITDA) was 0.5x in
FY 2022/23 (FY 2021/22: 0.2x), at the lower end of
our target range of 0.5x to 1.0x. In September 2020,
we went through a formal process to obtain a credit
rating and Moody’s rated us as Baa2 (stable).
Moody’s updated their credit rating to Baa2 (positive)
in September 2022. The diagram below summarises
our key priorities.
Burberry 2022/23
47

Strategic Report | Non-Financial and Sustainability Information Statement
Non-Financial and Sustainability
Information Statement
This section of the strategic report constitutes Burberry’s Non-Financial and Sustainability Information Statement, produced to
comply with sections 414CA and 414CB of the Companies Act 2006.
The information listed is incorporated by cross-reference.
Reporting
requirement
Policies and standards which govern our approach Information necessary to understand our business and its impact, policy
due diligence and outcomes
Environmental
matters
• Global Environmental Policy
• Responsible Sourcing Policy
• Chemical Management Standards
• Environmental and Social Responsibility section,
pages 50 to 94
• Responsibility section on Burberryplc.com
• Task Force on Climate-related Financial Disclosures
(TCFD), pages 94 to 111
Employees • Code of Conduct
• Our Culture and Values
• Global Health and Safety Policy
• Ethical Trading Code of Conduct
• Global Diversity, Equity and Inclusion Policy
• Directors’ Report, pages 246 to 251
• Directors’ Remuneration Report, pages 200 to 245
• Our Purpose and Values, page 5
• Stakeholder Engagement, pages 112 to 115
• Gender and Ethnicity Pay Gap Report
on Burberryplc.com
• Environmental and Social Responsibility section,
pages50 to 94
Respect for
human rights
• Human Rights Policy
• Ethical Trading Code of Conduct
• Child Labour and Young Worker Policy
• Migrant Worker Policy
• Data Protection Policies
• Information Security Policies
• Model Wellbeing Policy
• Global Diversity, Equity and Inclusion Policy
• Partner Non-Compliance Policy
• Human Rights Statement, page 78
• Responsibility section on Burberryplc.com
• Transparency in the Supply Chain and Modern Slavery
Statement on Burberryplc.com
Social matters • Ethical Trading Code of Conduct
• Local Stakeholder Engagement Policy
• Volunteering and Match Funding
• Responsibility section on Burberryplc.com
Anti-corruption
and anti-bribery
• Anti-Bribery and Corruption Policy
• Cash Acceptance Policy
• Fraud Risk Management Policy
• Reflecting the needs of our stakeholders,
People, page 113
• Reflecting the needs of our stakeholders,
Customers, page 113
Additional
disclosure
• Business Model, page 12 to 13
• Key Performance Indicators, pages 30 to 35
• Risk and Viability Report, pages 118 to 152
• Our Purpose and Values, page 5
48
Burberry 2022/23

Strategic Report | Environmental and Social Responsibility
Environmental and Social
Responsibility
We are committed to working towards creating a
more sustainable future for luxury and beyond. As a
brand with a deep affinity for the outdoors, westrive
to act responsibly with respect to the environment,
the communities in which we operate and those
employed within our business and wider supply chain.
Since the late nineteenth century, Burberry has
enabled explorers as they traversed the globe,
opening new spaces and widening knowledge of the
planet as they went. Today, Burberry is empowering
our people and working with our communities around
the world to find innovative solutions to secure a
better future for our planet and the generations
tocome.
Tackling the climate crisis, protecting nature and
supporting communities through the cost-of-living
crisis are some of the biggest challenges the world
faces today, and we want to make sure we are playing
our part in addressing these. Our commitment to
responsible business is enduring, and we are
embedding sustainable practices across our entire
Company footprint.
In FY 2022/23, we updated our Responsibility strategy
to focus on four priorities: Product, Planet, People
and Communities. We set 12 targets across these
priorities to embed responsible business practices,
building on our ongoing policycommitments.
Our Responsibility strategy
Our latest Responsibility strategy, Burberry Beyond,
encompasses everything we do across our Company,
our supply chain and our communities to create a
better world for the next generation.
Burberry Beyond | strategic priorities
As the modern British luxury brand, we are committed to acting responsibly as a business to achieve our goals.
We have set ambitions across four priorities, supported by 12 targets against which we track progress to create
lasting change:
Product
Responsible
craftsmanship
1. Sourcing certified
key raw materials
2. Embedding circular
business models
3. Eliminating plastic
packaging
Planet
Become Climate
Positive
1. Reducing our scope 1,
2 and 3 emissions
2. Embedding
sustainable
manufacturing
processes across our
supply chain
3. Protecting nature
People
Champion Diversity,
Equity and Inclusion,
and wellbeing across
our Group’s value chain
1. Being an inclusive
luxury brand
2. Increasing
representation
3. Ethical trading
4. Wellbeing in the
supply chain
Communities
Positively impact
young people
1. Empowering young
people to create
better futures
2. Increasing
volunteering
opportunities
Read more on page 51 Read more on page 56 Read more on page 68 Read more on page 82
50
Burberry 2022/23

Strategic Report | Environmental and Social Responsibility
Product
Progress against targets
Target Progress in FY 2022/23
Source certified key raw materials
100% of key raw materials in our products to be certified
1
and traceable by FY 2029/30. This includes:
• 100% certified organic cotton • 31%^ of our cotton was certified organic in FY 2022/23
2
• 100% certified recycled nylon and polyester • 44% of our nylon and polyester was certified recycled in FY2022/23
• 100% Canopy Green Shirt rated viscose • 100% of our viscose was Canopy ‘Green Shirt’ rated in FY2022/23
• 100% certified wool • 46% of our wool in soft accessories and knits was certified in FY2022/23
• 100% of leather from certified tanneries • 96% of our leather was from certified tanneries in FY 2022/23
• 100% of virgin feather and down to be
maintained as responsibly sourced
• Maintained 100% of our virgin feather and down certified to the
Responsible Down Standard
• 100% of key raw materials in our products to be
traceable (to country level as a minimum)
• Commenced traceability pilot using traceability tool and plan to extend
this trial to other supply chain partners in FY 2023/24. Further details
are provided on page 52
Embed circular business models
• Continue to evolve our aftercare offer and trial
new circular business models
• In FY 2022/23, we launched three new circular business model (CBM)
trials alongside the expansion of our existing services
• By the end of FY 2022/23, over 300 stores across 33 countries and
territories offered one or more aftercare services. Nearly 45,000 products
were repaired or refreshed using our aftercare offer during the year
• We have continued to evolve and expand our aftercare and refresh
services. Further details are provided on page 54
Eliminate plastic packaging
• Eliminate plastic from our consumer packaging
by FY2025/26
• Details on key areas of progress are provided on page 55
• Eliminate unnecessary plastics used in
operational packaging and maximise recycled
content (with at least 50% of plastic to be made
from fully recycled content) by FY2029/30
• Details on key areas of progress are provided on page 55
1. See our Basis of Reporting and Responsibility Data Appendix on Burberryplc.com for further details about the scope of our raw material targets.
2. Based on cotton consumption in our products. Applies to all main materials and main linings, including blends where 50% or more of the composition within the material
iscotton. Accepted certification includes Global Organic Textile Standard (GOTS) or Organic Content Standard (OCS). Detailed methodology for our organic cotton target
can be found in our Basis of Reporting on Burberryplc.com.
^ Burberry appointed PricewaterhouseCoopers LLP (PwC) to provide independent limited assurance over selected planet and product information for FY 2022/23. Information subject
to assurance is denoted with a ^. PwC’s assurance report and Burberry’s Basis of Reporting for data subject to assurance are available on Burberryplc.com.
For over a century and a half, we have carefully crafted products that are made to last. From the materials we
use, to the aftercare services we provide, we are committed to increasing the longevity of our pieces for our
customers. We are consistently improving and innovating in our manufacturing processes.
Working across our value chain, we are focused on sourcing certified and traceable key raw materials,
embedding circular business models and eliminating plastic from our packaging.
Burberry 2022/23
51

Strategic Report | Environmental and Social Responsibility
Sourcing certified materials
Raw material sourcing
Having substantially met our previous target to
achieve 100% of products with more than one
positive attribute by the end of FY 2021/22,
we set a new target of 100% of key raw materials
in our products to be certified andtraceable.
This includes: cotton, nylon, polyester, viscose, wool,
leather, feather and down.
In FY2022/23, we developed internal action plans
and created working groups to govern the data
required to meet these raw material targets. Based
on this work, we have revised the time horizon for
meeting these targets from FY 2025/26 to
FY 2029/30 to align with our traceability project
delivery. This decision was approved by the Board.
In terms of volume, we also increased our use of raw
materials, which are certified to sustainability
standards, in FY 2022/23. (See progress table on
page 51 for details.)
We aim to source 100% certified wool and this year
46% of wool used in soft accessories and knits was
certified. By using animal welfare certifications which
promote good practices and prohibit the practice of
mulesing*, we ensure our wool comes from responsibly
treated sheep and from farms with a progressive
approach to land management. We are also supporting
a regenerative wool farming project in Australia
aimed at producing lower impact wool and
contributing positively to animal welfare and
biodiversity (see Planet, page 56).
We are increasing the proportion of recycled materials
in our products, including the use of ECONYL®,
asustainable nylon yarn made from regenerated
fishnets, fabric scraps and industrial plastic.
We have also started implementing a traceability
programme to enable us to assess more closely and
manage the carbon, biodiversity and social impacts of
raw material sourcing. We commenced a traceability
pilot project with a number of our key suppliers, using
a third-party traceability tool that tracks materials
back to farm and country of origin. We have started
to scale this and plan to extend this trial to other
supply chain partners in FY 2023/24. We aim to have
full traceability of all certified key raw materials in
our products by FY2029/30.
Our commitment to source more sustainable raw
materials also supports our climate and biodiversity
goals. Around 40% of our total greenhouse gas
(GHG) emissions come from raw materials used
in our products. Weare working to reduce this by
increasing our use of recycled and lower-carbon-
footprint materials as well as through sustainable
manufacturing programmes. See page 56
for further details of our emissions targets.
Animal welfare
We aim to constantly deepen our understanding of
species-specific best practice through collaboration
with industry experts and peers. We support the use
of certified materials where animal welfare is
prioritised. Sourcing certified materials also supports
us in achieving our ambition to ensure all key raw
materials in our products are 100% traceable by
FY 2029/30, where at least country of origin is
verified and disclosed.
See our Responsible Sourcing Policy (available on
Burberryplc.com) and our Beauty license holder Coty’s
Against Animal Testing Policy & Programme (available
on Coty.com) for further details of our commitments
on animal welfare and no animal testing.
* Mulesing is the process of removing folds of skin from the tail area of a sheep, intended to reduce fly strike.
52
Burberry 2022/23

Strategic Report | Environmental and Social Responsibility
Fashion industry partnerships
We work in partnership with others to share best practice and drive innovation on sustainable materials. Examples of our
industry partnerships include:
The Fashion Pact
We are a signatory of The Fashion
Pact, a global initiative of companies
in the fashion and textile industry,
which aims to accelerate industry-
wide change across three areas:
stopping global warming, restoring
biodiversity and protecting the oceans.
Jonathan Akeroyd, our CEO, is a
member of the Steering Committee.
In FY 2022/23, we participated in
several Fashion Pact initiatives,
including a packaging trial of
paper-based alternatives to polybags
and a biodiversity research project to
review impacts across our cotton
supply chain in the USA.
Textile Exchange
We are a member of the Textile
Exchange, a global not-for-profit
organisation driving positive action
on climate change. We participate in
the Textile Exchange’s annual
Corporate Fibre and Materials
Benchmark (CFMB) survey and
actively engage in its raw materials
roundtables.
In FY 2022/23, we took part in the
Textile Exchange Maturation Model
Pilot to explore solutions and
challenges to shifting to more
sustainable materials.
Sustainable Markets Initiative
We are a member of the Sustainable
Markets Initiative. The initiative was
set up in 2020 by His Majesty King
Charles III to coordinate the adoption
of sustainable practices across the
private sector.
The current focus of the Fashion
Task Force is the adoption of a
digital ID system designed to inform
consumers of the sustainability
credentials of products. The group is
also exploring how regenerative
farming practices can reverse the
damage being done to the planet.
Burberry 2022/23
53

Strategic Report | Environmental and Social Responsibility
Communicating with consumers
Engaging customers on our sustainability ambitions
is a key part of our agenda. To better understand our
customers and their sustainability expectations, our
Responsibility team joined staff at our Regent Street
store in London for a listening session in November
2022. Throughout this session, our retail colleagues
spent time detailing the sustainability-related questions
and comments they have received first-hand from
our customers. Following this session, the Responsibility
team continued to develop and enhance our
consumer-facing messaging.
In FY 2022/23, through events in our key London stores,
we trained retail colleagues on the sustainability
features of a range of our products to enable them
to share these details with clients.
In addition, we conducted surveys to increase our
understanding of how sustainability considerations
can affect customer decision-making. Within our
Product Quality surveys, we asked our customers
about their awareness of how our products are
sustainably manufactured and to rank sustainability
among a range of quality attributes. The findings
of this survey highlighted the importance of
communicating our sustainability credentials to
customers across their preferred channels to
enhance their knowledge and awareness of
ourefforts.
Since FY 2020/21, our key product categories have
contained a dedicated sustainability label, which
provides customers with information on specific
certified material credentials of the product.
Thesustainability labels indicate how a product
meets a range of stringent criteria, such as the
amount of organic content or recycled natural
fibres used in composite materials.
Circular business models
Burberry products are made to last using the highest
quality materials and craftsmanship. We are committed
to helping create a more sustainable fashion industry
through innovation on circular business models that
aim to keep products and materials in use for longer.
Aftercare
Our aftercare services help our customers enjoy their
purchases for longer. Building on the popularity of our
Leather and Trench Refresh services, we extended
our aftercare offer in FY 2022/23 to include other
product categories. Our Cashmere Refresh service
launched in select stores globally in September 2022,
and we launched a Sneaker Refresh pilot in select UK
and USA stores in March 2023. We plan to expand
our reproofing service in FY 2023/24 to include
selected additional outerwear products.
By the end of FY 2022/23, over 300 stores across
33countries and territories offered one or more
aftercare services. Nearly 45,000 products were
repaired or refreshed using our aftercare offer during
the year.
Rental
We are launching a UK-based pilot for product rental
with My Wardrobe HQ (MWHQ), the UK’s leading
fashion rental platform. We have also begun a trial
with Cocoon, a luxury bag subscription service in the
UK. These pilots will help inform our circular business
model strategy going forward.
54
Burberry 2022/23

Strategic Report | Environmental and Social Responsibility
Sustainable packaging
Eliminating plastic packaging
Although the vast majority of our packaging is made
from paper and cardboard, we are committed to
eliminating plastic from our consumer packaging by
FY 2025/26 and to eliminating unnecessary plastics
used in operational packaging as well as maximising
recycled content by FY 2029/30.
Key areas of progress in FY 2022/23 include:
• Removing plastic lamination from retail bags and
gift boxes so they are now made with paper-based
materials, which are widely recyclable and reusable
• Replacing polyester ribbons with cotton
• Began rolling out plastic-free dust bags, garment
covers and swing tickets without plastic tag locks
• Our oak and pistachio papers are certified by the
Forest Stewardship Council
TM
and consist of a
minimum 40% post-consumer recycled content
Additionally, we have begun to work with industry
experts on finding suitable plastic-free alternatives
to garment hangers, and are collaborating with
TheFashion Pact to develop plastic-free
polybagalternatives.
Recycled materials in packaging
We are also working to increase the use of recycled
materials in our packaging and have a commitment
to maximise recycled content (with at least 50%
of plastic to be made from fully recycled content)
byFY 2029/30.
We avoid using plastics in any new packaging
developments. Our garment covers are currently
made from 100% recycled polyester and our hangers
contain a minimum of 60% recycled plastic.
Burberry 2022/23
55

Planet
Progress against targets
Target Progress in FY 2022/23
Reduce our scope 1, 2 and 3 emissions
• Across own operations, we committed
to reducing absolute scope 1 and 2 GHG
emissions by 95% by FY 2022/23 from
a FY 2016/17 base year, and to maintain
this year-on-year from FY 2022/23
through to FY 2039/40
• In FY 2022/23, we achieved a 93% reduction in scope 1 and 2 emissions from a
FY 2016/17 base year, meaning we have not met our target of 95% this year.
Further details are provided on page 59. We will undertake energy audits
across our operations through the first half of FY 2023/24 to identify
opportunities to reach our target
• Across our extended supply chain, we
aim for a 46% reduction in scope 3
GHG emissions by FY 2029/30 and
a90% reduction in scope 3 GHG
emissions by FY 2039/40 (from
FY 2018/19)
• 40%^ reduction in scope 3 emissions from a FY 2018/19 base year.
Furtherdetails are provided on page 61
• Become Climate Positive by FY 2039/40
by neutralising residual emissions
through carbon removal projects
• We continue to expand our support for regenerative agriculture practices
within our supply chain, building our capacity to identify and source future
carbon removal opportunities
• In partnership with PUR we are working with our wool producers in Australia
to promote regenerative farming practices. The project was piloted in 2021
and was extended to cover 12 farms in 2023
• Further details are provided on page 65
Embed sustainable manufacturing processes across our supply chain
• Continue to extend our sustainable
manufacturing initiatives, covering
energy, water and waste, both within
our own manufacturing and across our
supply chain
• Energy: 73% of our finished goods vendors globally used electricity from
renewable sources
• Water: we assessed 84% of our raw material suppliers and finished goods vendors
in relation to their water resilience. Theoverall percentage of our products delivered
by green-rated raw material suppliers increased from 14% to over 45%
• Chemicals: rated Aspirational by ZDHC for a second consecutiveyear
• Waste: 33 finished goods vendors globally took part in our waste reduction and
recycling programme in FY 2022/23
• Operational waste
1
– In FY 2022/23, 99.5% of our waste from key operational
sites was diverted from landfill
• Further details provided on pages 56 to 67
1. Operational waste consists of dry mixed recycling (cardboard, plastic, paper), confidential paper, general waste, organic waste, glass, wood, and metal leftover materials.
10.54 tonnes^ of operational waste was sent to landfill in FY2022/23. More details on our methodology can be found in our Basis of Reporting on Burberryplc.com.
^ Burberry appointed PricewaterhouseCoopers LLP (PwC) to provide independent limited assurance over selected Planet and Product information for FY 2022/23.
Information subject to assurance is denoted with a ^. PwC’s assurance report and Burberry’s Basis of Reporting for data subject to assurance are available on Burberryplc.com.
The climate crisis, water security and biodiversity loss are significant challenges faced by businesses and society at
large. Our ability to deliver on our climate and nature commitments over the coming years will determine the
long-term success of our business, so it is vital that we play our part. We aim to be Climate Positive by 2040 and
we have set science-based targets to reduce absolute emissions across our own operations and value chain. We are
also committed to protecting nature and ensuring our product footprint does not contribute to deforestation.
Strategic Report | Environmental and Social Responsibility
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Strategic Report | Environmental and Social Responsibility
Target Progress in FY 2022/23
Protect nature
• Contribute to sustainable management of natural forests
and support zero deforestation across our products and
supply chain by FY 2025/26
• 93% of all paper-based packaging procured in FY 2022/23
was FSC
TM
certified
1
• 100% of our viscose is ‘Green Shirt’ rated in the Canopy
Hot Button Ranking Report
• 96% of our leather was procured from certified tanneries
in FY 2022/23
• Continued commitment not to source any leather from
high-risk countries and initiated a raw materials
traceability programme
• Further details are provided on page 65
1. In order to calculate the percentage of FSC
TM
-certified paper-based packaging, we have relied on the accuracy of the information supplied to us by our nominated
packaging suppliers regarding the value of certified paper packaging sold to Burberry.
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Strategic Report | Environmental and Social Responsibility
Reducing our scope 1, 2 and 3 emissions
We are committed to becoming Climate Positive by
2040. To demonstrate this, we have set science-
based targets to reduce absolute emissions across
our own operations and value chain (see targets table
on page 56). Our targets have been validated by the
Science-Based Targets initiative (SBTi) and are in
line with a 1.5°C degrees pathway and the SBTi’s
Net-Zero Standard.
Our Climate Positive commitment is a key priority for
the business and we are working with internal and
external stakeholders, including supply chain partners
and industry organisations, to regularly refine and
deliver our decarbonisation actions.
In FY 2022/23, we achieved a 93% reduction in scope
1 and 2 emissions since FY 2016/17 which means we
have missed our target of 95% this year. However,
we are working with our operational teams to identify
further energy efficiency opportunities to enable us
to reach and maintain a 95% reduction.
On scope 3, we are aware that tackling emissions
will require a longer-term effort to incorporate
increasingly accurate data, harness technological
advancements, leverage partnerships and adjust to
evolving science and ecosystem changes. In the near
term, our immediate priority areas include raw
materials, energy use at first-tier suppliers and
circularity. Over the next financial year, we will work
to define our future focus areas.
As we deliver on our priority actions, we are also
reviewing our operating model to ensure that scope 3
emissions reduction plans are embedded in our
business. This includes investing in digital systems to
better capture, manage and analyse emissions data,
developing GHG metrics to support business decisions
and delivering a communication, engagement and
training programme to relevant teams.
We aim to constantly improve both the quality and
quantity of data from our own business and from our
value chain partners. For example, we have started
implementing a raw materials traceability programme
to allow us to capture more accurately the quantity
of emissions at each stage of raw material production
and work more closely with our key suppliers on
achieving reductions (more details on our traceability
pilot programme can be found on page 52).
95%
Reduce absolute
operational
emissions 95%
from baseline
levels by
FY2022/23
Emissions scopes:
1 and 2
46%
Reduce absolute
emissions across
our extended value
chain 46% from
baseline levels by
FY2029/30
Emissions scopes: 3
90%
Reduce absolute
emissions across our
extended value chain
90% from baseline
levels by FY2039/40
Emissions scopes: 3
Climate Positive by 2040
Neutralise our residual emissions
through investing in high-quality
carbon removal projects, and any
emissions thereafter
2023
2030
2040
Our targets in the journey to becoming Climate Positive by 2040
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Strategic Report | Environmental and Social Responsibility
Our own operations (scope 1 and 2 emissions)
We reduced absolute GHG emissions from our own
operations (scope 1 and 2 emissions) by 93% from
our FY 2016/17 baseline, achieving a 9% year-on-year
improvement versus FY 2021/22.
Key to our emissions reductions has been our use
of renewable electricity throughout our operations.
InFY 2022/23, 100% of the electricity we used
was from renewable sources and we now have solar
panels installed at our headquarters in London and
our distribution sites in Italy and the US.
We have also improved energy efficiency (see page
59) and decarbonised heating at our Castleford
manufacturing site in the UK. Gas-fuelled steam
boilers have been replaced by electrical boilers,
meaning gas is now exclusively used for space heating
in our Castleford manufacturing site, leading to a
24% reduction in the site’s scope 1 emissions since
FY 2021/22. We plan to undertake several energy
audits in FY 2023/24 to identify the energy efficiency
opportunities required to meet and maintain our 95%
reduction target through to FY 2039/40.
In FY 2022/23, we compensated for our residual
scope 1 and 2 emissions, equal to 1,667 tCO
2
e,
through the use of verified carbon credits.
In addition, to compensate for the emissions associated
with our FY 2022/23 runway presentations and key
events, Burberry purchased carbon credits from a
range of nature-based and sustainable living projects
under the American Carbon Registry (ACR) and Gold
Verified Standard, which deliver against a number of
UN Sustainable Development Goals.
Energy consumption in our own operations
To achieve our climate-related goals, we focus on
energy efficiency first and foremost. In FY 2022/23,
our total energy consumption decreased by 34% from
a FY 2016/17 baseline and 23% from FY2021/22.
Our increased energy efficiency has been driven by a
strengthened monitoring of consumption and energy
saving measures implemented in our sitesglobally.
We have built a network of operational contacts
to regularly monitor energy consumption, analyse
usage trends and identify efficiency opportunities.
InFY 2022/23, we held quarterly meetings with key
stakeholders across our sites and worked with the
team at our distribution centre in Italy to switch to a
green energy account. Additionally, our store network
represents a key source of energy consumption
across our global operations. For this reason, we have
worked with our Architecture team to increase
energy use visibility by placing Panoramic Power
energy monitoring systems in 22 additional stores in
FY 2022/23. A total of 142 stores globally now
operate on Panoramic Power technology.
We also require all new buildings to achieve green
building certification to ensure high standards of energy
efficiency. We require either LEED certification
(Platinum or Gold level) or BREEAM certification
(Outstanding or Excellent level). In FY 2022/23,
we obtained the LEED Gold certification
in 38 additional stores and the BREEAM
Excellent certification at one more store, yielding
a total of 72 certified stores since FY 2021/22.
2022/23
1,667^
2020/21
2,155 1,917
2021/22
1,835
2016/17
Scope 1
22,4422,128
Scope 2
Our scope 1 and 2 carbon footprint (tonnes CO
2
e)
^ Burberry appointed PricewaterhouseCoopers LLP (PwC) to provide
independent limited assurance over selected planet and product
information for FY 2022/23. Information subject to assurance is denoted
with a ^. PwC’s assurance report and Burberry’s Basis of Reporting
for data subject to assurance are available on Burberryplc.com.
Burberry 2022/23
59

Strategic Report | Environmental and Social Responsibility
Global GHG emissions
Current reporting year 2022/23 Reporting year 2021/22 Reporting year 2020/21
Global
UK and
offshore only Global
UK and
offshore only Global
UK and offshore
only
Total energy including: purchase of electricity,
the operation of any facility, combustion of fuel
for facilities and vehicles/kWh 56,262,614^ 15,518,973 72,548,109 18,517,153 63,113,580 20,826,276
Combustion of fuel and operation of facilities
(scope 1)/tCO
2
e 1,585^ 1,082 1,768 1,311 2,089 1,478
Combustion of fuel from owned or leased
transport (scope 1)/tCO
2
e) 82 2 67 1 66 0
Electricity purchased and used for operations
(scope 2, location-based)/tCO
2
e 17,692^ 1,872 25,866 2,390 20,563 2,934
Total emissions location-based (scopes 1
and2)/tCO
2
e 19,359^ 2,956 27,701 3,702 22,718 4,412
Electricity purchased and used for operations
(scope 2, market-based)/tCO
2
e 0^ 0 0 0 1,917 0
Total emissions (scopes 1 and 2, market-
based)/tCO
2
e 1,667^ 1,084 1,835 1,312 4,072 1,478
Total emissions offset by Verified Emissions
Reduction Certificates/tCO
2
e 1,667 1,084 1,835 1,312 2,081 1,478
Scope 1 and 2 intensity (location-based tCO
2
e
per £1,000,000 sales revenue) 6.3 N/A 9.8 N/A 9.7 N/A
% of energy from renewable sources 84%^ 62% 86% 61% 76% 61%
Burberry applies an operational control approach to defining its organisational boundaries. Data is reported for sites where it is considered that Burberry has the ability to
influence energy management. Data is not reported for sites where Burberry has a physical presence but does not influence the energy management for those sites, such as
a concession within a department store. Overall, the emissions inventory reported equates to 100% of our net selling space square footage. Burberry uses the Greenhouse
Gas Protocol (using a location- and market-based approach to reporting scope 2 emissions) to estimate emissions and applies conversion factors from UK BEIS, IEA and
RE-DISS. All material sources of emissions are reported. Refrigerant gases were deemed not material and are not reported. Market-based emissions globally and for the UK
relating to purchased electricity within our operations (scope 2) are stated as zero due to us procuring an amount of renewable electricity equivalent to 100% of our annual
consumption. Combustion of fuel use from owned or leased transport is reported from FY 2018/19 onward. GHG emissions data reported is based on the period from 1 April
2022 to 31 March 2023. For the avoidance of doubt, the Company’s financial accounting period is from 3 April 2022 to 1 April 2023. However, references to FY 2022/23 for
the selected KPIs included in the Responsibility section of Burberry’s Annual Report 2022/23 refer to the period 1 April 2022 to 31 March 2023.
^ Burberry appointed PricewaterhouseCoopers LLP (PwC) to provide independent limited assurance over selected Planet and Product information for FY 2022/23.
Information subject to assurance is denoted with a ^. PwC’s assurance report and Burberry’s Basis of Reporting for data subject to assurance are available on Burberryplc.com.
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Burberry 2022/23

Forexample, we are working to reduce emissions
from purchased goods and services by increasing our
use of recycled and organic materials (see page 51).
We are also lowering the carbon footprint of our
most iconic products by prolonging their life through
the roll out of circular business models.
Within our supply chain, we are working closely
with our manufacturing partners to promote
energy efficiency and the use of renewable energy
(see page 61). In FY 2022/23 we also rolled out
training on climate action to our EMEIA finished
goods vendors. This training is designed to increase
supplier understanding of the business case for climate
action and teach them how to accurately calculate
emissions, to set emission reduction targets, and
identify opportunities for cutting emissions.
For a category breakdown of our scope 3 emissions,
please see our Responsibility Data Appendix on
Burberryplc.com.
Our value chain (scope 3 emissions)
In FY 2022/23, we decreased our overall value
chain emissions by 11% from FY 2021/22, and by
40% since our FY 2018/19 base year, against which
we are measured for our 2030 and 2040 Science
Based Targets.
Purchased goods and services account for over
75% of our carbon footprint and include emissions
associated with the cradle-to-gate production of
raw materials in our products. As expected, we have
seen some sources of emissions (e.g. business travel)
increase year-on-year following two years of
COVID-19-related disruptions.
Our scope 3 emissions performance is largely
determined by both our product mix (what we sell)
and product volumes (how much we sell). While this is
partly conditioned by the evolution of the business
and external factors, we continue to make targeted
interventions to ensure our commercial and
environmental objectives remain fully aligned.
Our scope 3 carbon footprint (tonnes CO
2
e)
Total scope 3 emissions (tonnes CO
2
e)
2022/23
456,982^
2018/19
758,542
2021/22
513,243
Strategic Report | Environmental and Social Responsibility
^ Burberry appointed PricewaterhouseCoopers LLP (PwC) to provide
independent limited assurance over selected planet and product
information for FY 2022/23. Information subject to assurance is denoted
with a ^. PwC’s assurance report and Burberry’s Basis of Reporting
for data subject to assurance are available on Burberryplc.com.
Burberry 2022/23
61

Embedding sustainable manufacturing
processes across our supply chain
Supply chain energy and waste
We are working closely with supply chain partners to
promote energy efficiency and renewable electricity
in our supply chain. More specifically, we track energy
and waste performance across our finished goods
production sites.
Key areas of progress in FY 2022/23 include:
• 73% of finished goods vendors globally used
electricity from renewable sources
• 100% of finished goods vendors in APAC
participated in our energy reduction programme
• Our supplier waste reduction and recycling
programme promotes the reduction and recycling
of manufacturing wastes. Globally, 33 finished
goods vendors took part in this programme in
FY2022/23
Water
At Burberry we value water as a precious resource to
our environment, our communities and our business.
Our dedicated Sustainable Manufacturing team is
responsible for implementing and monitoring projects
to improve the management of water and chemicals
in our supply chain. Our Water Conservation
programme’s mission is to preserve water for our
future by delivering water-responsible luxury fashion.
This includes continuing to progress our supply chain
water profile by increasing resource efficiency,
reducing our water impacts and increasing our water
resilience. Toachieve this, we work closely with our
supply chain partners
1
, cultivating a culture of
openness and transparency to understand and
monitor our water impacts at the manufacturing
stage of our valuechain.
As part of our Water Conservation Programme, we
have developed a water resilience assessment (as
shown in the diagram on page 63). This allows us to
evaluate and monitor the progress of our supply chain
water resilience profile, and is foundational to our
ability to reduce our water footprint and impacts.
Using the WWF Water Risk Filter, we assess three
variables: our partners’ water management against
best-in-class practices; their sites’ water intensity
(absolute and relative), and their geographical water
risk. Thesethree variables help us identify potential
hotspots, which are sites where water management
levels are disproportionate to their levels of water
intensity and risk. We work closely with identified
sites to co-develop strategies to improve their water
resilience. We aim to have zero hotspots by 2030.
Our assessment serves as a roadmap for improved
water management at our partners’ sites, including
promoting better understanding of their water
demand, driving water efficiency, promoting water
recycling and encouraging greater disclosure. Since
2020, Burberry has completed the assessment of
84% of our supply chain partners. We have improved
our resilience profile annually through partner
engagement, capacity building and direct support.
1. Supply chain partners assessed by our Water Conservation Programme include finished goods vendors and raw material suppliers.
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Beyond our manufacturing value chain, water is a key
resource for raw material production and we are
taking steps to mitigate both impacts and risks at
this stage. Burberry’s raw material certification
targets aim to minimise water impacts at this stage
of the value chain.
We continue to monitor risks associated with
raw material commodities at their source
(as detailed in our TCFD disclosure on page 109).
Wemap climate change-related risks for key raw
materials sourcing regions, including water stress
and flooding, and their potential business impact.
Meeting our traceability goal by 2030 (page 52)
will enable further assessment and management
of these risks and the development of tailored
adaptation strategies.
We are committed to advocating for change across
our industry and beyond. In March 2023 at the UN
2023 Water Conference, Burberry participated
alongside other industry stakeholders in an event to
share our experience and progress made in
wastewater management within our value chain, and
to highlight the key role of education and knowledge
sharing for greater impact at scale.
Water risk Water management Water intensity
Hotspot Red Amber Green Excellent
Water assessment result or level of resilience
Moderate Acceptable C
Very high
Very low Exemplary A
Moderate-high Poor D
Low Good B
High Very poor
Water resilience assessment
Strategic Report | Environmental and Social Responsibility
Table of progress
(Raw material suppliers)
FY 2022/23
(year 2)
FY 2021/22
(year 1)
FY 2020/21
(baseline)
Supply chain coverage 86.3% 78% 51%
Green/Excellent 45.7% 14% 3.5%
Amber ratings 24.7% 37.5% 9.5%
Red/Hotspot 12.1% 26% 38%
Table of progress
(Finished goods vendors)
FY 2022/23
(year 2)
FY 2021/22
(year 1)
FY 2020/21
(baseline)
Supply Chain coverage 81.2% 72% 38%
Green/Excellent 27.8% 11% 6%
Amber ratings 43.5% 42% 22%
Red/Hotspot 10% 19% 9%
E
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63

Strategic Report | Environmental and Social Responsibility
Chemicals
Our mission is to ensure the safety of our people,
planet and the products we create by implementing
best practices for sustainable chemical management
across our value chain. Our Chemical Management
Programme supports Burberry’s goals of embedding
sustainable manufacturing and protecting nature,
and is regularly updated to ensure it aligns with global
sustainable practices.
Our programme promotes safer chemicals use in our
value chain to ensure safer products, reduced
exposure for communities in and adjacent to our
supply chain, and cleaner water and air outputs into
the environment. Our Manufacturing Restricted
Substances List (MRSL) is fully aligned with the
latest Zero Discharge of Hazardous Chemicals
(ZDHC) list. Additionally, we prohibit polyfluorinated
and perfluorinated chemicals (PFCs), extending our
restrictions to include all long- and short-chain PFCs.
We implement the ZDHC Supplier to Zero (S2Z)
programme across our value chain to ensure the best
chemical management practices and procedures are
in place. In FY 2022/23, we fully transitioned to this
programme from our internal chemical assessment
tool. By the end of FY 2022/23, more than 85% of
our direct value chain partners (finished goods
vendors and raw material suppliers) were certified,
reflecting the implementation of best industry
practices. In addition, we monitor the safety of
our products through the Burberry Product
Restricted Substances List (PRSL) and robust
testing standards.
We are also aligned to ZDHC’s Wastewater
Guidelines, ensuring that wet processors perform
wastewater testing twice a year. The results are
published annually on Burberryplc.com.
Burberry colleagues have served on the Board of
the ZDHC Foundation since June 2018. As a result,
Burberry, alongside other brands and luxury peers,
third-party suppliers and external chemical experts,
has helped to shape the direction of the industry on
the chemical management roadmap. Since December
2022, our Director of Quality and Sustainable
Manufacturing has chaired the ZDHC Board of
Directors. In 2022, our chemical management
implementation was recognised as Aspirational for
the second consecutive year, the highest attainable
level in ZDHC’s Brands to Zero Leader Programme.
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Strategic Report | Environmental and Social Responsibility
Protecting nature
We aim to protect, restore and regenerate nature
across our value chain and are members of the
Taskforce on Nature-related Financial Disclosures
(TNFD) Forum to share learnings with others on how
to improve disclosure on biodiversity risks. Prior to the
UN Biodiversity Conference in Montreal in December
2022 (COP15), Burberry signed the COP15 Business
Statement calling for mandatory assessment and
disclosure of impacts and dependencies on nature.
We carried out a biodiversity impact assessment in
FY 2021/22 with The Biodiversity Consultancy.
Thisidentified that our most significant biodiversity
impacts are in our raw materials supply chain,
particularly farming practices associated with
natural fibres, including wool, cashmere and cotton.
The sourcing of leather and wood-derived packaging
also poses risks of deforestation.
We are working to address our biodiversity impacts
identified in our impact assessment by sourcing raw
materials that are certified to sustainability
standards (see page 51). For example, certified
organic cotton helps to improve soil health and
reduce the use of harmful chemicals.
Supporting regenerative farming projects
The Burberry Regeneration Fund aims to support
regenerative farming projects in our supply chain to
promote biodiversity, store carbon and support
livelihoods in local communities. In partnership with PUR,
we are working with our wool producers in Australia to
promote regenerative farming practices. The project was
piloted with two farms in 2021 and was scaled up to six
farms in 2022, and was again extended to cover 12 farms
in 2023. With support from PUR, the farmers are
implementing regenerative farming methods, such as
seeding new pasture grasses, setting aside wildlife
corridors, and installing new fencing and paddocks to
allow more rotational grazing. A farmers’ network has
been created to encourage sharing of best practice.
Baseline assessments have been carried out at the six
farms that joined the project by the end of 2022. The
long-term aim is for farmers to be able to measure both
carbon sequestration in the soil and biodiversity impacts;
enabling them to trade carbon credits and gain financially
from producing lower impact wool while contributing
positively to animal welfare andbiodiversity.
Protecting nature in practice
As part of our efforts to protect nature across our
value chain we have clearly defined Sustainability
Principles with which we require all external partners
and internal Marketing and Production teams to
comply. These are a mandatory and comprehensive
guide to tackling waste, reducing our environmental
impact and ensuring the wellbeing of people, animals
and landscapes involved in Burberry events,
productions, visual merchandising and gifting. For our
recent Check Landscapes Campaign, shot in South
Africa and the Canary Islands, we partnered with local
experts, governmental bodies and The Biodiversity
Consultancy to screen and mitigate risks and impact
to biodiversity in the respective conservation areas of
Greyton Fynbos Region and Parque Rural Frontera.
While the campaign was designed to be an expression
of Burberry’s heritage of adventure and the outdoors,
it demonstrated our continued commitment to
pursuing sustainable practices in all our productions.
Supporting zero deforestation
We aim to contribute to the sustainable management
of natural forests and zero deforestation across
our products and supply chain by FY 2025/26.
Keyinitiatives we are taking to support zero
deforestation include:
• Viscose: all of our viscose is Green Shirt rated in
Canopy’s Hot Button Ranking, which ensures suppliers
have been audited and assessed as low risk, take
substantive action to eliminate sourcing from Ancient
and Endangered Forests, and are ZDHC-compliant
through our Chemical Management Programme
• Leather: we are committed to avoiding
deforestation and forest degradation driven by
sourcing leather. We are also committed to not
sourcing leather from high-risk countries and have
set a target to use leather from certified tanneries
only (see page 51)
• Paper-based packaging: our retail bags and gift
boxes are certified by the FSC
TM
and include a
minimum of 40% post-recycled content. In addition,
we are working to increase sustainable sourcing of
all cardboard used across consumer and operational
packaging. In FY2022/23, 93% of all paper-based
packaging procured was FSC
TM
certified
1
1. In order to calculate the percentage of FSC
TM
certified paper-based packaging, we have relied on the accuracy of the information supplied to us by
our nominated packaging suppliers regarding the value of certified paper packaging sold to Burberry.
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65

Strategic Report | Environmental and Social Responsibility
We continue to support creative communities
and promote a circular economy by donating to
schools through the British Fashion Council (BFC).
This programme provides donations of leftover
fabrics to fashion students, upcycling surplus fabric
and saving it from going to waste. The total amount
of fabric donated in FY 2022/23 totalled more than
220,000 metres and was distributed equally to
32universities, including Central Saint Martins in
London. This programme encourages the next
generation to consider new ways of thinking about
their creative methods and material sourcing, and
gives them the opportunity to develop tomorrow’s
approach to fashion design and production.
Waste
We seek to minimise waste across our supply
chain and to send zero waste to landfill across our
key operations, abiding by clear waste hierarchy
principles. These comprise reuse, resell, repurpose,
donate and recycle. We also focus on limiting the
causes of waste across design, supply chain
andmerchandising.
We continue to expand existing routes, while developing
new partnerships and revaluation solutions. We manage
our stock position closely by proactively allocating
current stock across channels and regions to
meetdemand.
Textile and leather waste
While we seek to minimise waste at all stages of our
value chain, we also recognise the fashion industry’s
shared challenge with respect to the carbon impacts
of excess fabric and textile waste. Supply chain
efficiency and management of materials is a key area
of focus. By putting in place systems to optimise the
procurement and utilisation of our materials and
finished goods, we can reduce their associated
climate impacts.
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Strategic Report | Environmental and Social Responsibility
Additionally, in FY 2022/23 we donated 118,900 metres
of fabric to Progetto Quid, a not-for-profit cooperative,
which upcycles excess materials into clothes and
accessories and employs people from vulnerable
backgrounds. We also donated 7,600 metres of fabric
to the Nuova Accademia di Belle Arti fashion school
in Milan and Rome, benefiting 650 students.
We invest in the development of revaluing solutions
for challenging materials, such as leather. Since 2018,
we have donated leather hides and skins to the Alta
Scuola di Pelletteria in Florence to be used as part
of the school’s training activities. This school offers
professional leather training courses to young people
who want to learn a specific skill. Through this
partnership, we aim to help to bridge a skills gap
faced by the leather manufacturing companies in
Tuscany and connect them to young people, many
of whom are categorised as not in employment,
education or training (NEET). In FY 2022/23, the
school offered 10 leather work and leather craft
courses, and 109 students benefited from our
donation of hides and skins.
We also funded a two-year research project, which
concluded this financial year, with the Hong Kong
Research Institute of Textiles & Apparel (HKRITA) to
develop a system for post-consumer leather products
recycling. To date, the project has successfully
developed a recycled leather, which tested positively
in terms of strength, abrasion resistance and
thickness. Additionally, our partnership with HKRITA
has resulted in the development of a prototype for an
artificial intelligence (AI) garment-sorting algorithm,
which speeds up the process of identifying garment
type, material, fabric construction and colour, so
increasing yield and accuracy for recycling.
Burberry 2022/23
67

People
Progress against targets
Target Progress in FY 2022/23
Being a luxury brand which is inclusive of all
• Achieve a 95% completion rate globally for episodes 1
and 2 of our online Diversity, Equity and Inclusion
learningjourney
• 90% of colleagues have completed episode 1 and 96% of
colleagues have completed episode 2
Increase representation
• Ensure shortlists across all recruitment campaigns are
gender-balanced
• Aim to increase hiring representation to 25% ethnic
minority candidates in the UK
• Aim to increase hiring representation to 25% Black/
African-American candidates in the US
• FY 2022/23, shortlists across all recruitment
campaigns consisted of 60% female, 38% male
and 2% ‘other’candidates
1
• In FY 2022/23, hiring representation in the UK consisted
of 39.5%
2
ethnic minority candidates
• In FY 2022/23, hiring representation in the US consisted
of 16% Black/African-American candidates
1. These values are based on candidates who chose to voluntarily disclose.
2. This data excludes those who choose not to disclose their ethnicity, which is c.33% of total UK hires.
Together, we open spaces for creativity to flourish by prioritising our people’s wellbeing and being an open,
inclusive and caring employer. By listening to, valuing and amplifying the voices of our people around the world,
we ensure Burberry reflects the rich diversity of our people, our customers and our communities and fosters a
culture of true inclusion and belonging.
We are committed to supporting our people, both within Burberry and across our value chain. From workers’
wellbeing, to driving progress towards our diversity, equity and inclusion ambitions, we collaborate closely with
partners and colleagues to build a more inclusive future where creativity can thrive.
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Target Progress in FY 2022/23
Ethical trading
• Continue to ensure our responsible sourcing standards and
audit requirements are upheld by partners across our
supply chain (this applies to finished goods vendors and key
raw material suppliers)
• 98% of our finished goods vendors are globally in line with
our responsible sourcing standards
• We conducted 449 audits and 19 engagement activities
across our finished goods and raw material supply chains
• Further details of our Ethical Trading Programme are
provided on page 79
• Extend our flagship capacity building programme to help
our key vendors of finished goods introduce and manage
their own ethical trading monitoring programmes
• Our Vendor Ownership Programme is now in place at
22vendors, reaching over 16,500 workers across 252
subcontractors, an increase of 3% compared with
FY 2021/22. Further details are provided on pages 79 to81
Wellbeing in the supply chain
• Extend our Supply Chain Engagement Programme to
further advance wellbeing, livelihoods, inclusivity and
worker voice across our supply chain
• Our Wellbeing Programme reached 15 key manufacturing
facilities and finished goods vendors, and has impacted
over 5,000 workers globally
• Burberry-sponsored worker hotlines are in place across 38
factories in our supply chain, covering more than 27,000
workers, an increase from 19,000 workers in FY2021/22
• Further details are provided on pages 80 to 81
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We are creating a workplace where all our colleagues
feel appreciated, valued, and heard. When people
bring their authentic self to work, they are more
engaged, deliver better results and are more
empowered to make a meaningful contribution to the
world around us.
We design our colleague experience in collaboration
with our people to ensure that their needs and
perspectives are reflected in how we support them.
By embedding our Leadership Standards into each
pillar of our business, keeping an open dialogue with
our colleagues about their experiences, and
recognising colleagues who are actively living our
values, we are building a stronger company.
Embedding our LeadershipStandards
Our Leadership Standards empower everyone at
Burberry to live our values, help us maintain an open
and inclusive culture, and drive growth through high
performance. In FY 2022/23, we embedded these
standards into our development programmes to
ensure they are understood and implemented among
our colleague population.
Our Leadership Standards have also been included in
our colleague reward and recognition programmes. In
FY 2022/23, we introduced a new performance rating
system for year-end reviews whereby all colleagues
are measured in equal weighting on what they have
achieved, and how they have demonstrated our
Leadership Standards. The aim is to promote
colleague conduct aligned to our standards.
Enhancing the colleague experience
Keeping an open dialogue with our colleagues by
gathering feedback about their experience at
Burberry ensures the policies, processes,
programmes and initiatives we are building as an
organisation reflect the support our people require
tothrive.
We continued to evolve our colleague listening
approach to offer more dynamic, continuous listening,
with enhanced capability to deliver customised
reports to our leaders and teams. This approach
provides deeper insight into how our colleagues are
feeling and recommended actions that can be taken
to enhance our colleagues’ experience at work.
For the second consecutive year, our colleagues’
confidence in their leaders and feeling of support
scored highest on the survey. These scores reflected
our leaders’ continuing efforts, supported by
improvements in our leadership development
programmes and the focus on Leadership Standards
across the organisation.
Resolution framework
To promote a culture of resolution, trust and
transparency, we refreshed our processes for
formally speaking up. Our belief is that each of us has
a role to play in creating a workplace where we all
have a voice, and have confidence that we will be
heard, that situations will be dealt with fairly and that
we will be protected. Guided by our Code of Conduct
and Leadership Standards, we launched our
Resolution Hub in November 2022, a centralised
location where colleagues can access information
about how to speak up and the support that they can
expect. The Resolution Hub includes our innovative
Steps to Resolution framework, a tool which enables
a globally consistent process to share and manage
concerns, with a focus on resolution.
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Designing the future workplace
To ensure our workplaces can best meet the
changing needs of our people, we are re-imagining
Burberry’s London headquarters. The Horseferry
House campus will be transformed into a hub of
creativity and collaboration, with bespoke working
environments for our colleagues. New collaboration
and breakout areas will come to life across the
buildings, providing spaces that foster creative
thinking and enable greater connectivity. The
refurbishment commenced in April 2023 and is due
to conclude during FY 2024/25.
Developing our people
Learning and development helps our colleagues to
continually grow and overcome new challenges in the
workplace. To support personal development, we
offer a range of in-person and virtual resources,
including our self-directed digital learning platform,
BLearning. This platform offers courses on a variety
of topics, including Building Effective Teams, Conflict
Resolution and Project Management, as well as a
toolkit with over 50 subjects available in the form of
podcasts, articles, videos and workbooks.
For our UK colleagues, we also offer government-
funded Burberry apprenticeships in partnership with
training providers.
Putting wellbeing at the heart of every day
Throughout FY 2022/23, we continued to focus on
wellbeing, supporting our people with programmes
and initiatives designed to help our colleagues create
healthy, sustainable working practices and support
their work and personal wellbeing.
This year we developed content within our Leadership
Development programmes on supporting wellbeing
within our teams. We also incorporated guidance
within our year-end ratings, which allows leaders’
approach to wellbeing to be included in their
leadership rating. We continued to provide all
colleagues with wellbeing days, in addition to their
normal leave entitlement, to provide dedicated space
for their personal health andwelfare.
Building on an early iteration of our dedicated
menopause support site, in FY 2022/23, we enhanced
the range of tools and resources available to support
colleagues experiencing menopause. For our UK
colleagues, we introduced specialist care through an
external provider, which offers professional guidance,
private prescriptions and 24/7 support from
menopause-trained nurses.
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Model wellbeing
We are committed to protecting the wellbeing and
health of models engaged by the brand globally.
Wehave a dedicated Model Wellbeing Policy,
whichcovers the maintenance of health and safety
standards, mandated rest breaks, privacy and
channels for models to provide feedback or raise any
concerns. We review this policy periodically with
external authorities and industry specialists to ensure
it is kept up to date.
Alongside enacting the policy, we work with the
Models Trust to gather survey data from models on
their experience at our runway shows. This anonymised
data is reviewed by Burberry and any steps to
improve the experience are actioned accordingly.
Weare also rolling out this survey to models on
campaign shoots.
Overview of Diversity, Equity and Inclusion
Our Diversity, Equity and Inclusion strategy
underscores our commitment to living Burberry’s
values and to honouring our founder’s legacy. As a
proudly open, caring and inclusive employer, we are
dedicated to providing platforms for all communities
to thrive. We understand that we need to create
opportunities for underrepresented communities and
to amplify voices both within our industry and beyond.
Integrating equity
We see equity as creating fair access to opportunity
and advancement for everyone. In addition to
conducting an audit of our internal practices and
initiatives, the team launched the latest iteration
of our Diversity, Equity and Inclusion strategy.
The integration of equity into our initiatives and best
practices is supported by continued efforts in the
following areas: enhancing our data collection;
progressing our learning journey; aiding the
governance of our internal networks and working
groups; and actively engaging with our full range of
internal audiences.
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Commitment to equal pay
Our Reward Policy is to pay all colleagues in line with
their level and experience at a competitive market
rate. We regularly undertake a pay analysis to ensure
we meet our commitment to equal pay.
For FY 2022/23, we voluntarily disclosed ethnicity
pay and bonus gap data for the second consecutive
year, reflecting our commitment to transparency and
to creating lasting change by continually monitoring
our progress. Based on the information available
forour second year of reporting, the data was
segmented into white and ethnically diverse
colleagues and reported that both the median
ethnicity pay gap and the median ethnicity bonus gap
had moved in favour of ethnically diverse colleagues,
while the mean ethnicity pay gap and mean ethnicity
bonus gap had both narrowed.
We recognise this segmentation is not a full
reflection of our colleague population and there are
large variances between ethnic groups, which can
directly impact socioeconomic circumstances. As we
continue to enhance our data collection and build a
more complete picture of our people, we will be able
to identify further areas in which we can improve and
will set our objectives accordingly.
Burberry is committed to the promotion and adoption
of a Living Wage in our own operations and supply
chain and is proud to have become the first luxury
retailer and manufacturer to achieve accreditation as
a UK Living Wage Employer.
In 2022, we brought forward the new UK real Living
Wage pay rates, as defined by The Living Wage
Foundation, by more than six months to directly
employed colleagues. Johnstons of Elgin, the
manufacturer of Burberry’s Heritage Cashmere
Scarves and our longest-standing supplier, is also a
proud Living Wage Employer, as are other key
partners in our UK supplychain.
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Diversity, Equity and Inclusion pillars Talent acquisition goals
Gender diversity
We are committed to fostering a culture of diversity, equity and inclusion. As of March 2023, the representation
of women and men in the Burberry workplace is:
Total
Number
of women
Percentage
of women
Number
of men
Percentage
of men
Board 12 5 42% 7 58%
Executive Committee 10 3 30% 7 70%
Leadership (Director and above)
1
335 181 54% 154 46%
All workforce 9,201 6,129 67% 3,072 33%
1. Senior managers as defined in the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013.
Attracting and retaining diverse talent
Fostering an open and inclusive culture
Educating and raising awareness
Implementing a global approach
Globally:
hiring aspiration
of gender-
balanced
shortlists
UK:
hiring aspiration
of 25% ethnic
minority
candidates
US:
hiring aspiration
of 25% Black/
African-
American
candidates
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67%
33%
6,129 Female
STEM-Related
Positions
Executive
Committee
Leadership
(Director and Above)
75%
25%
30%
70%
54%
46%
709 239 3 7 181 154
Junior
Managers
Senior
Managers
Revenue-Generating
Managers
65%
35%
57%
43%
64%
36%
Total: 1,093 Total: 418 Total: 474
Total: 948 Total: 335Total: 10
713 380 238 180 303 171
All Workforce
Female Male
3,072 Male
Total: 9,201
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Share of women in our workforce
We are committed to better understanding our workforce through greater disclosure. In the charts below, women in
junior management are categorised as colleagues below Director level, with women in senior management being Director
level and above. Women in positions relating to science, technology, engineering and mathematics (STEM) sit within our
Manufacturing and Product Development teams, while women in revenue-generating functions sit across Digital, Retail,
Customer Service, Wholesale, Franchise and Licensing teams.
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Our four Diversity, Equity and Inclusion pillars
Attracting and retaining
diversetalent
Internal networks
Our Employee Resource Groups (ERGs) create space
for colleagues to come together to mark cultural
moments and share knowledge, experiences and
learnings. Our ERGs include: Asians in Americas; Pride;
Sustainability; Women Empowered; Latinxs of Burberry;
Empowered Black Network; Working Parents at
Burberry; and Women in Tech.
This year, the chair of the Women Empowered ERG
discussed women championing change in a globally
streamed panel curated by leading Esports organisation
Gen.G. Our Vice President of Diversity, Equity and Inclusion
spoke at the Snapchat DEI Innovation Summit, discussing
how businesses can ensure diversity, equity and inclusion
in the workplace. Our Pride ERG Co-Chair also spoke at
a #ProudinBusiness event in New York City in
partnership with Verizon. This was one of two events
that the Diversity, Equity and Inclusion team ran in
London and NYC withVerizon.
Disability inclusion
We endeavour to ensure our colleagues feel valued and
have the support they need to thrive at Burberry. We
have incorporated inclusive hiring procedures across
Burberry to ensure fair practices are upheld and that
people with disabilities are equally considered. We are
making reasonable adjustments for people with
disabilities throughout their career at Burberry and work
with external organisations to ensure our sites, policies
and processes are inclusive of people with both visible
and non-visible disabilities.
During FY 2022/23, we continued our relationship with the
Business Disability Forum, the leading business membership
organisation in disability inclusion, to evaluate our policies
and ensure that we are removing all barriers to access.
Diversity information
We support our colleagues of all identities and
encourage all to voluntarily and confidentially share data
on ethnicity, gender identity, sexual orientation and
visible and non-visible disabilities. This information
provides us with a more complete picture of our
colleague population, allowing us to identify areas for
improvement and set objectives accordingly.
Fostering an open and
inclusiveculture
Attracting and retaining the best people at Burberry
is a critical part of our global Diversity, Equity and
Inclusion strategy and we are committed to ensuring
that our processes are fair and inclusive.
Recruitment
We make every effort to ensure that every stage of
our recruitment process is fair. Steps we have taken
include ensuring all job descriptions are gender
neutral, using standardised interview forms, and
running mandatory unconscious bias training for
talent acquisition teams and hiring managers.
Talent pipeline
We forge strategic partnerships with key organisations,
charities and communities, including: The Outsiders
Perspective, Mobolise and Generation, to build a
diverse talent pipeline.
Early careers
In FY 2022/23, our dedicated Early Careers team
launched our first Design Graduate Programme
and our first Undergraduate Placement Year
Programme to help over 30 graduates and students
begin their careers at Burberry in roles across
severaldepartments.
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We work with a range of strategic partners across
the world, including organisations, charities and
communities, to support our objectives, further raise
awareness of the importance of diversity, equity and
inclusion and celebrate those enacting positive
change within our industry and beyond.
Some examples of this include curating workshops
and panel discussions with the expert insight of
Stonewall, Global Butterflies and Investing in
Ethnicity, and sponsoring The British Diversity
Awards, which celebrates individuals, organisations
and initiatives creating positivechange.
Accountability
All leaders across the business are accountable for
the delivery of our Diversity, Equity and Inclusion
objectives. Our Executive Committee members have
Diversity, Equity and Inclusion objectives as part of
their goals, with attracting and retaining diverse
talent and promoting an inclusive culture within
Burberry being key priorities. Supporting Diversity,
Equity and Inclusion plans both visibly and authentically
is also the responsibility of our line managers and is
assessed as part of our Leadership Standards.
To ensure our Diversity and Inclusion initiatives are
aligned with best practice, we take part in industry-
wide benchmarking. In FY 2022/23 Burberry was
recognised by the Bloomberg Gender-Equality Index
(GEI) for the third consecutive year. We also
maintained a leading position in the 2023 FTSE
Women Leaders Review, being named as a top
performer in the Women in Leadership ranking. We
performed above the average across leadership and
talent pipeline, inclusive culture and external brand.
The results highlighted areas in which our Diversity,
Equity and Inclusion strategy is successfully enacting
change across the business and enabled us to identify
areas where we can further support our colleagues
and communities.
Implementing a global approach
Internal Diversity, Equity and Inclusion Conference
In October 2022, we hosted our first internal
Diversity, Equity and Inclusion Conference called The
Gender Edition. It created space for our colleagues to
listen, learn and share their experiences. Moderated
by Dr June Sarpong OBE, the event explored inclusive
leadership, intersectionality, gender balance and the
role men can play in delivering our diversity, equity
and inclusion ambitions. Attended by over 300
leaders, the conference was conducted in person for
those based in London and virtually for leaders based
around the world. Many parts of the conference were
also streamed to the wider business and featured
speakers from several of our ERGs, including Women
Empowered, the Empowered Black Network and
Women in Tech.
Diversity, Equity and Inclusion Education Programme
Our Diversity, Equity and Inclusion Education
Programme includes Understanding Allyship and
Mitigating Bias training episodes, and a
Demonstrating Allyship workshop. Across the
business 90% of colleagues have completed episode 1
and 96% of colleagues have completed episode 2.
A third episode on Microaggressions is in
development and will be launched in FY 2023/24.
Educating and raising awareness
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Human rights
Human rights statement
We are committed to respecting and upholding
human rights wherever we operate. Our Human
Rights Policy sets out our approach to managing
human rights risks across our own operations and
extended supply chain. The policy is aligned with
international standards, including the International
Bill of Human Rights and the UN Guiding Principles
on Business and Human Rights. Responsibility
for the policy lies with Burberry’s Chief Executive
Officer. Our Human Rights Policy is available on
Burberryplc.com.
Burberry’s Ethics Committee oversees human rights
risks and due diligence, and reports to the Audit
Committee (see page 164 for further details of our
governance structure). Our General Counsel and
Global Human Resources team are responsible for
ensuring our Human Rights Policy is upheld in our
direct operations. OurChief Supply Chain and
Industrial Officer and VP of Corporate Responsibility
are responsible for overseeing human rights and
upholding human rights policies in our supplychain.
Every two years, we conduct a Human Rights Impact
Assessment (HRIA) of our operations and activities
and those of our extended supply chain. We have
implemented this process since 2014 and continue to
evolve and develop our human rights due diligence
approach as well as our Ethical Trading Programme.
Over the last two years we have implemented a
number of mitigation action plans focused on the
three highlighted areas from our FY 2020/21
assessment: diversity, equity and inclusion, worker
voice, and modern slavery.
Our latest impact assessment took place in the
fourth quarter of FY 2022/23, where in addition
to our standard assessment we conducted a
supplementary analysis looking at where migrant
workers’ human rights may mostly be affected.
Thisassessment also included considerations related
to the United Nations General Assembly’s recognition
of the right to a clean, healthy, and sustainable
environment, under international law. We used this
opportunity to explore what this could mean for the
workers throughout our supply chain, who carry out a
variety of manufacturing processes, in many different
environments across the world.
These assessments identified the following key areas
where human rights violations are more likely to be
identified across our finished goods vendors and raw
materials suppliers. These are:
• Working and living conditions, including access to
health services
• Worker voice
• Diversity, equity and inclusion
• Modern slavery
In FY 2023/24, we will continue to build out our
action plans to further address these risk areas, as
well as driving a clear focus on ensuring our business
practices have a positive impact on workers in the
supply chain.
To ensure our HRIA methodology remains
comprehensive and provides us with a material
assessment of Burberry’s operational human rights
footprint, we are working closely with an external
consultant to revise and enhance our methodology.
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Supply chain due diligence
Our due diligence model includes and combines the
activities we put in place to manage social risks
across our supply chain. We review our due diligence
model regularly to ensure it meets the heightened
expectations of our external stakeholders such as
consumers, investors and governments, and ensure
alignment to legislation.
Ethical trading
We require all our supply chain partners to comply
with our Responsible Business Principles, and
incorporate this into our contractual agreements with
them. The Principles include our Ethical Trading Code
of Conduct, which sets out standards to protect the
rights of workers across our supply chain, as well as
policies that aim to protect vulnerable workers,
including a Migrant Worker Policy, Homeworker
Policy, and Child Labour and Young Worker Policy.
Any violations of our Code of Conduct must be remedied
in line with our Partner Non-Compliance Policy.
Ethical audits across our supply chain are carried out
by ethical trading experts in our Responsibility team
who are supported by interpreters and cultural
facilitators where required. External accredited
auditing agencies are also appointed to conduct
audits in some cases.
We carry out announced and unannounced audits.
Where there is non-compliance, we require our supply
chain partners to implement a corrective action plan
to gradually make progress and meet all our
corporate responsibility standards. The scope of our
ethical auditing programme covers all our supply
chain partners, including our finished goods vendors,
key raw material suppliers (RMS), our Distribution
Centres (DC) and Local Fulfilment Centres (LFC).
InFY 2022/23, we focused our RMS due diligence
efforts in our APAC supply chain and we will be
enhancing our risk mitigation in EMEIA in the
comingyear.
We have also continued to extend the scope of our
ethical audit programme to cover service providers
and suppliers of goods not for resale, where we
identify risks based on location, worker demographic
or processes carried out at the facility. In FY 2022/23,
we carried out ethical audits at gifting and marketing
vendors, and at packaging and visual merchandising
suppliers, and we will continue to enhance our risk
mitigation in these areas of our supply chain.
In FY 2022/23, we conducted 449 audits and 19
engagement activities across our global supply chain
partners. During the audits, we conduct interviews
with workers to better understand their needs and
perceptions, while gathering insights into the direct
and indirect impacts of our business.
We also have projects to address specific areas of
risk, including risks associated with sub-contracting
and migrant workers. For example, we have extended
our flagship capacity building programme – named
our Vendor Ownership Programme – which helps
our finished goods vendors to introduce their own
ethical trade monitoring programme across their
subcontractors. This is now in place at 22 vendors
(21in Italy and one in the UK) reaching over 16,500
workers across 252 subcontractors. We also
developed a new dual capacity building initiative
aimed at reinforcing our supply chain partners’
management of migrant-worker-related risks
(see page 80 for casestudy).
More details of our Ethical Trading Programme can
be found in our latest Transparency in the Supply
Chain and Modern Slavery Statement available on
Burberryplc.com.
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Supply Chain Wellbeing Programme
We have continued to work on our wellbeing
programme, building on the benefits achieved
since its inception in 2018. In FY 2022/23, the
programme involved 15 key finished goods vendors
and manufacturing facilities globally. Over 5,000
workers in our supply chain have benefited from
the positive impacts of the programme. As well as
ensuring continuous improvements to workers’
overall wellbeing, we also focused on responding to
specific needs. These include maintaining critical skills,
attracting and retaining unique talents, creating and
spreading a responsible employee-conscious culture
and ensuring a healthy supply chain through
specificactions.
In FY 2022/23, we designed a dual capacity building
initiative, aimed at educating vendors (top-down) and
building awareness with workers (bottom-up) on risk
management, prevention and remediation, to consolidate
legal compliance across our EMEIA finished goods
supplychain.
From the bottom-up perspective, a grievance mechanism
for migrant minorities has been designed to provide
human rights awareness and a grievance remediation
channel with the support of experts in modern slavery
to identify, report and address potential instances
confidentially. A selection of nine supply chain partners
has been finalised and the pilot is due to start
inFY 2023/24.
For the top-down approach, in cooperation with the
International Organization for Migration (IOM), a training
programme has been customised to be deployed by IOM
experts and social mediators to our partners across our
finished goods and raw material supply chain. This training
aims at setting conditions to ensure basic human rights
enforcement for migrant workers with a specific focus on
their recruitment journey, and includes a deep dive on
diversity, equity and inclusion best practices in order to
support migrant workers’ integration into the local
workshop population. The aim of this is to mitigate human
rights violations by educating first-tier and second-tier
partners on legal standards, and internal and external
auditors on risk identification.
In total, this training reached 77 supply chain partners
and impacted 9,500 workers in FY 2022/23. This included
37 of our first-tier partners in Italy and eight direct
partners of our own Italian manufacturing facility,
Burberry Manifattura, as well as 100% of first-tier and
second-tier partners in Poland, Romania and Moldova.
Across our supply chain partners, attendees included
managers, human resources teams and internal auditors.
In addition, 100% of our Vendor Ownership Programme
auditors, as well as Burberry internal auditors, have been
trained to identify red flags and deep dive into
recruitment dynamics.
Based on the positive feedback received from attendees,
we are currently exploring new opportunities for creating
a longer-term partnership with the IOM to enhance due
diligence and migrant workers’ voice on a more permanent
basis, across the whole impacted value chain.
In particular we designed an awareness and
implementation path based on participants’ needs
consisting of:
• Training sessions to lay the foundation and
increase knowledge about wellbeing-related topics
and provide assistance and useful tools to
implement the project
• A digital wellbeing survey which was originally
developed in partnership with Oxfam, and adapted
to respond both to the participants’ needs and the
external context, to measure key wellbeing areas
such as happiness at work, job satisfaction,
personal and professional development,
relationships at work and physical wellbeing
Dual capacity building initiative
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This was the first year we piloted the use of a digital
survey in EMEIA, shared through an online platform.
This has helped to cascade it more efficiently. In the
next year, we will expand its scope, reaching out to a
wider number of workers within our supply chain.
During both the initial phase of the project and after
the survey was completed, one-to-one meetings and
workshops were held to share the results and support
the management team in identifying strengths and
opportunities and guide them through areas of
improvement. Based on the needs outlined by the
survey, we have begun working with our key vendors
and manufacturing facilities to develop specific action
plans and monitor the progress made.
During FY 2023/24, we plan to maintain engagement
with current participants, working with them to
strengthen the improvements achieved, measure the
results obtained and cascade the project to their own
supply chain where applicable. Moreover, we are
planning to include more key vendors and
manufacturing facilities to broaden our positive
impacts across our supply chain.
Worker grievance mechanism
We seek to ensure that colleagues and workers in our
supply chain have access to confidential support and
advice. We provide grievance mechanisms for our
colleagues, including a global helpline which is
managed by an independent company. We also
sponsor confidential hotlines run by NGOs for
workers in our supply chain, which provide advice on
workers’ rights and wellbeing and confidential
support. These worker hotlines are in place across
38factories in our supply chain, covering more than
27,000 workers compared to 19,000 workers in
FY 2021/22. During FY 2022/23, Burberry-sponsored
hotlines received 502 calls (compared to 435 calls in
FY 2021/22). Grievance resolution is monitored by
the Corporate Responsibility team.
Further disclosures on human rights and
ethical trading are included on our website at
Burberryplc.com. These include:
• Our Ethical Trading Code of Conduct and Human
Rights Policy
• Our Transparency in the Supply Chain and Modern
Slavery Statement FY 2022/23, which is prepared
in accordance with the UK Modern Slavery Act
2015 and the California Transparency in Supply
Chains Act of 2010
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Communities
Empowering youth
Charitable initiatives that inspire
young people to explore their
creativity, develop life skills,
broaden career horizons, and come
together in safe environments.
Fostering creativity
Global creative training and
scholarship programmes supporting
students from underrepresented
groups and collaborations with
LGBTQ+ organisations.
Protecting communities
Philanthropy to protect people in
our local communities, by
supporting causes which our
colleagues care about and
responding to humanitarian needs.
Community impact
Our Communities strategy
In FY 2022/23, we updated our Communities strategy to focus on three areas where we can make a meaningful difference:
In FY 2022/23, 160,785 people were positively impacted through community programmes supported by Burberry Group
plc and The Burberry Foundation.
Progress against targets
Target Progress in FY 2022/23
Empower young people to create better futures
• Positively impact 500,000 people by
FY 2025/26, particularly young people in
underrepresented communities
• In FY 2022/23, 160,785 people were positively impacted through
community programmes supported by Burberry Group plc and
TheBurberry Foundation
• See pages 83 to 86 for further details
Increase volunteering opportunities for colleagues
• 20% increase in the number of colleagues
volunteering in FY 2022/23 (from FY 2021/22)
• 10% increase in volunteering hours in
FY 2022/23 (from FY 2021/22)
• In FY 2022/23, 3,685 colleagues participated in volunteering and
fundraising activities, a 168% increase from 1,374 colleagues
inFY 2021/22 They collectively contributed over 6,615 hours to
charitable causes this financial year, around the same level as FY 2021/22
1
• See page 86 for further details
1. Volunteering hours are calculated based on colleagues’ disclosures.
Burberry is a responsible company: we believe in doing the right thing by our people, our customers, the
communities we touch and the world around us. Our values of being creatively driven, forward thinking, open
and caring, and proud of our heritage, are deeply embedded in how we operate and have been core to our brand
since the Company was founded by Thomas Burberry in 1856. We continue Thomas Burberry’s altruistic
legacy today by supporting young people, championing our communities and collaborating with organisations
to make a positive impact on the world.
The Burberry Foundation, an independent charity set up in 2008 by Burberry Group plc, is focused on
empowering young people, particularly those from underrepresented communities, to create better futures.
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The Burberry Foundation
The Burberry Foundation is an independent charity (UK registered charity number 1154468), with an ambition
to harness the power of creativity to drive positivechange.
Introduced in 2022, its new global strategic mission focuses on empowering disadvantaged youth and expanding
The Burberry Foundation’s activities to include Burberry’s key operational geographies.
The Burberry Foundation focuses its grant-making on supporting youth organisations around the world working
to break down barriers faced by marginalised young people. These safe spaces provide essential services to help
young people gain confidence and develop valuable skills to improve their lives and progress their career pathways.
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Empowering youth
Through this focus area, we support charitable initiatives that inspire young people to explore their creativity, develop
life skills, broaden career horizons, and come together in safe environments.
The Burberry Foundation champions youth empowerment
through Burberry Inspire. A core belief of Burberry Inspire
is that young people who have positive role models, safe
spaces, and opportunities to develop and exercise their
creativity can become empowered, self-confident individuals.
Burberry Inspire seeks to enable young people to
unlock their creativity and drive positive change in their
communities. Informed by the Creative Youth Development
Partnership’s programme framework, this global
programme supports projects that foster creativity in
young people aged 10 to 24 through the visual and
performing arts, STEM-related skill development
activities, and a host of activities associated with
leadership development and social engagement.
Theprogramme’s theory of change is that engaging
and developing young people’s creativity, and giving
them well-designed opportunities to develop and learn,
enables them to:
• Gain greater self-confidence and other foundational life
skills that are critical for success in life
• Acquire the information, connections and motivation
needed to further their educational and/or career plans
in the future
• Become empowered to play a positive role in
theircommunities
In FY 2022/23, The Burberry Foundation established
a global partnership with the International Youth
Foundation and appointed regional delivery partners
for the programme. These include OnSide in the UK,
and four regional organisations in the US. The Burberry
Foundation and its partners aim to have a long-term
sustainable impact by developing and supporting
innovative solutions to youth challenges.
Burberry Inspire
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Ukraine humanitarian crisis
In response to the escalating refugee crisis, we
donated to UNICEF, Save The Children and the
British Red Cross, enabling the distribution of food,
hygiene products, warm clothes and aid to meet
urgent and immediate needs.
Protecting communities
Our founder Thomas Burberry’s longstanding dedication to community serves as the foundation of our culture. As an
open and caring company with a deep commitment to communities and the environment, we are proud to continue that
legacy today. We aim to protect people in our local communities, by supporting causes that our colleagues care about
and responding to humanitarian needs.
Fostering creativity
We seek to achieve meaningful difference by supporting global creative training and scholarship programmes
supporting students from underrepresented groups and through collaborations with LGBTQ+ organisations.
At the end of FY 2021/22, in partnership with the China
Women’s Development Foundation and the China
National Textile and Apparel Council, we launched a
three-year training programme to empower women with
training to develop their traditional handicraft design
skills and encourage entrepreneurship.
So far, working with local experts, we have provided
training to 60 female designers from three ethnic
minority groups across the South and Southwest of
Mainland China: Miao in Guizhou, She in Guangdong and
Yao in Guangxi. Their creative specialties range from Miao
embroidery to brocade, batik, traditional Miao costume
design and jewellery creation.
Participants were given the opportunity to exhibit their
creations at national events, including Beijing Fashion
Week in September 2022 and at Burberry’s stand at the
China International Import Expo in November 2022.
Oncethe three-year programme concludes it will have
directly trained 200 women and positively impacted up
to 30,000 others, preserving intangible cultural heritage
forgenerations.
Burberry x China Women’s Development Foundation
Turkey-Syria earthquake
To support relief efforts from the devastating
earthquakes, we donated to the Disasters Emergency
Committee (DEC) Turkey-Syria Earthquake Appeal.
This is enabling DEC charities and their local partners
to scale up their response and reach more people.
Strategic Report | Environmental and Social Responsibility
In December 2022, we commenced a partnership
with LEEDS 2023, a year-long celebration of
community and culture in the city of Leeds and the
wider West Yorkshire region, to spotlight how
creativity and greater access to cultural experiences
can open opportunities for all.
As part of the partnership, we are supporting a
number of creative learning initiatives, including
Smeaton300, a series of STEAM events and
interactive workshops in schools and public places.
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Community investment
We support communities through Burberry Group plc
charity partnerships and initiatives, and by funding
The Burberry Foundation. The Foundation’s Board,
which meets quarterly, is chaired by Lord Holmes
ofRichmond.
Since 2010, our policy has been to donate at least 1%
of Group adjusted profit before tax (PBT) to charitable
causes. We set an annual charitable budget, which
aligns with this policy and is approved by theBoard.
Our Group charitable donations are reviewed by the
Ethics Committee bi-annually. The Board also
receives an overview of community activities,
including spend, when approving the 1% budget for
the next financial year.
We have reviewed and updated our methodology for
reporting on community investment to align with the
B4SI framework, which is a recognised global
standard in measuring and managing corporate
community investment.
Charitable spend
In FY 2022/23, we donated £6.3 million to charitable
causes (FY 2021/22: £6.1 million), equivalent to
1.04% of Group adjusted PBT.
More details of our FY 2022/23 charitable donations
can be found in our Responsibility Data Appendix
onBurberryplc.com.
In-kind donations
We provide finished product donations to schools,
charities and social enterprises, including long-time
partner Smart Works, which provides high-quality
interview clothes and coaching to disadvantaged
unemployed women. In FY 2022/23, we donated over
14,000 items of business clothing to our charity
partners in the UK and Italy. Our valued partners
include Smart Works, and the Aurelio Saffi
Hospitality School in Florence. Thanks to this
partnership, Burberry’s business clothing donations
were provided to students from economically
deprived communities, to support them to attend
training labs and career fairs. We also continue to
donate fabrics, yarns and trims to various charities
and design schools globally.
We have also leveraged the support of our
manufacturing operations and supply chain partners.
Internal manufacturing teams and supply chain
partners produced over 20,000 blankets for Ukrainian
refugees through a donation to the UNHCR.
Volunteering
We mobilise our colleagues to engage with the
projects they care most about and support our
communities. OurGlobal Volunteering Policy allows
colleagues to take up to three paid volunteering
days per year. InFY2022/23, 3,685 colleagues
participated in 128 volunteering and fundraising
activities. Thiscompares to 1,374 colleagues and
88 activities in FY2021/22.
We organised events and roadshows during the year
to engage our colleagues in our community activities
and worked with our charity partners to create
volunteering opportunities. For example, we worked
closely with our UK charity partner OnSide to develop
a suite of creative activities for young people
attending the Croydon Youth Zone as part of our
wider Festive campaign with the theme of giving
back. Activities ranged from baking Burberry Trench
Coat cookies to a gingerbread house building
competition. This multifaceted Festive campaign also
saw colleagues taking part in volunteering activities
as part of a Company-wide competition. Prizes and
vouchers were allocated to the most creative
activities. Colleague engagement over this period
increased by 85%, with 1,121 colleagues taking part in
an activity compared to 605 in FY 2021/22.
We have also established a global network of
Community Champions to organise and promote local
community projects, lead by example and help
colleagues do the same. We currently have 61
Community Champions across eight countries.
Fundraising
We provide match funding up to a value of £3,000
for team activities involving five or more colleagues.
This allows colleagues to provide even more support
to the causes they care about and encourages teams
to collaborate outside their normal roles.
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Strategic Report | Environmental and Social Responsibility
Our Responsibility Approach
Our responsibility governance
We have embedded Environmental and Social
Responsibility into our governance and
managementstructures.
The Board is responsible for ensuring its approach to
sustainability is integrated into and implemented
across the business, reflecting the importance of
these topics to the Group and society as a whole.
The governance framework of committees oversee
the implementation of our Environmental and Social
Responsibility strategy and provide regular updates
and key information to the Board.
These include:
• Sustainability Committee: oversees our strategy,
targets and progress on environmental issues and
the Sustainability Bond. It is chaired by our CEO
and includes other senior leaders. Each member of
the Committee is responsible for embedding our
Responsibility strategy within their business area.
In FY 2022/23, the Committee met four times and
reported to the Board twice on progress across our
Responsibility agenda
• Ethics Committee: regularly reviews progress on
social issues, including worker wellbeing across our
supply chain and community investment, and
reports to the Audit Committee
• Risk Committee: oversees risks relating to
environmental and social issues. It also reviews and
makes recommendations to the Board regarding
our climate-related financial disclosure, and
reports to the Audit Committee. More information
on climate change as a principal risk can be found
on page 128
Our governance framework is outlined in the
Corporate Governance Statement on page 153.
Further details on these executive committees and
their actions in FY 2022/23 can be found in our
TaskForce on Climate-related Financial Disclosures
on page 94.
Embedding corporate responsibility into
ourbusiness
The structure and membership of these executive
committees are reflective of key business areas and
ensures our Environmental and Social Responsibility
strategy is embedded in our business.
Our Corporate Responsibility team was established
18 years ago and consists of over 40 dedicated
experts. Focusing on environmental and social issues,
the team also includes ethical trading experts who
monitor labour compliance standards across our
supply chain (see ethical trading on page79).
We also have a Sustainable Manufacturing team
embedded within our Supply Chain, and a Sustainable
Finance team working within our Finance function.
Inaddition, other key functions across the business,
such as IT and Product Development, are central to
the delivery of our Responsibility agenda from
creating more sustainable products to identifying
solutions for monitoring and measuring GHG
emission reductions.
We believe that all colleagues have a role to play in
delivering our responsibility agenda. We seek to
inspire, educate and equip our people to do so
through training, events, strategic communications
and volunteering opportunities.
Our Finance and Operations team runs a
“Sustainability in Action” programme to engage
colleagues on how they can embed sustainability
into their roles. InFY2022/23, seven webinars were
held on topics including circular business models,
sustainable finance and IT, with between 100 and
250 colleagues attending each session.
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This year we launched a Sustainability Professionals
Network to connect colleagues across the business
who work on our Burberry Beyond agenda or have an
interest in sustainability. The purpose of the network,
which is open to all Burberry colleagues globally, is to
spearhead a culture change by creating an active and
engaged community that supports each other in
decision-making, information sharing and championing
best practice. Members have access to insights,
events and webinars on various topics, including
Burberry Beyond updates, industry trends, best
practice and regulation.
We also seek feedback from our colleagues through
our Employee Engagement Surveys and Global
Workforce Advisory Forum. In June 2022, we engaged
with the Forum on sustainability issues, to gain a
deeper insight into the topics that matter most to
our colleagues and their perception of our progress.
Another session on sustainability is planned to take
place in June2023.
Managing risk
Environmental and social risks are embedded into our
risk management process and are regularly reviewed
by our Risk Committee. Our Risk and Viability Report
(page 118) covers our principal risks and actions
taken in the year to mitigate risks. Through our
Environmental and Social Responsibility strategy,
weseek to mitigate a number of our principal risks,
including risks associated with climate change and
image and reputation.
Our Climate-related Financial Disclosure section
(page 94) provides further details on our climate risks
and is aligned with the recommendations set out by
the TCFD. We have a cross-functional TCFD working
group, which includes members from Risk
Management, Finance and Corporate Responsibility
teams. The working group reports to the Risk
Committee. We are also a member of the Taskforce
on Nature Related Financial Disclosure (TNFD)
Forum in order to share learnings with others on
nature- and biodiversity-related risks.
Our policies
As set out in our Responsible Business Principles,
wehave a number of more detailed policies on
environmental and social issues. These include a
Global Environmental Policy, Human Rights Policy
and Responsible Sourcing Policy.
All contractual agreements with our supply chain
partners require compliance with our Code of
Conduct and Responsible Business Principles,
including our Ethical Trading Code of Conduct.
Our policies are available on Burberryplc.com and
details of how each policy governs our approach can
be found in our Non-Financial and Sustainability
Information Statement on page 48.
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Strategic Report | Environmental and Social Responsibility
Embedding responsibility targets into our
corporate annual bonusplan
The remuneration of the Executive Directors is
partly linked to our progress in building a more
sustainable future, including progress towards the
Group’s longer term climate goals, via the annual
bonus plan and a sustainability underpin in the
Burberry Share Plan (BSP).
For FY 2023/24, 25% of the Executive Director’s
bonus is once again linked to strategic measures
including environmental and social measures and
there will also be a sustainability underpin in the 2023
BSP award.
Building on this, in FY 2023/24 we are
introducing specific sustainability metrics linked to
our ambition to become Climate Positive by 2040
to the annual corporate bonus plan for the wider
workforce. We believe that cascading sustainability
targets represents an invaluable opportunity to drive
the cultural evolution necessary to achieve our
long-term goals.
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Awards and recognition
We continue to rank highly in external benchmarks and indices.
We rank as a leader,
with a AAA rating.
We received a disclosure
score of 93%, ahead of the sector
average of 66%.
We achieved a leadership
(A) score in the 2022 CDP
Climate Change survey.
We rank second out of 192 companies in
the textiles and apparel sector and are
rated as Negligible Risk.
We are included in the
FTSE4Good Index, with a rating
of 4.2 out of 5, significantly above
the industry average of 2.3.
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Partnerships
Being open and caring is firmly rooted in Burberry’s values. We believe in being responsible, being guided by our
conscience and working together to achieve common goals. To that end, we frequently collaborate with key
stakeholder groups, industry peers and business partners to effect wider industry change.
Key partners include:
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About our responsibility data andreporting
We aim to align our data and reporting with best
practice standards. We publish a separate
Responsibility Data Appendix on Burberryplc.com
with more detailed environmental and social
performance data. Our Responsibility Data Appendix
also summarises how we align with external
frameworks, including the UN SDGs.
Burberry has appointedPricewaterhouseCoopers LLP
(PwC) to provide independent limited assurance on
selected planet and product metrics. Thedata marked by
the following symbol ^ is in scope for PwC assurance
procedures over selected Responsibility KPIs on pages
50 to 94. The assurance statement for selected
Responsibility KPIs is available at Burberryplc.com. The
data marked by the following symbol
is in scope for
PwC assurance procedures over the Use of proceeds.
The assurance statement for the Use of proceeds is
available at Burberryplc.com. Additionally, our Basis of
Reporting contains details of our data collection
methodology for our assured metrics (available on
Burberryplc.com). Details of our methodology for our
non-assured metrics can be found in our Responsibility
Data Appendix on Burberryplc.com.
We comply with reporting regulations on climate
change. We publish a Climate-related Financial
Disclosure consistent with TCFD Recommendations
(see page 94) to comply with The Companies
(Strategic Report) (Climate-related Financial
Disclosure) Regulations 2022 and FCA Listing Rules.
We publish UK energy and carbon data (page 58) to
comply with the UK’s Streamlined Energy and Carbon
Reporting requirements.
We are also working to prepare for new reporting
requirements under the EU Corporate Sustainability
Reporting Directive (CSRD) that will apply
in future years.
Our contribution to the UN SDGs
We take action on the goals that are most relevant to
our Company and where we can have the biggest
positive impact. Our strategic priorities and
associated initiatives contribute to many of the UN
SDGs as outlined in the Progress Against Targets
tables under each pillar on pages 51, 56, 68 and 82.
We have outlined the main ways we contribute to the
SDGs in more detail in our Responsibility Data
Appendix on Burberryplc.com.
Sustainability Bond – use of
proceedsreport
Burberry is committed to using its position and
influence to drive social and environmental
improvements and foster sustainability innovation in
the value chain, from the sourcing of raw materials to
the manufacturing of finished products and distribution
through our stores and wholesalers. Weare also
committed to enlisting the support of investors in
delivering these ambitions by linking Burberry’s
Sustainability strategy to its funding requirements.
Burberry issued a debut five-year sterling
Sustainability Bond on 21 September 2020 for
£300 million at a coupon of 1.125% (the “Sustainability
Bond”). Aspart of the Sustainability Bond Framework
1
(the “Framework”), a commitment was made to
publish a use of proceeds report within one year of the
issuance of the Bond and annually thereafter.
This report constitutes Burberry’s third use of
proceeds report to investors and covers the allocation
of proceeds from the Sustainability Bond by category
per the Eligibility Criteria as defined in the Framework.
Eligibility Criteria and oversight
The categories of our Eligibility Criteria are asfollows:
• Green buildings
• Environmentally sustainable management of living
natural resources and land use
• Pollution prevention and control (including waste
prevention, waste reduction and waste recycling)
Burberry’s responsibility targets are owned by senior
leadership across all regions and key functions and
progress is reviewed by the Sustainability Committee.
The Sustainability Committee was established in
2019 to review and oversee the Group’s strategy on
Environmental, Social and Governance issues related to
our Sustainability agenda. The Sustainability Committee
convened four times during FY 2022/23 and is chaired
by the CEO, who is accountable for ensuring oversight of
climate-related risks and opportunities for the Group.
In addition to the Sustainability Committee,
sustainability matters are regularly discussed at the
Ethics and Risk Committees and updates are shared
with the Board and the Audit Committee.
The Sustainability Committee has considered the
Eligibility Criteria in the Framework and reviewed
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Categories of spend
Total allocation from
21 September 2017 to 1 April 2023
£m
United Nations Sustainable
Development Goals
(UNSDG)
Green buildings 100.4
Environmentally sustainable management of living natural
resources and land use 90.2
Pollution prevention and control 64.4
Total 255.0
1. The Framework can be found at: https://www.burberryplc.com/en/investors/debt.html.
Burberry has appointed PricewaterhouseCoopers LLP (PwC) to provide limited assurance over the allocation of use of proceeds. Information subject
to assurance is denoated with a
symbol. PwC’s assurance report and Burberry’s Sustainability Bond Framework are available on Burberryplc.com.
^ Burberry appointed PricewaterhouseCoopers LLP (PwC) to provide independent limited assurance over selected planet and product information
for FY 2022/23. Information subject to assurance is denoted with a ^. PwC’s assurance report and Burberry’s Basis of Reporting for data subject
to assurance are available on Burberryplc.com.
the spend on projects eligible for financing under
the Sustainability Bond and allocated the
proceedsaccordingly.
Allocation of proceeds
The proceeds of the Sustainability Bond have been
allocated across the three categories outlined in the
Framework. In accordance with the Framework,
these eligible projects and spend were completed
within the three-year period preceding and the
financial years since the issuance of the Sustainability
Bond in September 2020.
The allocation across categories is summarised below.
Unallocated proceeds
The unallocated proceeds under the bond are
£45 million. The cash is kept on deposit in accordance
with Burberry’s Treasury Policy.
Project examples
Green buildings:
Projects include the financing or refinancing of
properties, which have one of the following
certifications. For existing buildings, certification
has been received within the last four years.
Certifications include:
a. LEED: Platinum or Gold level
b. BREEAM: Excellent or Outstanding level
Environmentally sustainable management of living natural
resources and land use:
Burberry continues to promote more sustainable
farming practices among its suppliers and also
remains committed to driving demand for organic
cotton. As part of this, 31%^ of total cotton was
certified organic in FY 2022/23, however, organic
cotton does not meet the Eligibility Criteria under the
Framework document and therefore no proceeds
have been allocated this year.
In addition, we support Cotton 2040, a cross-industry
partnership convened by Forum for the Future to
address long-term resilience in cotton supply chains.
Pollution prevention and control
Burberry is passionate about driving positive
change and building a more sustainable future.
Oursustainable packaging materials commitment
aims to minimise the amount of packaging used and,
where packaging is unavoidable, to maximise use of
recycled, reusable and recyclable materials in line
with circular economy principles.
All Burberry retail bags and gift boxes are now made
with paper-based materials, which are widely recyclable
and reusable. Our garment covers are currently made
from 100% recycled polyester and our hangers contain
a minimum of 60% recycled plastic.
We have allocated proceeds against packaging
procurement where recycled content is more than20%.
External assurance of the use of proceeds
Burberry has appointed PricewaterhouseCoopers
LLP (PwC) to provide independent limited assurance
over the allocation of use of proceeds. Information
subject to assurance is denoted with a
. PwC’s
assurance report and Burberry’s Sustainability Bond
Framework are available on Burberryplc.com.
Strategic Report | Environmental and Social Responsibility
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Strategic Report | Task Force on Climate-related Financial Disclosures
Task Force on Climate-related
Financial Disclosures
FCA Listing Rule 9.8.6R(8)
The Company has included in its Annual Report climate-related financial disclosures consistent with the TCFD recommendations
and recommended disclosures.
TCFD recommendations
and recommended disclosures
Disclosure location within
Annual Report 2022/23
Governance
Disclose the organisation’s
governance around
climate-related risks
andopportunities.
a. Describe the board’s oversight of
climate-related risks and opportunities.
Task Force on Climate-related Financial
Disclosures, pages 94 to 111
b. Describe management’s role in assessing
and managing climate-related risks
andopportunities.
Strategy
Disclose the actual and
potential impacts of
climate-related risks and
opportunities on the
organisation’s businesses,
strategy and financial
planning where such
information is material.
a. Describe the climate-related risks and
opportunities the organisation has identified
over the short, medium and long term.
Task Force on Climate-related Financial
Disclosures, pages 94 to 111
b. Describe the impact of climate-related risks
and opportunities on the organisation’s
businesses, strategy and financial planning.
Publication on Burberryplc.com: Burberry
Beyond Climate Positive 2040 report
c. Describe the resilience of the organisation’s
strategy, taking into consideration different
climate-related scenarios, including a 2°C or
lower scenario.
Risk management
Disclose how the organisation
identifies, assesses and
manages climate-related risks.
a. Describe the organisation’s processes for
identifying and assessing climate-related risks.
b. Describe the organisation’s processes for
managing climate-related risks.
c. Describe how processes for identifying,
assessing and managing climate-related risks
are integrated into the organisation’s overall
risk management.
Risk and Viability Report, pages 118 to148.
Metrics and targets
Disclose the metrics and
targets used to assess
and manage relevant
climate-related risks and
opportunities where such
information is material.
a. Disclose the metrics used by the organisation
to assess climate-related risks and
opportunities in line with its strategy and risk
management process.
Task Force on Climate-related Financial
Disclosures, pages 94 to 111
b. Disclose scope 1, scope 2 and, if appropriate,
scope 3 GHG emissions and the related risks.
Planet pages 56 to 67
Task Force on Climate-related Financial
Disclosures, pages 94 to 111
c. Describe the targets used by the organisation
to manage climate-related risks and
opportunities and performance against targets.
Task Force on Climate-related Financial
Disclosures, pages 94 to 111
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Burberry has a longstanding commitment to addressing
the impacts of climate change and is a luxury industry
leader in taking steps to advance our decarbonisation
agenda. Since 2016, we have reduced our market-based
scope 1 and 2 emissions by 93%, becoming carbon
neutral across our own operations by compensating for
residual emissions through the use of verified carbon
credits and maintaining our commitment to use 100%
of our electricity from renewable sources.
Building on these accomplishments, in FY 2022/23
we published our latest Responsibility strategy,
Burberry Beyond, to focus on four strategic priorities:
Product, Planet, People and Communities. Our pledge
to become Climate Positive by 2040 is ahead of the
UK Government’s net-zero by 2050 target and aligns
with the Planet pillar of our strategy. To achieve this,
we are committed to continued emissions reduction
across our extended supply chain and investing in
nature-based projects with carbon benefits that
restore and protect natural ecosystems, enhancing
the livelihoods of global communities. See Planet on
pages 56 to 67 for further details.
We have adopted the recommendations of the TCFD
and reported on its four thematic areas: Governance,
Strategy, Risk Management, and Metrics and
Targets, since FY 2019/20. This section builds on our
previous reports and describes our approach to
scenario analysis, the results of the scenario analysis,
and the actions taken in response to these results.
Climate change and the transition to a low-carbon
economy also present opportunities for efficiency,
innovation and growth, all of which are built into our
Climate Positive by 2040 ambition.
As scientific understanding of climate change and the
global transition towards a lower-carbon economy
evolves, we will continue to develop our assessment of
climate-related risks and mitigation strategies and
evolve our TCFD disclosures to reflect such changes,
ensuring they follow latest guidance and leading practice.
The Burberry TCFD Basis of Reporting outlines how
we have prepared the financial statements and
disclosures, considering relevant TCFD guidance
publications and the principles for effective
disclosure. We have engaged EY as independent
auditors to provide a limited assurance statement in
accordance with ISAE 3000 on our FY 2022/23
TCFD disclosures. The TCFD Basis of Reporting and
assurance statement is available on Burberryplc.com.
Governance
The Board is responsible for ensuring its approach
to sustainability is integrated into and implemented
across the business. The governance framework of
committees and advisory forums provide updates
and key information to the Board to ensure that it is
able to make informed decisions. Our governance
framework is outlined in the Corporate Governance
Statement on page 153 and more detail on the roles
of the Board and its committees is set out in the
Matters Reserved for the Board and its Committees’
terms of reference, which are available in the
Corporate Governance section of Burberryplc.com.
The Board is also responsible for overseeing
and monitoring the management of risks and
opportunities, including those related to climate
change. Further information on the risk management
process is included in the Risk and Viability Report
onpage 118.
The Group’s strategy on environmental and
climate-related issues is governed by the
Sustainability Committee, which convened four
times in FY 2022/23 and is chaired by the CEO.
TheCommittee plays an important decision-making
role to support Burberry’s Responsibility strategy,
with membership including senior leaders from
across the organisation who are responsible for the
execution of the responsibility strategy within their
respective business areas. Topics discussed in the
Sustainability Committee in FY 2022/23 include
plastic packaging, circular business models and a
scope 3 GHG emissions update. The Company
Secretary or their designate is secretary to
theCommittee.
During FY 2022/23, the Board received two updates
from the Sustainability Committee, which included
progress against the Group’s sustainability-related
goals and targets. The Board also received an update
on Burberry’s climate ambition including progress
towards our industry-leading goal to become Climate
Positive by 2040.
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The cross-functional TCFD working group, which
includes members from the Finance, Corporate
Responsibility and Risk teams, defines the approach
for identifying and assessing climate-related risks.
InFY 2022/23, the TCFD working group provided an
update on the outputs of the scenario analysis and
proposed draft disclosure to the Risk Committee,
which was chaired by the Chief Operating and
Financial Officer (CO&FO).
The Audit Committee reviews the work performed by
the TCFD working group, including progress against
the four TCFD pillars, outcomes of the scenario
analysis and proposed disclosure. The Board reviews
our climate-related reporting as part of its overall
assessment of the fair, balanced and understandable
nature of the Annual Report.
Knowledge and skills
Burberry seeks to ensure that our Board and senior
leadership have the relevant knowledge and skills to
help us build a business that is both successful and
responsible. We currently have five members of our
Board who have extensive leadership experience on
sustainability issues. Details on the sustainability
skills and experience of these Board members is
included in Board Leadership and Company Purpose
on page157.
We also worked with the Cambridge Institute
for Sustainability Leadership (CISL) to build
sustainability awareness and knowledge among
our Board and senior leaders. In May 2022, CISL
delivered a training session to our Board on global
sustainability challenges, including climate change,
biodiversity and the potential implications of these
on our business. This followed a similar session
presented to the Executive Committee in
March2022.
Similarly, we are committed to having a suitable pool
of internal sustainability experts with relevant
knowledge and skills to support decision-making.
Members of the TCFD working group participate in
external training courses and educational events,
including the Accounting for Sustainability Academy,
to keep abreast of relevant climate and nature-
related topics. We also educate employees on
various sustainability-related topics through
frequent engagement, focused events, strategic
communications and volunteering opportunities.
Seeour Responsibility Approach on pages 87
for further details.
Remuneration
The remuneration of the Executive Directors is
partly linked to our progress in building a more
sustainable future, including progress towards the
Group’s longer term climate goals, via the annual
bonus plan and a sustainability underpin in the
Burberry Share Plan (BSP).
For FY 2023/24, 25% of the Executive Director’s
bonus is once again linked to strategic measures
including environmental and social measures and
there will also be a sustainability underpin in the 2023
BSP award.
Building on this, in FY 2023/24 we are
introducing specific sustainability metrics linked to
our ambition to become Climate Positive by 2040
to the annual corporate bonus plan for the wider
workforce. We believe that cascading sustainability
targets represents an invaluable opportunity to drive
the cultural evolution necessary to achieve our
long-term goals.
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Strategy
This section describes our key climate-related risks
and opportunities, their potential impact on our
business and its resilience to such impacts, which has
been assessed using scenario analysis as described
below. Our strategy to address climate-related
risks is integrated into our business strategy and
decision-making in areas such as capital allocation,
investment appraisal, supply chain planning and raw
material sourcing.
Our Burberry Beyond Climate Positive 2040 report
details our strategic direction and plan to reduce
GHG emissions across our operations and supply
chain. With the majority of our GHG emissions arising
from our extended supply chain, we are focusing on
five key impact areas with each having defined actions
to drive progress: Raw Materials, Circularity and
Product-related Waste, Supply Chain Decarbonisation,
and Sustainable Transportation. Further details on
initiatives under each of these areas are provided in
the Decarbonising our Value Chain section of the
Burberry Beyond Climate Positive 2040 report.
Background to scenario analysis
Scenario analysis is a process for identifying and
assessing the potential implications of a range of
plausible future states, under conditions of uncertainty.
Our scenario analysis considers the impacts of both physical and transitional risks.
Physical Risks Transition Risks
Definition Risks related to the physical impacts of
climate change. They include both acute
weather events, such as heatwaves, and
chronic long-term climate shifts, such as
rising sea levels.
Risks which may occur while transitioning to a
lower-carbon economy. These could include policy,
market, reputation and liability risks. The level of risk
depends on the nature and speed of the transition.
Timing of
impacts
Acute physical risks are already
occurring, and these are expected to
happen more often and with greater
severity. Chronic physical risks are
more likely in the long term.
The timing of transitional risks is uncertain,
but they are more likely to occur in the short to
medium term.
Scenarios are hypothetical constructs and not
designed to deliver precise outcomes or forecasts.
Instead, scenarios provide a way for the Group to
consider how the future might look if certain trends
continue, or certain conditions are met, and to assess
the Group’s strategic resilience.
As the scientific understanding of climate change and
availability of data evolves, we expect greater rigour
and sophistication in approaches to scenario analysis.
We will continue to develop and update our scenario
analysis to support our assessment of the resilience
of our business strategy to climate-related risks and
ensure relevant mitigating strategies are in place.
Our approach to scenario analysis
Our scenario analysis incorporates the Group’s
financial forecasts, operational footprint, supply chain
information and environmental data, to create a digital
twin representation of the business. The product
portfolio is modelled based on our updated strategy,
with the Group’s value chain being modelled using
historical data. This information is combined with
industry reference scenarios on climate emission
pathways, including assessments by the
Intergovernmental Panel on Climate Change and
International Energy Agency, to consider the potential
impact of physical and transition risks on the Group.
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In addition, we have considered the risk that a market
shock caused by transition to a low-carbon economy
would impact the Group’s cost of debt, and how
low-carbon innovations would devalue the Group’s
technology. We have concluded that these risks are
not significant at this time due to the Group’s strong
net cash position, focus on renewable energy
consumption and absence of carbon intensive
machinery. We will continue to monitor and report
on these risks.
The impact of physical and transition risks has been
considered over a range of emission trajectories and
global average temperatures. This is in line with the
recommendations of the TCFD to select a set of
scenarios that cover a reasonable variety of future
outcomes, both favourable and unfavourable. We
have also included a low-emissions scenario aligned
to the Paris Agreement aspiration to limit global
warming to 1.5°C, as per the TCFD recommendation
that organisations use a 2°C or lower scenario.
Theseare defined below, alongside a summary of the
potential global impact of physical and transition
risks under these scenarios.
Strategic Report | Task Force on Climate-related Financial Disclosures
1.5˚C > 4˚C2˚C – 3˚C
Average global temperature rise
compared to pre-industrial levels by 2100
Scenario description Global impact of climate-related risks over time
The world takes immediate and
substantial action in line with the
Paris Agreement to lower emissions.
To limit global warming to 1.5°C compared to pre-
industrial levels, collective global action will be needed.
The nature and speed of the transition to a low-carbon
economy is uncertain, but transition risks are more
likely to occur in the short to medium term. By taking
such collective action, the impact of physical risks
occurring in the long term may be reduced.
The world partially implements
policies tolower emissions with
no further actionstaken.
If limited global action is taken to tackle climate
change and reduce GHG emissions, transition risks
would reduce in the short term. However, inaction
would increase the severity and frequency of physical
risks in the long term.
The world takes limited or no actions
to limit emissions.
Without any global action at all, transition risks would
be limited and the impact of physical risks would
become even greater in the long term.
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We have defined our time horizons as short term (five
years), medium term (five to 20 years) and long term
(more than 20 years). The time horizon used for our
detailed scenario analysis is a short-term outlook of
five years, during which we can influence decisions
through strategy, capital allocation, costs and
revenues. Typically, three years is used for our
financial and operational planning, as this is sufficient
to cover almost all approved capital expenditure
projects, and most current business development
projects will be completed in the three-year period.
Our viability assessment is also aligned to this time
period, with ongoing concern typically considered over
18 months. We have extended the period to five years
using a growth assumption, which more closely aligns
with our expected asset lifetimes, and strategic
plans. Beyond five years, there is less certainty
around the impact of climate-related risks as this is
dependent on the pace and effectiveness of the
global transition to a lower-carbon economy.
Building on our detailed analysis, which covers a
five-year time horizon, we have also considered the
impact of climate-related risks in the short to
medium time period of 10 years, which we will use to
support our strategy over this period.
Each physical and transition risk was modelled
independently due to the complexity and uncertainty
associated with measuring the interconnectivity of
risks and how they influence each other. Planned future
mitigating actions, including those to deliver our
ambition to be Climate Positive by 2040, have not
been taken into consideration in the scenario analysis.
Scenario analysis results
In FY 2022/23, we further developed our scenario
analysis to best reflect our current understanding
of how climate change could impact the Group.
Thisincludes incorporating the latest scientific data
on the global impact of climate change, increased
sophistication when modelling transition risks and
updating the digital twin representation of our business.
The tables below show the results of our scenario
analysis and our strategic response. The financial
impact represents the estimated loss of value to the
Group’s discounted cash flows over the next five years
assuming no mitigating actions are taken. This impact
has been rated as High, Medium or Low, reflecting
materiality to the Group’s financial statements.
At Burberry, we believe our long-term success
depends on actively addressing the potential impact
of climate-related risks and adapting to potential
opportunities. As such, we have adopted strategies
and actions to mitigate these risks and ensure our
strategy adapts to the potential opportunities.
Wheresuch actions have quantifiable investments
associated with them, these are embedded within our
Board-approved financial plans, which are translated
in to annual budgets, and detailed in Our Strategic
Response on pages 100 to 104. We have also
considered the impact of climate change in the
preparation of our Financial Statements, which can
be found on page270.
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Physical risk
How we modelled the risk
We quantified how extreme weather events and chronic changes in the climate might
impact sourcing of raw materials, disrupt manufacturing and distribution of goods, damage
assets and impact retail activities leading to changes in consumption patterns.
Potential areas of impact
An increase in the frequency and severity of acute weather events may impact raw
material sourcing, disrupt operations and damage facilities. Facility disruption may result
from an increased risk of tropical windstorms and floods in Asia as well as increased risk of
droughts and heatwaves in Asia, Europe and the Americas.
The impact of physical risks will become more significant in the medium and longer term,
particularly in the >4˚C and 2˚C to 3˚C scenarios. The impact of chronic physical risks,
such as increasing global temperatures, will be particularly impactful over this time period.
Key assumptions
• Scenario analysis is based on our current asset base and value chain. Planned changes to
our asset base and sourcing locations have not been taken into consideration in
quantifying the five-year earnings at risk
• We have considered the extent to which financial impacts may be passed on to
consumers. This has been assessed in line with expectations of market capacity for price
increases and impact on net cash
• Update in methodology in FY 2022/23 to include range of Representative Concentration
Pathways (RCPs), Coupled Model Intercomparison Project Phase (CMIP6) data, updated
hazard definitions and improved granularity when considering likelihood of hazards
Our strategic response
• We are committed to reducing our impact on the environment, promoting more
sustainable practices in our supply chain, and ensuring that we build resilience in our
operations. The quantifiable financial investments associated with these actions are
included in our financial plans
• We are committed to sourcing 100% certified organic cotton, which holds environmental
benefits and is traced via a chain of custody by FY 2029/30
• We continue to develop our business continuity and resilience plans to allow us to
respond to the impacts of physical risks at key locations such as our distribution centres.
Our Incident Management teams were convened to respond to a number of weather-
related events in FY 2022/23
• We require regular effluent testing and work with over 40 wet processing facilities to
monitor and improve effluent management practices. We also work with suppliers to
identify water-saving opportunities, such as water recycling and leak repairs
• We continue to monitor and adapt our supply chain to ensure we are able to both
mitigate climate-related risks to the Group and achieve our Climate Positive by
2040ambition
• All Burberry retail bags and boxes are reusable, recyclable and certified by the FSC
TM
See also: Planet, pages 56 to 67.
Global emissions environment
Average global temperature rise
compared to pre-industrial levels
by 2100
> 4˚C 2˚C – 3˚C 1.5˚C
Impact Medium Medium Medium
Timeframe for most significant
impact: long term
Impact: potential impact on Burberry’s cumulative discounted cash
flows over five years, assuming no mitigating actions are taken:
Low (<£1m – £25m)
Medium (£25m – £125m)
High (£125m – £250m)
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Policy risk
How we modelled the risk
We quantified how the implementation of carbon pricing may result in increased costs
associated with production, distribution and raw materials.
Carbon prices and projected changes in these have been considered at a country level.
Potential areas of impact
An increase in costs of production, distribution and raw materials in the short to medium
term, with a higher carbon price required to achieve a lower temperature scenario.
* Under a >4°C scenario there is potential for a minimal positive impact due to reversal of current carbon pricing policies.
Key assumptions
• Scenario analysis and quantification of the five-year earnings at risk does not take into
consideration our actions to be Climate Positive by 2040 and therefore assumes a growth
in GHG emissions aligned to an average growth rate used in our financial forecast
• GHG emissions are based on our assured FY 2021/22 emissions footprint
• We have considered the extent to which financial impacts incurred may be passed on to
consumers. This has been assessed in line with expectations of market capacity for price
increases and impact on net cash. Global carbon prices used in the modelling are shadow
prices, which are a measure of overall policy intensity and expected to increase on a
straight-line basis over the period. The annual carbon price has been interpolated based
on the final carbon price reached at the end of the scenario modelling period. The global
average carbon prices reached by the end of our scenario modelling period are:
• 1.5˚C = USD 75 per tonne
• 2°C – 3°C = USD 5 to USD 45 per tonne
• > 4°C = USD 0 per tonne
Our strategic response
• In FY 2022/23, we published our Burberry Beyond: Climate Positive by 2040 report, which
details our current GHG emissions footprint and our commitment to reducing this
• We have reduced our absolute scope 1 and 2 GHG emissions by 93% from our FY 2016/17
base year and will continue to identify the energy efficiency opportunities required to reach
and maintain our 95% reduction target in FY 2023/24. We also aim to reduce our absolute
scope 3 GHG emissions by 46% by FY2029/30. Our emissions targets are recognised by
SBTi, and we will continue to report our progress against these
• The remuneration of our Executive Directors is partly linked to our progress in building a
more sustainable future, including progress towards our Group climate goals
• Our £300 million Revolving Credit Facility (RCF) is linked to our scope 3 GHG emissions
reduction target
• To support our strategic response, we have also quantified the potential impact of our
Climate Positive by 2040 ambition on the Group’s exposure to this risk
The quantifiable financial investments associated with these actions are included in our
financial plans. We will continue to embed our Climate Positive by 2040 roadmap and
monitor this through KPIs applied across the business. We continue to monitor regulatory
and market developments in carbon pricing to inform our strategy and financial plans.
See also: Planet, pages 56 to 67.
Global emissions environment
Average global temperature rise
compared to pre-industrial levels
by 2100
> 4˚C 2˚C – 3˚C 1.5˚C
Impact Low* Low Low
Timeframe for most significant
impact: short to medium term
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Market risk
How we modelled the risk
We quantified how shifts in consumer preferences towards more sustainable and less
carbon intensive products may impact demand for our products.
Consumer preference shifts have been considered at a country level.
Potential areas of impact
A shift away from products constructed using less sustainable raw materials, including
animal-based products, towards organic, regenerative or recycled fabrics. This shift is
expected to happen in the short to medium term, and more quickly in geographical regions
where public attention on sustainable materials used to produce clothing is greater. The
shift will be more apparent in a lower temperature scenario, which assumes that a higher
proportion of consumers will adopt more sustainable choices.
Key assumptions
• Consumer perception of Burberry products is assumed to be linked to the carbon
footprint of sourcing raw materials, production and distribution
• Scenario analysis is based on Burberry’s future product strategy, aligned with its
updated strategic vision and projected raw material usage
• We have considered how shifts in consumer preferences may impact operating margin
and net cash. This has been assessed in line with our current cost structure
Our strategic response
• We are committed to shifting to more sustainable, low-impact materials. We have a
series of ambitious targets to achieve this aim with Product being a key pillar of our
Burberry Beyond strategy
• We are a member of the Textile Exchange, which is a not-for-profit organisation working
to increase the global market for sustainable fibres and to createcertifiable
sustainability standards for key raw materials
• In FY 2022/23 we joined Fashion For Good,a global platform established to drive
sustainable solutions within the textile industry. We have hired a Materials Innovation
Manager to pilot innovation in the raw materials space
• We are aiming to ensure all key materials are 100% traceable by FY 2029/30, supported
by our use of certified materials where the country of origin is verified and disclosed.
Tosupport this, we are investing in a traceability solution. The quantifiable financial
investments associated with these actions are included in our financial plans
• We continue to evolve our aftercare offer and trial new circular business models. See
Opportunities and Product on pages 51 to 55
• To support our strategic response, we have also quantified the potential impact of
achieving some of our key raw material targets on our exposure to this risk
See also: Product, pages 51 to 55.
Global emissions environment
Average global temperature rise
compared to pre-industrial levels
by 2100
> 4˚C 2˚C – 3˚C 1.5˚C
Impact Low Medium High
Timeframe for most significant
impact: short to medium term
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Reputation risk
How we modelled the risk
We quantified how climate activismdue to negative perception of our climate impact and
strategy may result in reputational damage, disruption to spending patterns and loss
ofrevenue.
Society’s opinion with respect to the threat of climate change has been considered at a
country level.
Potential areas of impact
Society may engage in climate activism in the short to medium term with companies
perceived as less sustainable being targeted, decreasing revenue and reducing market
share. Despite minimal shifts in consumer preferences in the short term under a >4°C
scenario, a section of society may engage in general activism against organisations due to
their inaction in relation to climate change, resulting in disruption and lost revenue.
Key assumptions
• Scenario analysis is based on Burberry’s future Product strategy, aligned with its
updated strategic vision
• We have considered the extent to which financial impacts incurred may be passed on to
consumers. This has been assessed in line with expectations of market capacity for price
increases and impact on net cash
• Scenario analysis uses a performance percentile to benchmark Burberry against its
wider industry in terms of GHG emissions
Our strategic response
• Sustainability is an increasingly important factor in consumers’ purchasing decisions.
Consumers, particularly the younger generations, expect brands to have a clear and
comprehensive agenda with respect to sustainability and social responsibility, including
carbon reduction efforts; sustainableraw material sourcing and traceability;fair labour
practices; diversity and inclusion, and protecting nature
• We are working to reduce our environmental footprint and meaningfully support our
global communities while seeking to transform our industry
• We have made a number of industry-leading climate change commitments, which have
been recognised externally:
• Burberry received a Highly Commended in Communicating Integrated Thinking at the
2022 Finance for the Future awards
• In 2022, Burberry was ranked by CDP in the Leadership band, receiving an A for its
climate change submission
• We continue to play a role in shaping policy and regulation within our industryand are
working collaboratively with partners, suppliers and other organisations to achieve our
ambition. This includes the United Nations Global Compact, the Fashion Pact, The UN
Fashion Charter, RE100, Race to Zero, Lowering Emissions by Accelerating Forest
finance (LEAF) and the Prince’s Trust Accounting for Sustainability project
See also: Planet, pages 56 to 67 and Product, pages 51 to 55.
Global emissions environment
Average global temperature rise
compared to pre-industrial levels
by 2100
> 4˚C 2˚C – 3˚C 1.5˚C
Impact Low Low Low
Timeframe for most significant
impact: short to medium term
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Liability risk
How we modelled the risk
We quantified how perceived involvement in activities, which drive climate change, such as
the emission of GHGs, may result in additional operating expenses due to litigation.
Potential areas of impact
Potential operating expenses may arise from fines, settlement and legal costs in the short
to medium term.
Key assumptions
• We quantified how perceived involvement in activities, which drive climate change, such
as the emission of GHGs, may result in additional operating expenses due to litigation
Our strategic response
• We monitor and continuously improve processes to gain assurance that ourlicensees,
suppliers, franchisees, distributors and agents comply with Burberry’s contractual terms
and conditions, its ethical and business policies, and relevant legislation
• Specialist teams at corporate and regional level, supported by third-party specialists
where required, are responsible for ensuring the Group’s compliance with applicable
laws, ethical and business policies and regulations, and that employees are aware of the
policies, laws and regulations relevant to their roles
• Our Global Environmental Policy stipulates our commitments relating to energy,
emissions, chemicals, water and raw materials. This is mandatory and applies to all of
our own and business associates’ activities
See also: Risk and Viability Report, pages 118 to 144.
Beyond a five-year time horizon, the level of
uncertainty increases. Transition risks are expected
to be the most impactful in the short to medium
term, continuing the trends our five-year scenario
analysis have identified. Physical risks are expected
to become most impactful in the long term, with the
size of the impact dependent on the success of global
initiatives to limit the repercussions of climate
change. These long-term physical risks may disrupt
our supply chain and create operational challenges.
Our commitment to more sustainable, low-impact
materials and our partnerships focused on innovation
are key to limiting this impact. We will remain agile
and continue to monitor this risk, informed by the
latest scientific understanding of climate change.
Overall, the results of our scenario analysis indicate
that the physical and transition risks associated
with climate change could impact the Group in
the short, medium and long term. The size of the
impact will depend on the nature and speed of the
global transition towards a lower-carbon economy.
The 1.5°C scenario would have most impact on
Burberry in the short to medium term before
considering any mitigating actions. We will continue
to consider and identify how the results of our
scenario analysis may be utilised to inform future
strategic planning whereappropriate.
Global emissions environment
Average global temperature rise
compared to pre-industrial levels
by 2100
> 4˚C 2˚C - 3˚C 1.5˚C
Impact Low Low Low
Timeframe for most significant
impact: short to medium term
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Opportunities
In addition to these climate-related risks, there are also opportunities for risk mitigation and growth, which may arise for the
Group as it transitions toward a lower-carbon economy.
The Group’s approach to identifying climate-related opportunities is integrated within its wider strategy to deliver positive
change with sustainability at its core. Supported by the Group’s overarching Climate Positive by 2040 ambition, the Sustainability
Committee is key to the identification, prioritisation and realisation of climate-related opportunities.
Examples of such climate-related opportunities are summarised below.
TCFD
Opportunity Area
Opportunity Description Actions Taken To Realise Opportunities Time Horizon
of Impact
Resource
efficiency
Use of more efficient
production and distribution
processes
Moved to electrically operated steam boilers in our key
internal manufacturing site
Short/medium
term
Move to more efficient
buildings
Improved building efficiency through obtaining LEED and
BREEAM certification for stores
Short/
medium term
Energy
Source
Use of lower-emission
sources of energy
100% of the electricity used in our own operations is from
renewable sources and we will continue to maintain this
Short term
Products
and Services
Development and/or
expansion of low-emission
goods and services
Our collections increasingly feature products made with
certified key raw materials, supported by our targets in
thisarea
Short/medium
term
We offer Trench, Cashmere and Leather Refresh services
globally and continue to expand these initiatives
Short/medium
term
Development of new
products or services through
research and development,
and innovation
We are currently funding a two-year research project with
HKRITA to design a post-consumer leather goods recycling
system. Read more about this project in the Environmental
and Social Responsibility section on page 67
Short term
Markets
Access to new markets In FY 2022/23 we began a handbag rental trial with Cocoon
and are planning to launch a product rental service with the
UK’s leading fashion rental platform, My Wardrobe HQ
Short term
See more on our circularity initiatives in Product, page 54 Short/medium
term
Resilience
Participation in renewable
energy programmes and
adoption of energy efficiency
measures
We are currently working with the Apparel Impact Institute
(AII) to implement the Clean by Design programme and
improve energy, water and chemical use at eight mills known
for producing high-quality textiles for luxury garments
Short/medium
term
Resource substitutes/
diversification
We continue to invest in a traceability solution, which will
enable us to better manage risks and opportunities
associated with our key raw materials supply chains
Short/medium
term
We recognise the potential impact of climate change, which remains a principal risk for the Group. While there are challenges
ahead, the Group is well positioned to both address these and capitalise on the identified opportunities, which will arise in the
transition towards a lower-carbon economy. Our Climate Positive ambition will be key in ensuring the Group’s resilience to the
potential impacts of climate change, supported by our wider Burberry Beyond strategy see Responsibility (pages 50 to 94) and
underpinned by ambitious targets, which are detailed in Metrics and Targets (see pages 30 to 35).
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Risk Management
Climate change has been identified as a principal risk
to Burberry see page 95 and has the potential to
impact our business in the short, medium and long
term as detailed on page 99.
The overarching approach to identifying
climate-related risks is the same as for all principal
risks and is described on page 97. Additionally for
climate-related risks, we have undertaken qualitative
scenario analysis since FY 2018/19 and a quantitative
scenario analysis since FY 2019/20 to support our
identification and understanding of such risks.
For each principal risk we have a risk management
framework detailing the controls in place and those
responsible for managing the overall risk and the
relevant mitigating controls. We monitor risks
throughout the year to identify changes in principal
risk profiles. Management of climate-related risks
is distributed throughout the organisation,
depending on where the risk resides. For example,
climate-related risks in relation to raw materials in
the supply chain are managed by our Sourcing team
responsible for buying commodities.
The cross-functional TCFD working group defined
the risk management methodology and approach for
identifying and assessing climate-related risks and
mitigating controls. Using scenario analysis, the
working group quantified climate-related risks to
Burberry and evaluated their size and scope. This
supported the working group in prioritising risks and
assessing the resilience of our business strategy to
potential climate-change impacts.
When sustainability and climate-related risks are
assessed, existing mitigating activities and controls
are highlighted and, where relevant and appropriate,
additional activities and controls are implemented
if risks fall outside of appetite. Progress against
these mitigating activities is assessed by the Risk
Committee and is subject to independent review by
Group Internal Audit as part of the annual audit plan.
During the year, the Audit Committee reviewed
the work performed by the TCFD working group,
including progress against the four TCFD pillars and
proposed disclosure.
Climate-related risks and opportunities are
continually monitored as part of our Enterprise Risk
Management framework. This allows us to evaluate
the relative significance of our risks based on their
likelihood and impact, and to prioritise accordingly.
The Group has also developed a risk platform, which
enables us to track our business objectives, including
those that create or protect financial, social,
environmental and reputational value.
We also monitor the environment for new and
emerging risks, and to keep abreast of evolving
regulatory requirements. We will continue to develop
our scenario analysis to improve our understanding of
these risks and opportunities and align our strategy
and actions accordingly.
Metrics and targets
We have a number of metrics and targets in place to
monitor and manage the most significant risks and
opportunities arising from climate change. These are
outlined in the tables on pages 105 to 109 and are
linked to the risks modelled as part of the scenario
analysis and the opportunities identified by the Group.
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Theme Metrics Targets
Physical risks
Water
Supply chain water management practices,
water intensity across supply chain sites in
absolute and relative terms, and water
risks based on the geographical area.
Our water risk assessment, which
incorporates the WWF Water Risk Filter,
considers physical risk, regulatory risks and
reputational risks.
Water scarcity, quality and flooding risk
details are collected by supply chain partners
and reviewed by Burberry against our water
conservation framework. Theframework
rates sites as red, amber or green and
identifies hotspots, which are defined as
sites in areas of high water stress. If these
risks are deemed to be high, Burberry
conducts specific risk assessments for the
site covering emergency and mitigation
plans, and water stewardship activities.
• Maintain regular assessment coverage of at least 80% of
our vendors and raw material suppliers
• We are aiming for zero water conservation hotspots by
2030 and monitor the percentage of products delivered by
supply chain partners rated as hotspots
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Theme Metrics Targets
Policy
GHG emissions
GHG emissions across scopes 1, 2 and 3. GHG emissions reductions:
• Burberry committed to reduce absolute scope 1
and 2 GHG emissions by 95% by FY 2022/23
from a FY 2016/17 base year and to maintain the
reduced level of emissions thereafter. Scope 1
and 2 progress for this year is 93%
• To reduce absolute scope 3 GHG emissions by
46% by 2030, from a FY 2018/19 base year
See our Responsibility KPI results on page 56
and our GHG emissions table on page 60
Renewable electricity:
• 100% renewable electricity across our
operational footprint by end of FY 2021/22.
Thistarget has been achieved and maintained
See our results on page 60
These metrics and targets also support the Resource
Efficiency and Energy Source opportunity areas.
Sustainability
Bond
Our Sustainability Bond proceeds are allocated across
three categories outlined in the Framework as
Eligibility Criteria:
• Green buildings
• Environmentally sustainable management of living
natural resources and land use
• Pollution prevention and control (including waste
prevention, waste reduction and waste recycling)
This metric also supports the Resource Efficiency
opportunity area.
• We aim to allocate the full use of proceeds from
the Sustainability Bond to these three categories
and are on track to do this by 2025 when the
bond matures
Remuneration
• The remuneration of our Executive Directors is partly
linked to our progress in building a more sustainable
future, including progress towards the Group’s climate
goals. More details of this are set out in the Directors’
Remuneration Report on pages 200 to 245
• We have included environmental and social KPIs
into personal objectives for our senior leaders,
which also form part of the corporate bonus.
• Building on this, in FY 2023/24 we are introducing
specific sustainability metrics linked to our ambition
to become Climate Positive by 2040 to the annual
corporate bonus plan for the wider workforce. We
believe that cascading sustainability targets represents
an invaluable opportunity to drive the cultural evolution
necessary to achieve our long-term goals.
• In FY 2022/23, 10% of the annual bonus for
Executive Directors was linked to KPIs on our
scope 3 GHG emissions and Diversity, Equity
andInclusion goals
Strategic Report | Task Force on Climate-related Financial Disclosures
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Theme Metrics Targets
Market
Product and
sustainable
raw materials
• Percentage of traceable and certified
materials
• Total number of products refreshed using
our aftercare offer. See Product on page
54 for further details on our ambitions
around circular business models
• % share of low-carbon materials
procured for use in Burberry products
• % of low-carbon products produced.
Thisis based on products manufactured
at vendors where we achieved GHG
emissions reductions. Details are
available in our CDP Climate disclosure
100% of key raw materials in our products to be certified.
This includes:
• Source 100% certified recycled nylon* and recycled
polyester* by FY2029/30, where nylon or polyester is the
product’s main material
• Source 100% certified wool* by FY 2029/30, supporting
certifications that uphold the highest animal welfare standard
• Source 100% certified organic cotton* by FY 2029/30
which holds environmental and social benefits and is traced
through our supply chain via a chain of custody. This builds
on our target to source 100% of our cotton more
sustainably by end of FY 2021/22. For details of our
FY 2022/23 results, see page 51
• Source 100% of our leather* from certified tanneries by
FY 2029/30, with environmental, traceability and social
compliance certificates. For details of our FY 2022/23
results, see page 51
* Where the material referred to is the product’s main material.
These metrics and targets also support the Product and
Services opportunity area.
Reputation
Consumer
sentiment
Burberry monitors consumer perception
metrics on the extent to which Burberry is
considered a socially responsible brand.
We are committed to continued
participation in CDP, FTSE4Good Index,
MSCI and Sustainalytics indices
• N/A
Due diligence
Liability
Burberry monitors activity across its supply
chain in line with its Responsible Business
Principles, which includes its Global
Environmental Policy. Key metrics include:
• Number of supply chain audits and
engagement visits conducted
• Supply chain chemical management
assessment results
• Effluent testing results(available on
Burberryplc.com)
• N/A
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Strategic Report | Task Force on Climate-related Financial Disclosures
Setting and monitoring targets is key to driving
progress towards our Burberry Beyond strategy
and we have an extensive range of KPIs focusing
on our four pillars of Product, Planet, People and
Communities. These KPIs are integral in ensuring we
both build a better world for the next generation and
safeguard the long-term success of our business. See
our Responsibility Data Appendix on Burberryplc.com,
which includes further details on how we monitor
performance in this space and the latest KPI data. We
have also considered the cross-industry climate-related
metrics and targets recommended by the TCFD and
will continue to develop metrics and targets in relation
to transition risks, physical risks and opportunities,
where they are deemed to facilitate comparability.
Our climate-related metrics and targets cover renewable
energy procurement and GHG emissions reductions
across scopes 1, 2 and 3. Burberry has appointed
PricewaterhouseCoopers LLP (PwC) to provide
independent limited assurance over selected KPIs as part
of our Responsibility strategy, as well as key metrics
reported in our GHG table. KPIs subject to assurance by
PwC are denoted with a ^ throughout this Annual Report.
Our GHG emissions reduction targets are approved
as science based by the SBTi:
• To reduce absolute scope 1 and 2 GHG emissions
by 95% by FY 2022/23 from a FY 2016/17 base
year and maintain 95% emissions reduction
• We reduced absolute scope 1 and 2 GHG emissions
by 93% from our FY 2016/17 base year. We have
therefore not met our target this year, however,
we will continue to identify the energy efficiency
opportunities required to reach and maintain our
95% reduction target in FY 2023/24. We also
continued to ensure 100% of our electricity was
sourced from renewable sources
• To reduce absolute scope 3 GHG emissions by 46%
by FY 2029/30 and by 90% by FY 2039/40 from a
FY 2018/19 base year
• In FY 2022/23, we reduced our absolute scope 3
emissions by 11% from the previous year
(FY2021/22), and by 40% since our FY 2018/19
base year
• Independent limited assurance has been obtained
by the Group over our FY 2022/23 reduction in
scope 3 emissions from a FY 2018/19 base year,
as we progress towards our Science-Based
Target. The assurance report is available on
Burberryplc.com
In addition, we have a number of internal targets to
achieve our Climate Positive and Net-Zero Roadmap with
accountability sitting with relevant Executive Committee
members. Looking ahead, we are committed to reviewing
and refining these internal targets as required.
Reporting
We align our reporting on climate-related metrics to
recognised standards, including the GHG Protocol, The UK’s
Streamlined Energy and Carbon Reporting and the TCFD.
In line with the Large and Medium sized Companies and
Groups (Accounts and Reports) Regulations 2008 as
amended by the Companies Act 2006 (Strategic Report
and Directors’ Report) Regulations 2013, our GHG
emissions are set out on page 60.
In recognition of the importance of the TCFD and
Sustainability Accounting Standards Board (SASB) being
key Environmental, Social and Governance reporting
frameworks for our stakeholders, we continue to produce a
SASB-aligned disclosures report, which is available within
our Responsibility Data Appendix on Burberryplc.com.
As part of the development of our transition plan, we have
baselined the Group’s current position and set our Climate
Positive by 2040 ambition (which can be found within
Planet on page 58). We will continue to monitor the
developments of the Transition Plan Taskforce to ensure
we align with its requirements.
Reflecting the importance of CDP as a gold standard
for environmental reporting with the richest and most
comprehensive dataset on corporate action on climate,
we have been reporting to CDP since 2010. In 2022,
Burberry was ranked by CDP in the Leadership band,
receiving an A for its climate change submission.
We recognise that meeting our climate-related targets is
dependent on collective action. Foremost are countries
implementing their Paris Agreement-aligned commitments
and increasing them to more ambitious levels. Improving the
market conditions for clean energy supply, such as the rate
of installation of renewable electricity in many countries,
reducing costs and the availability of purchase power
agreements will help shift the rate of decarbonisation at
scale. We believe we have a role in helping to shape the
policy and regulation required and are working
collaboratively with partners, suppliers and other
organisations to achieve our ambition, including the United
Nations Global Compact, the Fashion Pact, The UN Fashion
Charter, RE100, Race to Zero and the Prince’s Trust
Accounting for Sustainability initiative.
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111

Strategic Report | Stakeholder Engagement
Stakeholder Engagement
Understanding our stakeholders and doing right by them is fundamental
to sustaining Burberry’s success in the long term.
The Board is aware of its obligations, both collectively
and individually, to promote the success of the
Company for the benefit of its stakeholders.
Ensuring regular, comprehensive engagement with
those stakeholders helps us to understand their
perspectives, values and insights. This knowledge
informs our decision-making and planning, and allows
us to deliver our strategy, conscious of the potential
impact of our actions.
Papers submitted to the Board for approval from
various areas of the business are required to outline
the impact on stakeholder groups to enable the
Board to have informed discussions before reaching
key strategic decisions.
Section 172(1) statement and statement
of engagement with employees and
otherstakeholders
In accordance with the Companies Act 2006 (the
Act) as amended by the Companies (Miscellaneous
Reporting) Regulations 2018, the Directors provide
this statement to describe how they have engaged
with and had regard to the interests of our key
stakeholders when performing their duty to promote
the success of the Company, under section 172 of
theAct.
Reflecting the importance of our stakeholders and
the impact they have on our strategy, reputation and
the Group’s long-term success, consideration has
been given to them throughout the FY 2022/23
Annual Report. The table on pages 116 and 117
identifies where further information can be found
on how the Board has engaged with our stakeholders.
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People
We are committed to attracting and retaining the best talent in an inclusive environment where everyone thrives.
Why they
matterto us
Our people are Burberry’s greatest asset. We believe that an engaged and motivated workforce is
essential to the growth of our business. We are committed to the professional and personal
development of ourpeople.
What matters
to them
• Career development
• Operational efficiency
• Wellbeing and flexible working
• Fostering a diverse, equitable and inclusive
culture
Board
engagement
Meaningful two-way communication between the Board and our workforce is crucial. How the Board
has engaged:
• The Global Workforce Advisory Forum
• Colleague surveys
• Holding and participating in global town halls
• For FY 2022/23 this included town halls in the
USA, Japan and Korea in which the Chair
participated in person
Customers
We serve our customer base through Burberry.com, directly operated stores, concessions and wholesale partners.
Why they
matterto us
Providing exceptional customer service and assistance is vital for any luxury brand. We aim to create a
cohesive experience, where our customers can engage with our brand, our product, our campaigns and
our people, in person and online.
What matters
to them
• Product innovation and newness
• Customer service and brand experience
• Addressing evolving customer habits and
changes in buying patterns
• Environmental and social impact
Board
engagement
Understanding our customers and what they are looking for is key to the success of our brand. How the
Board hasengaged:
• Customer insights provided through
presentations from our CEO and senior
management team
• Regular store visits, including visits
which formed part of strategy meetings
in October2022
• Personal customer experience across all of
ourchannels
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113

Shareholders
We are creating long-term sustainable value for our shareholders through the delivery of the Group’s refreshed strategy.
Why they
matterto us
It is important to develop an open and transparent relationship with our shareholders so they can make
informed decisions based on knowledge of our business and its strategy.
What matters
to them
• Capital gain through share price appreciation
and capital return via dividend
• Operation of the Capital Allocation Framework,
which included the quantum of the share
buyback programme
• Quality of governance
• Environmental, Social and Governance and, in
particular, climate-related strategies
• Profitability and business growth potential
Board
engagement
The Board benefits from the views of the investment community in its decision-making. How the Board
has engaged:
• Review of all shareholder communications,
including trading updates, results, the
Annual Report and Notice of Annual
General Meeting (AGM)
• AGM enables shareholders to directly engage
Communities
At Burberry, we have a longstanding commitment to operating as a responsible business and supporting our communities
through various programmes and initiatives.
Why they
matterto us
Caring for our communities is intrinsic to our Company values. We support The Burberry Foundation
(UK registered charity number 1154468) in creating long-term partnerships that drive positive change
in our communities and help build a more sustainable future through innovation.
What matters
to them
• Positively impacting the communities living and
working around us
• Employment within ourcommunities
• Increased focus on Environmental and Social
Responsibility initiatives
Board
engagement
As a global business, the Board recognises the importance of supporting our communities. How the
Board has engaged:
• Approval of donation to The Burberry
Foundation, which in FY 2022/23 was 1% of
Group adjusted profit before tax, for social and
community causes worldwide
• Receiving updates on how Burberry is
supporting communities through sustainability
initiatives and projects
Strategic Report | Stakeholder Engagement
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Strategic Report | Stakeholder Engagement
Partners
Our partners include our suppliers, companies, non-governmental organisations (NGOs), civil society groups and retail thirdparties.
Why they
matterto us
We build collaborative relationships with our partners and take pride in sharing knowledge and
expertise to find solutions and opportunities for innovation. We nurture close relationships with
members of our supply chain to drive social and environmental improvements.
What matters
to them
• Increased focus on Environmental and Social
Responsibility initiatives
• Driving collaboration and contributing to the
UN Sustainable Development Goals (SDGs)
Board
engagement
The Board recognises the importance of engaging with our partners to support our strategic goals.
How the Board has engaged:
• Supplier visits, which formed part of strategy
meetings in October 2022
• The Board receives regular updates on
sustainability-related matters in our supply
chain, including those related to climate change
• The Board reviewed and approved the
Transparency in Supply Chain and Modern
Slavery Statement
• The Audit Committee receives updates on
ethical audits across our supply chain
• Receiving updates on collaborations and
knowledge sharing with partners including
industry experts and peers. See page 91
for details of the organisations we are
working with
Governments
Governments influence long-term retail environments, environmental priorities, employment laws, trade and other business
matters, which impact Burberry.
Why they
matterto us
We regularly engage with governments in the countries and territories where we operate to understand
their concerns so we can seek solutions to shared environmental, social, economic and governance issues.
What matters
to them
• Industry/product policies such as taxes,
restrictions, trade and regulations
• Employment
• Increased focus on Environmental and Social
Responsibility initiatives
Board
engagement
As a global organisation, the Board is mindful of the impact local governments can have on our
business. How the Board has engaged:
• The Board is briefed on engagements with
governments. In FY 2022/23 this included
topics such astrade compliance matters,
corporate tax including tax compliance,
cross-border tax agreements and developments
in domestic and international regulations
• The Group Tax Strategy which includes
the Group’s approach to engaging with
tax authorities in the territories in which
we operate, is reviewed and approved
by the Audit Committee
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Strategic Report | Board Engagement
Board Engagement
The table below sets out where further information can be found on how the
Board has exercised its duties in accordance with Section 172 of the Act.
Section 172 responsibilities
Strategic Report Corporate Governance Report Burberryplc.com
a. Long-term results – the likely consequences of any decision in the long term
Business Model page 12 Report of the
Audit Committee page 190Chair’s Letter page 3
Chief Executive Officer’s
Letter page 7
Capital Allocation
Framework page 47
Investment Case page 14
Key Performance
Indicators page 30
Risk and Viability Report page 118
b. Our workforce – the interests of the Group’s employees
Business Model page 12 Chair’s Introduction page 155 Gender and Ethnicity Pay Gap Report
Purpose page 5
Division of
Responsibilities page 173
Environment and
Social Responsibility
Operational Risks page 131 Directors’ Remuneration
Report page 200
Environmental and Social
Responsibility page 50
Directors’ Remuneration
Policy page 212
Report of the Audit
Committee page 190
c. Our business relationships – the importance of developing the Group’s business relationships with suppliers, customers and others
Business Model page 12
Environmental and Social
Responsibility page 50
Stakeholder Engagement page 112
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Strategic Report | Board Engagement
Strategic Report Corporate Governance Report Burberryplc.com
d. Communities and the environment – the impact of the Group’s operations on our communities and the environment
Environmental and Social
Responsibility page 50 Responsibility
Climate Change Risks page 128
Task Force on
Climate-related Financial
Disclosures page 94
Communities page 82
e. Our reputation/our desire to maintain our reputation for high standards of business conduct
Environmental and Social
Responsibility page 50
Board Roles page 174 Transparency in Supply Chain and
Modern Slavery Statement
Other Governance
Disclosures and Tax
Governance Framework page 172
Planet page 56
Human Rights Statement page 78
Compliance Risks page 143
Non-Financial
Information and
Sustainability Statement page 48
f. Fairness between our shareholders – our aim is to act fairly as between members of the Company
Stakeholder Engagement page 112 Engagement with
Shareholders page 114
Directors’ Remuneration
Report page 200
Board Roles page 174
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117

Strategic Report | Risk and Viability Report
Risk and Viability Report
Risk management at Burberry supports value creation and protects existing
value. Our approach is to understand external and internal risks to Burberry,
quantify the value at risk, implement and monitor controls, and maintain
governance processes. This approach allows us to make informed decisions
about which risks to prioritise and the controls necessary to mitigate and
managethem.
Our approach to risk
Comprehensive risk management is essential to
effective decision making in executing our strategy
and delivering sustainable financial, environmental,
social and reputational value. We identify risks to our
strategic objectives and support the implementation
of mitigations to manage those risks within our
appetite. Risk assessments are formally updated,
documented and approved at least twice a year.
The Board is ultimately responsible for determining
the nature and extent of the principal risks that
impact our ability to achieve our strategic objectives
(the Group risk appetite), and challenging
management’s development and implementation of
effective systems of risk identification, assessment
and mitigation. The Board has delegated the
responsibility for reviewing the effectiveness of the
Group’s internal controls and risk management
arrangements to the Audit Committee. Ongoing
review of these controls is provided through the
Risk and Ethics Committees and supporting internal
governanceprocesses.
The Group Risk team (Group Risk) comprises risk
management, risk analytics, business continuity and
insurance. This team assesses and prioritises risks to
determine mitigating actions and to secure a more
resilient organisation. Group Risk also promotes
agility, by highlighting areas of control, which require
further investment, and supports the Group’s
incident response to urgent emerging challenges.
TheGroup Incident Management team is a senior
multi-disciplinary team established to manage global
incidents with significant impact on our business and
is chaired by our CEO.
Risk management activities are reviewed by Internal
Audit and other control functions, which provide
assurance to the Risk Committee, Audit Committee,
and Board, as described on page 145. In FY 2022/23,
we further developed our in-house predictive
modelling capabilities, which helped inform Board
discussions in October 2022 and March 2023.
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Risk appetite
We seek to protect the long-term value and
reputation of our brand, maximising commercial
benefits to support responsible and sustainable
growth within a defined risk tolerance.
We accept some risk in pursuit of growth through
brand elevation commensurate with our position in
luxury fashion.
We approve capital investment in strategic projects
and accept a moderate to high level of risk in our
dynamic pursuit of profitable growth through our
creativity and innovation, balancing a reasonable
return on capital with a proportionate level of
commercial risk within the approved Capital
Allocation Framework.
Complying with applicable laws and regulations and
doing the right thing are part of our culture and
underpin our strategic ambition. In evaluating risks
and opportunities, we prioritise the interests and
safety of our customers and our people.
Our principal risks
The Board considers principal risks to be the most
significant risks faced by the Group, including those
most material to our performance and those which
could threaten our business model or the future
long-term solvency or liquidity of Burberry. The Risk
Committee, Audit Committee and Board approve the
risk positions, movements and outlooks for each of
the principal risks at least twice a year. Where any
risks are outside of tolerance, we put additional plans
in place to mitigate the risk exposure within a
reasonable timeframe. The principal risks do not
comprise all the risks associated with our business
and are not set out in priority order in the Annual
Report. We conduct horizon scanning to identify
additional risks not known to management, or
currently deemed to be less material, which may also
have an adverse effect on our business.
Our risk framework is structured using the following
categories of risk: External, Strategic, Operational
and Compliance. Each principal risk is linked to one of
these categories and may impact one or more of our
strategic priorities. Climate change has been included
in our strategic risk category for FY 2022/23.
Risk Management Approach
Audit
Provide assurance over
the previous steps
Key milestones
Understand key milestones
in Burberry’s strategy
Internal risks
Identify internal risks to
keymilestones
Controls
Identify investments required
to manage risk exposure to
within risk tolerance
External risks
Risks that could impact
Burberry’s ambitions and objectives
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Strategic Report | Risk and Viability Report
Review of principal risks
We have reviewed and updated the Group’s principal
risks, descriptions, risk ownership, tolerance levels,
associated risks, and mitigating actions. This review
has resulted in the revision of our Business
Interruption principal risk to incorporate pandemic
risk and the separate categorisation of a Supply
Chain principal risk. We have revised our Global
Chinese Consumer Spending principal risk to be
included under a new principal risk of Global
Consumer Demand to better align to our global
strategy. The UK withdrawal from the EU has been
incorporated into Regulatory risk and Ethical/
Environmental standards.
For each principal risk, we have assessed the level
of risk compared to the previous financial year and
discussed the risk outlook for the year ahead with
the business risk owners.
Our reviews of and changes to principal risks are
approved by the Risk Committee, Audit Committee,
and Board. The business has implemented a new
reporting tool to monitor the risk movement and
outlook of principal risks as well as the status of
controls and mitigating actions.
Business continuity and insurance
Our risk management integrates business continuity
and insurance. Risk controls are considered when
setting our insurance strategy to assure efficient
insurance cover.
Our business continuity approach focuses on critical
risks and controls, enabling the business to prioritise
resources and investment in the processes, which are
essential to business operations. Risk scenarios are
simulated with the Group Incident Management
team to plan a response to the materialisation of
significant risks.
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Strategic Report | External Risks
Risk movement and outlook
The risk has increased since last year. The outlook
remains uncertain as we continue to see disruption
to the macroeconomic environment following
escalations in geopolitical tensions. Changes in
the geopolitical environment and the impact on
the global economy are difficult to predict. Our
global operations and strategy support our ability
to adapt and respond.
Link to strategy
Volatility in the external environment could
impact our overall financial performance and
ability to operate in and/or trade with individual
countries or regions.
Risk tolerance
We recognise external factors can be more difficult
to mitigate as they are often outside our control.
This requires us to be resilient, while retaining
the agility required to respond effectively.
Macroeconomic and geopolitical uncertainty
The Group operates in a wide range of markets and is exposed to changing
economic, regulatory, social and political developments, which may impact
consumer demand or affect our supply chain and manufacturing, and therefore
our profitability. Adverse macroeconomic conditions or country-specific crises,
such as natural disasters, global health emergencies or civil unrest, may significantly
impact our markets and our ability to operate.
Examples of risks
• Rising inflation in a supply chain, business
operations and consumer context increasing
production costs and reducing consumer
discretionary spending on Burberry products
• Recession or low economic growth in a significant
market for Burberry
• Rapidly changing market sentiment caused by
international crises, leading to uncertainty in the
economic outlook for the luxury sector
• Global health emergencies affecting the economies
of countries and regions where Burberry operates
• Increased customs and duty charges resulting from
international trade disputes
• International trade or operational restrictions
• Interest rate rises on financial products, raising the
cost and reducing the availability of capital for
investment opportunities
1.
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Strategic Report | External Risks
Actions taken by management
• Burberry’s strategy supports an agile response to
macroeconomic and political changes
• Burberry continues to operate its strategy by
leveraging its brand appeal and global reach across
multiple customer segments and regions to
mitigate reliance on a particular customer group
ornationality
• Group Risk and Finance teams monitor the
macroeconomic environment at regional level to
model the outlook for the luxury industry in
Burberry’s key operating regions. Burberry
combines this modelling with specialist external
consultant group expectations for the industry to
inform growth ambitions
• Burberry performs scenario analysis for
macroeconomic and geopolitical uncertainties to
support financial planning and analysis
• Macroeconomic, political, regulatory and social
changes are monitored by Group Risk, Strategy,
Legal, Commercial and Finance teams
• Group Risk and Group Strategy perform horizon
scanning for emerging political and economic risks
• Burberry continues to assess shifts occurring in
the industry and in consumer preferences to
ensure our plans are dynamic and responsive to
themarket
• Our coordinated cross-function, cross-region
Group Incident Management team and supporting
operational groups perform training and planning
to prepare for leading the Group-level response to
global or regional disruption from macroeconomic
and political events
• Burberry always prioritises the safety and
wellbeing of its people and customers when
responding to political or economic disruption
• Burberry balances reputational, environmental,
social and financial value when considering
growthopportunities
• We monitor worldwide retail and wholesale pricing
to assess opportunities for price rises to offset
inflation and higher costs
Macroeconomic and geopolitical uncertainty continued 1.
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Risk movement and outlook
This risk has increased since last year following
increased volatility in the macroeconomic and
geopolitical environment. The outlook for this
risk remains uncertain.
Link to strategy
Volatility in foreign exchange rates could impact
our regional revenues, costs, investments and
overall financial performance.
Risk tolerance
Burberry mitigates some of the transaction
foreign exchange risk arising from third-party
purchasing through the netting of cash flows,
but does not use financial products to mitigate
foreign exchange risk relating to sales to its
overseas retail operations or the translation of
sales by its overseas subsidiaries.
Foreign exchange
Volatility in foreign exchange rates could have a significant impact on the Group’s
reported results. Burberry is exposed to uncertainty through foreign exchange
movements. Major events in the macroeconomic and geopolitical environment
could impact foreign exchange rates, which in turn would have ramifications for
the Group’s reported results.
Examples of risks
• Burberry operates on a global basis and earns
revenues, incurs costs and makes investments in a
number of currencies. Burberry’s financial results
are reported in sterling. Most reported revenues
are earned in non-sterling currencies, with a
significant proportion of costs in sterling.
Therefore, changes in exchange rates, which are
driven by multiple factors, such as global economic
trends, could impact Burberry’s revenues, margins,
profits and cash flows
Actions taken by management
• Burberry hedges some external purchases of
goods and some intra-group balances using
financial instruments
• Burberry monitors the overall impact of unhedged
exchange movements and provides guidance to
shareholders if exchange rates move on a
quarterlybasis
2.
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Strategic Report | Strategic Risks
Risk movement and outlook
This risk has continued to increase amid ongoing
scrutiny of our brand and incremental regulation.
We expect the environment to remain complex
and we will continue to ensure our processes and
resources are applied appropriately to manage
the risk.
Link to strategy
All strategic pillars.
Risk tolerance
Protecting and elevating our brand safeguards
our licence to operate and is fundamental to the
success of our business. We have a low risk
tolerance supported by processes and controls
to avoid or mitigate any reputational risk or loss
of brand heat where possible.
Image and reputation
We invest in building trust in our brand and protecting our image and reputation
globally. Unfavourable incidents, unethical behaviour or negative media coverage
relating to the Group’s people, practices, products or third-party suppliers could
damage the Group’s image and reputation, potentially lead to a slowdown in sales
as well as a loss of customers, and negatively impact the value of our brand.
Whileinternal enhancements continue to be made to protect Burberry’s image
and reputation, we operate in an increasingly complex and volatile external
environment and scrutiny of our brand is high. As such, the risk to our brand
iselevated.
Examples of risks
• Unethical behaviour on the part of individuals or
entities connected with the Group
• Regulatory non-compliance and failure to comply
with our Code of Conduct
• Failure to understand social issues and to
respect cultural sensitivities around product and
marketing content
• Failure to meet consumer expectations of the
luxury industry for sustainability and implement
proactive measures to address climate
changeimpacts
• An organisation, association, celebrity, influencer,
collaborator or model associated with Burberry
becoming involved in a reputational incident
• Failure of our people or those acting on Burberry’s
behalf to adhere to Burberry’s Model Wellbeing
Policy
• Alleged infringement or appropriation of
third-party rights in connection with the
production of content and design of product
• Suppliers or partners not respecting the Group’s
Responsible Business Principles
• Unfavourable or erroneous media coverage or
negative discussions on social networks about
the Group’s products, content or practices
3.
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Image and reputation continued3.
Strategic Report | Strategic Risks
• Renewal of Cultural Advisory Council members
• Codified Incident Management Policy, monitoring
of social networks and response procedures
• Due Diligence Policy in place in connection with
retention of talent and partners
• Training and monitoring of adherence to Burberry’s
Model Wellbeing Policy for all people who engage
with models on Burberry’s behalf, including
employees, freelancers, casting agents, contractors
and third parties
• Burberry teams work with Models Trust to
gather survey data from models on their
experience working at Burberry castings, shows
and campaigns to further inform our policies
andprocesses
• Training and monitoring of adherence by personnel
to the requirements of our Code of Conduct
• Continued development of our global Diversity,
Equity and Inclusion strategy as well as the
widening of our Internal Diversity, Equity and
Inclusion Council membership to support
itsimplementation
Actions taken by management
• Oversight of mitigation of reputational issues by
the Ethics, Risk and Audit Committees
• Supplier audits and supplier training programmes
are completed by our Corporate Responsibility
team to ensure compliance in day-to-day
operations and compliance with the Group’s
Responsible Business Principles
• Group Risk reviews and monitors reputational risks
and mitigation plans across the business, providing
assurance for Audit and Risk Committees through
risk registers and deep dives
• Our Marketing, Brand Protection, Corporate
Relations, Legal and Health and Safety teams
perform risk assessments and document risk
registers ahead of all campaigns, runways, events,
and experiences. These include assurance of
alignment to Burberry’s Global Diversity, Equity
and Inclusion, Global Health and Safety, and Model
Wellbeing Policies, as well as our commitments to
sustainability and Burberry’s heritage.
• Our Corporate Responsibility team provides
support and guidance on sustainability and ethical
practices throughout the organisation via
partnerships with relevant teams. These include
Marketing, Store Architecture, Supply Chain and
Sourcing, and Product Development
• Quality Control and Product Engineering teams
review product to ensure they meet Burberry’s
quality requirements and comply with all applicable
regulatory, chemical and safety standards
• Review process in place for engagements with
collaborators, influencers and/or celebrities
• Continued enhancements to our approval
processes and editorial controls to ensure all
product and external content is reviewed and
signed off prior to external release
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Risk movement and outlook
Global Consumer Demand is a new risk for
FY 2022/23, incorporating the previous Global
Chinese Consumer Spending principal risk.
Despite headwinds from geopolitical tensions,
elevated levels of inflation, reduced Gross
Domestic Product (GDP) growth and COVID-19
continuing to impact key regions, the luxury
industry held up well during FY 2022/23.
The outlook for the luxury industry is positive.
Burberry’s creative transition supports global
growth opportunities and the key pillars of
Burberry’s strategy. Burberry remains
responsive to factors that could impact demand
for Burberry products.
Link to strategy
All strategic pillars
Risk tolerance
Burberry operates a global strategy that is
underpinned by the creation of innovative product,
requiring Burberry to adapt to changes in consumer
demands and preferences. To maximise growth
opportunities, we recognise the need to take a
moderate level of risk in our exposure to changes
in preferences on the part of consumer
nationalities and socio-economic groups.
Global consumer demand
Global consumer demand for Burberry’s creative and innovative products is
subject to influence by external factors, including economic, regulatory and social
or political disruption, which could alter regional spending and consumer
preferences for the consumption of luxury products.
Burberry’s product design, quality and range of product offerings combined with
the effectiveness of marketing and customer service channels impact demand for
Burberry products.
Inability to offer a global assortment of luxury products that appeal to consumers in
key luxury markets or nationalities would impact the Group’s revenue and profits.
Examples of risks
• Inability to offset a loss or significant demand
changes in a key current luxury market or group of
consumers, for example Mainland China
• Strong luxury market growth and/or dominance by
a particular region, increasing geographical
concentration risk
• Regional market growth and financial performance
does not meet the expected return on investment
either in magnitude or in timing
• Failure to identify new growth opportunities in new
regions, channels or product lines. For example,
inability to capture additional consumer spend
resulting in lost sales opportunities in these markets
• Failure to adapt our product and creative offering
to emerging consumer preferences and changing
demographics causing a deterioration in brand
desirability. This includes changes to consumer
demand for luxury, digital offerings, online delivery,
sustainable materials, circular business models and
other emerging consumer preferences
• Inefficiency or ineffectiveness of customer
services, e-commerce and fulfilment to deliver a
positive luxury customer journey
• Product, marketing quality, design or our range of
offerings does not meet consumer expectations or
respond to local cultural sensitivities in key markets
4.
Strategic Report | Strategic Risks
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• Burberry’s Corporate Relations team provides
training on Burberry policies and procedures
to the Group’s Creative teams to mitigate image
and reputational risks as detailed on page 124.
Thisincludes the involvement of Legal and
Brand Protection in the key review stages of a
newcollection
• Burberry prioritises investment in quality materials,
manufacturing, product development and
technology to create durable, long-lasting products
• Burberry invests in regional expertise in customer
services, e-commerce technology, visual
merchandising and marketing to create in-store
and online experiences for customers, which
enhance the desirability of Burberry products
Actions taken by management
• The Group’s strategic plan aims to balance regional
concentration exposures with growth opportunities
• Burberry’s Group Strategy and Group Risk teams
regularly consult with industry specialists to
discuss emerging risks and consumer preferences
in the luxury industry, market outlook, and
opportunities for growth
• Expansion of the Group’s product offering and
services to widen its target consumer base
• The Group’s global strategy provides flexibility to
reallocate inventory to another region following
regional disruption or reduced demand
• Close monitoring and regular reporting of return on
investment and performance at regional and
storelevel
• Commercial, Strategy, Digital and Merchandising
teams work closely together to identify emerging
trends, new growth areas and/or demand changes.
Collaboration supports Burberry to align product
design, investments, technology and campaigns to
strategic growth ambitions
• Burberry’s Regional teams provide input to Central
Merchandising and Design teams on international
product preferences and customer feedback to
guide product design and category offerings
• Careful management of the balance of new product
design versus carry-forward of core products
Strategic Report | Strategic Risks
Global consumer demand continued4.
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Risk movement and outlook
Physical risk movement and outlook:
The aggregated physical risks and impacts of climate
change on the business continues to increase.
DuringFY 2022/23, several episodes of extreme
weather including flooding, droughts and new
temperature records were reported. Without
significant global mitigation efforts from government,
businesses and their value chains alongside
collaboration from wider industry and civil society,
the effects are predicted to increase year on year
and cause irreversible impacts.
Transitional risk movement and outlook:
Transitional risks have continued to increase in
significance since last year with more stringent
environmental standards and greater customer
expectations for businesses in the luxury industry
to transition to sustainable operations and reduce
contributions to climate change. This trend is
expected to continue. The business will continue
investment to support these regulatory standards
and customer expectations aligned to its
climatetargets.
Link to strategy
Our values and our approach to sustainability support
our seamless execution strategic pillar. Our Climate
Positive by 2040 target is part of our ambition to be an
industry leader in responsible and sustainable luxury,
and to deliver long-term value for our shareholders.
Keymilestones include reducing our absolute scope 3
emissions by 46% against a 2019 baseline by 2030,
andneutralising our residual emissions.
Risk tolerance
We have a low tolerance to business disruption and
reputational damage from climate change. We are
dedicated to achieving our Climate Positive by 2040
ambition and building resilience in our operations and
supply chain.
Climate change
The success of our business over the long term will depend on the social and
environmental sustainability of our operations, the resilience of our supply chain
and our ability to manage any potential climate change impacts on our business
model and performance. As the global climate crisis becomes more critical,
werecognise the importance of addressing long-term sustainability challenges
and potential impacts of climate change on our business in reputational,
operational compliance and financial terms. Failure to implement appropriate
cross-functional action plans and strategies, such as incorporating the
recommendations of TCFD and our Climate Positive by 2040 ambition, could
hinder mitigation of long-term climate risks and our ability to future-proof
ourbusiness.
5.
Strategic Report | Strategic Risks
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Examples of risks
Physical risks
Acute
• Increased severity of extreme weather events,
from floods to droughts, could cause disruption to
our operations and supply chain; impact our
business model; and affect the sourcing of raw
materials, as well as the distribution of our
products. Acute physical risks are already occurring
and are expected to happen more often and with
greater severity
Chronic
• Our industry is sustained by many agricultural
and manufacturing communities around the world.
Longer-term shifts in climate patterns and loss
of biodiversity caused by changes in precipitation
patterns, rising mean temperatures and rising
sea levels could cause social, economic and
operational challenges. Chronic physical risks
are more likely in the long term
• Failure to address and mitigate these risks
could result in resource availability limitations
(for example, cotton and leather)
and disruptions to key business and supply
chainoperations
Transitional risks
Policy
• Increased regulation and more stringent
environmental standards, such as national or
international carbon pricing mechanisms, could
impact our business by affecting operational and
production costs and the flexibility of our operations
Market
• Consumer perception of the sustainability of luxury
fashion products, their materials and associated
GHG emissions may have an impact on consumer
behaviours and purchasing decisions. Failure to
meet consumer demand for more sustainable
products and services could threaten our
relationship with consumers and may result in a
loss of Group revenues
Reputation
• Failure of the luxury fashion industry to meet
expectations around sustainability could lead to
climate activism and threaten relationships with
employees, investors, regulators and interest
groups, which may result in a loss of Group revenues
Liability
• Litigation against activities, which drive climate
change, resulting in potential operating expenses
arising from fines, settlements and legal costs
Strategic Report | Strategic Risks
Actions taken by management
Physical risks
• To support our understanding of the impact of
climate-related risks on Burberry, in FY 2022/23
we further developed our scenario analysis to best
reflect our current understanding of how climate
change could impact the Group. This included
incorporating the latest scientific data on the
global impact of climate change when considering
physical risk impacts. The scope of our scenario
analysis includes three emissions pathways,
including a 1.5°C Paris Agreement aspiration
scenario. Further details of this can be found on
pages 94 to 97. Our climate-change scenarios
included specific analysis around the impact of
physical climate-related risks on our key facilities,
operations and supply chain
• As part of our Water Conservation Programme, we
continue to use the WWF Water Risk Filter to
evaluate and monitor the water resilience profile in
our operations and supply chain. This helps us to
identify current risks, anticipate potential future
strains on water resources, understand emerging
long-term risks, and prioritise water management
and efficiency opportunities
Climate change continued5.
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Climate change continued5.
Strategic Report | Strategic Risks
Transitional risks
• In FY 2022/23, we further developed our scenario
analysis to best reflect our current understanding
of how a transition towards a more sustainable
future might impact the Group. This included
building on the sophistication of our transition risk
modelling, which quantifies the impact of policy,
market, reputational and liability risks
• Realising our Climate Positive ambition not only
sets our strategic direction but also mitigates the
impact of transitional risks on the business. For
example, our sustainable raw material and
traceability targets enable us to lower our scope 3
emissions. This will enhance the sustainability of
our products and will be communicated to our
customers and stakeholders
• Through our membership of various industry
bodies, associations and external assurance
partners, we contribute to consultations and stay
informed of upcoming environmental legislative
changes
• Environmental sustainability matters are reported
to the Sustainability Committee, the Ethics
Committee, the Audit Committee and the Board
• In FY 2022/23 we published our latest
Responsibility strategy, Burberry Beyond, to focus
on four strategic priorities: Product, Planet, People
and Communities
• We are committed to shifting to more sustainable,
low-impact materials, and using our brand to
influence consumers and our industry peers to
reduce their environmental impacts. We have a
series of ambitious targets to achieve this aim, full
details of which can be found on pages 50 to 93
• We are mitigating transitional risks by focusing on
initiating circular concepts and business models
and continuing our commitment to a zero-waste
mindset across the business. We have a clearly
defined waste hierarchy and set targets and KPIs
that cover operational, manufacturing and finished
goods waste as well as packaging. These targets
and KPIs are a key component of our Climate
Positive ambition and roadmap
Physical risks continued
• Burberry is committed to reducing its GHG
emissions as set out in our Climate Positive by
2040 commitment. Our targets have been
validated by the SBTi and are in line with a 1.5°C
degrees pathway and the SBTi’s Net Zero
Standard. We will disclose our progress towards
these on an annual basis to ensure full
transparency to stakeholders, including our
customers
• We support a number of industry initiatives which
address climate change impacts, including the
British Retail Consortium’s net-zero commitment,
RE100, Race to Zero, the UN Fashion Industry
Charter for Climate Change, The Fashion Pact,
LEAF, and Accounting for Sustainability
• The Burberry Regeneration Fund was established
in 2020 to support a portfolio of verified carbon
projects, which enable Burberry to compensate and
store carbon, promote biodiversity, facilitate the
restoration of ecosystems and support the
livelihoods of local communities
• We invest in programmes that help to sustain our
industry and supplier communities, specifically
initiatives that support socioeconomic development
in remote communities
• We also educate employees on various
sustainability-related topics through frequent
engagement, focused events, strategic
communications and volunteering opportunities.
See Our Responsibility Approach on page 87 for
further details
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Risk movement and outlook
This risk remains a priority. It is subject to
complex macro factors, which have led to an
increase in the level of risk over the last
12 months. Attrition has been stable and aligned
to pre-pandemic levels throughout the last
12 months, and we have maintained high levels of
engagement; however, the pressures of cost-of-
living increases together with strong labour
markets increase the risk related to attracting
and retaining colleagues.
Link to strategy
Inspired People is a key element
of our seamless execution strategic pillar.
Thesuccessful delivery of our strategy relies on
our ability to engage and inspire our people to
deliver outstanding results for the Group.
Risk tolerance
We have a low tolerance for risk related to our
people and prioritise investment in Diversity,
Equity and Inclusion and wellbeing under our
People strategy.
People
Inability to sustain a culture based on our purpose and values, and failure to
attract, motivate, develop and retain our people so they perform to the best of
their ability and help us meet our strategic objectives.
Examples of risks
• Loss of critical talent/knowledge or unmanageable
levels of attrition heightened by continued
economic uncertainty
• Failure to attract, build and retain the required
capabilities throughout the organisation
• Inability to sustain a culture based on our purpose and
values, supporting our people to reach their potential
• Reduced physical and mental wellbeing of our people
• Failure to manage change to meet the needs of
ourpeople
• Failure to attract and retain a workforce that is
reflective of our Diversity, Equity and Inclusion
targets
6.
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Actions taken by management
Leadership and culture
• All leaders have leadership and Diversity, Equity
and Inclusion objectives included in their goals.
Executive Committee members are accountable for
attracting and retaining diverse talent and
fostering an inclusive culture
• During FY 2022/23, we maintained focus on
embedding our Leadership Standards across the
organisation. These standards bring to life our
purpose and values with tangible examples for both
people leaders and colleagues
• Throughout the year, we sourced in-the-moment
feedback from our colleagues. During FY 2022/23
we hosted two Company-wide surveys with our
provider, Glint. Our first survey focused on
colleague engagement and the second on our
culture. Results demonstrated that employees
remained very engaged, had a strong connection
with the brand and felt supported by their leaders
• We foster an inclusive culture where all employees
feel connected to their work
• We empower and equip leaders to lead
throughchange
• We engage employees through our ongoing
commitment to corporate responsibility and
embedding our Environmental, Social and
Governance ambitions across the business and
the Group’s Responsible Business Principles
Strategic Report | Operational Risks
People continued6.
Talent and careers:
• Strengthened capabilities and enhanced our
approach to talent management throughout
theorganisation
• Scaled learning opportunities for all our people
through enhanced self-directed digital content
• Maintained rigorous processes to identify and
engage high-potential talent and support
succession planning
• Enhanced performance management through
refined processes and systems, elevated support
materials, and increased communications and
leader touchpoints
• Further interview training cascaded to ensure an
equitable recruitment experience
Reward and recognition
• Simplified our retail commission and incentive
schemes to drive performance and business results
• Deployed an in-the-moment feedback tool to
recognise and share gratitude between colleagues
• Maintained a pay-for-performance culture
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Colleague experience, including wellbeing and
employee relations
• Refreshed both the Summer and Festive
Programmes to focus on Burberry’s
wellbeingoffering
• Maintained our Wellbeing Days to provide all
colleagues with paid time off to focus on wellbeing
• Launched new inclusive policies and support,
including a global portal to help colleagues who
experience domestic abuse, in addition to a
Bereavement Policy and a menopause support site
• Continued our partnership with Headspace,
providing free access for all colleagues to its
award-winning mental health app. The partnership’s
goal is to support all colleagues in forging habits
that benefit their mental health. Wealso launched
the Flow app for our colleagues in Mainland China
and the Calm app for our colleagues in Japan and
South Korea
• In our bid to become a period-positive workplace,
we launched a pilot with TOTM to provide free
period products for our colleagues in our
headquarters in London, Leeds (Queen Street),
Castleford and Blyth. Our aim is to roll this out to
further Burberry locations
• Following the launch of our Menopause Guidance
last year, we announced our new partnership with
BUPA, which offers tailored support plans for
anyone experiencing menopause symptoms in
theUK
• We launched a Resolution Hub, for colleagues,
alongside a Resolution Framework, which enables
us to sustain an open and honest culture where
colleagues can raise concerns proactively. The aim
is to encourage early effective resolution
Diversity, Equity and Inclusion
• We hosted our first global Diversity, Equity and
Inclusion Conference where we discussed how we
achieve gender balance and leadership ownership
of diversity, equity and inclusion matters to further
build a culture of innovation and inclusion
• We conducted an internal audit of our Diversity,
Equity and Inclusion practices. The results of the
audit informed our 2023 strategy and helped to
shape our People agenda
• Employee Resource Groups (ERGs) continued to build
in strength and momentum, connecting colleagues
across key diversity themes to support an inclusive
culture across all parts of our organisation
• Regional and functional Diversity, Equity and
Inclusion working groups deployed action plans to
attract and retain diverse top talent, foster an
open and inclusive culture, and educate and
raiseawareness
• Our Cultural Advisory Council engaged directly with
colleagues through In Conversation sessions
• In FY 2022/23, we offered global training across
the business, including online learning modules and
a Demonstrating Allyship workshop. Across the
business 90% of colleagues have completed
episode 1 and 96% of colleagues have completed
episode 2
People continued6.
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Risk movement and outlook
This risk is assessed to remain heightened as a
result of the continued elevated global cyber
threat during the year.
Link to strategy
Having a cyber-risk-aware workforce and
resilient technology landscape is integral to
delivering our strategy.
Risk tolerance
We adopt a focused risk-based approach to
cybersecurity and data loss through the use
of technology, processes and wider business
controls to help mitigate our exposure to
key cyber threats.
Loss of data or cyberattack
A cyberattack results in a system outage, impacting core operations and/or
results in a major data loss leading to reputational damage and financial loss.
Acyber-risk-aware workforce and the Group’s technology environment are
critical to success. A robust control environment helps decrease risks to core
business operations and/or major data loss.
Examples of risks
• Malware resulting in a loss of system control
causing business disruption and/or major data loss
• Attack on a service provider, supplier or wholesale
customer leading to data loss and/or disruption
• A social engineering attack attempting to exploit
human error to gain access to Company systems,
resulting in data loss or manipulation of Burberry
or customer data
• Ransomware attack causing business disruption
and/or major data loss
• Credential compromise of customer or employee
accounts leading to business disruption and/or
major data loss
• Personal and/or sensitive data loss or disclosure
leading to regulatory fines and/or reputational damage
• Compromise or misconfiguration of externally
facing assets causing business disruption and/or
major data loss
• Fines or business disruption due to failure to
comply with EU General Data Protection
Regulation (GDPR) and/or equivalent applicable
data protection legislation globally
7.
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Loss of data or cyberattack continued7.
• Implementation of solutions to help detect personal
and sensitive data loss with improved control over
user access management
• Testing of responses to cybersecurity incidents
through exercises and simulations
• Second line assurance checks reporting on control
effectiveness to Executive and IT management
• Third line assurance over cloud transformation
and enterprise IT security was completed in
FY2022/23
• In line with other organisations, Burberry
encounters information security incidents from
time to time and has policies, processes and
technologies in place to detect and respond to
these as appropriate
Actions taken by management
• Governance provided through a cross-functional
Cybersecurity Steering Group and separate Data
Privacy Steering Group with Executive membership
and sponsorship
• Cross-functional collaboration between Data
Protection, Legal, IT and Information Security
teams to help ensure policies are adhered to in
respect of the appropriate collection, security,
storage, retention and deletion of personal data
• Continued investment in information
securitycapabilities
• 24/7/365 security monitoring and analytics
capability supported by security incident
responseprocesses
• Information Security Advisory function to embed
security in new projects and initiatives
• Security training and awareness and phishing
tests rolled out to employees globally with
completion monitoring
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Strategic Report | Operational Risks
Risk movement and outlook
The risk level of business interruption remains,
although we continue to take appropriate steps
to mitigate such risks and demonstrate
resilience. We expect a heightened level of risk of
business interruption to continue for the
foreseeable future due to continuing instability in
the geopolitical landscape. While the risk of
COVID-19 has reduced globally, a resurgence and
associated restrictions would have the potential
to disrupt suppliers, manufacturers and markets.
Link to strategy
Our Product and Distribution strategic pillars set
out the framework for us to operate effectively
and efficiently. We harness Value Chain
Excellence to supply compliant products and
services of the highest quality to our customers.
Our ability to continually operate key sites and
factories to develop, manufacture, distribute and
sell our products is a key strategic priority.
Risk tolerance
We aim to minimise disruption to business
operations wherever possible. We will always
prioritise the safety of our people and customers
in the event of an incident.
Business interruption
Significant disruption to our operations caused by a wide range of events at a
country level, including changes in the geopolitical landscape, natural catastrophe,
pandemic or changes in regulations; or at a local level, such as fire, terrorism,
industrial action or quality control failures.
Examples of risks
• We operate three owned factories and a global
network of storage and distribution hubs. These
face typical property risks, such as fire, flood
and terrorism, which may disrupt operations
• A network outage preventing communication
across Burberry and our ability to operate
• Damage from an extreme weather event disrupting
manufacturing and distribution sites, impacting our
ability to fulfil orders, deliver inventory to stores
and run campaigns
• New regulation may prevent us from operating
within or trading with a key nation or with a
keysupplier
• A global health emergency occurs in a key market
or region, which significantly impacts the health of
our employees and their ability to operate
• Enforced government shut down of stores, offices
and/or other key locations
• Social unrest or industrial action at a key location
• Trade restrictions significantly preventing flow of
goods to and from key locations or regions
8.
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• Management has identified key business processes
as part of a Minimum Viable Company initiative and
is now working to further review, develop and test
associated business continuity plans
• A comprehensive insurance programme supported
by natural catastrophe modelling and insurance
optimisation studies is in place to offset the
financial consequences of insured events,
includingfire, flood, natural catastrophes and
product liabilities
• Burberry closely monitors emerging trade
regulations across all key markets and implements
appropriate actions to minimise potential
disruption to flow of goods
Actions taken by management
• Management has policies and procedures in place
designed to help protect the health and safety of
our employees and respond to major incidents
• The Group continues to evolve its supply chain
organisational design to develop its manufacturing
base and reduce dependence on key sites and vendors
• A Group incident management framework is in
place to ensure that incidents are reported and
managed effectively at the appropriate level
• Prioritising our people, customers and
communities, we manage multiple incidents,
including fire, flood and weather-related issues or
interruptions in the regular running of stores,
offices and systems
• Our Global Incident Management team and
Regional Incident Management teams take part in
training and incident management exercises
involving large parts of the Group, our customers,
and our Corporate Communications function
• Business continuity plans are in place for our eight
main sites, including our three major distribution
centres, our two UK factories, and Burberry
Manifattura in Italy
• Our product suppliers and vendors are subject to a
quality control programme, which includes regular
site inspections and independent product testing
• Robust security arrangements are in place across
our store network to protect people and products
• The Group implements controls to help maintain
continuity of IT systems, including the evolution of
IT recovery plans, which would be implemented in
the event of a major failure. Plans tested during
the year were found to be effective
Business interruption continued8.
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Strategic Report | Operational Risks
Risk movement and outlook
Supply Chain has been separated from the
Business Interruption principal risk for
FY2022/23.
The risk outlook presents challenges from
geopolitical tensions, border delays, inflationary
pressures and increasing environmental
standards and regulations. The business has
aligned its strategic targets with addressing
these risks.
Link to strategy
Our Product and Distribution strategic pillars set
out the framework for us to operate effectively
and efficiently. We harness Value Chain
Excellence to supply compliant products and
services of the highest quality to our customers.
Risk tolerance
We have a low tolerance for risks to our end-to-
end supply chain, and we source from suppliers
and vendors who meet our required standards in
quality and ethics.
Supply chain
Inability to source raw materials, manufacture, procure and distribute finished
products on a timely basis at the required quality, quantity and cost from
suppliers and vendors who meet our standards in terms of quality and ethics.
Examples of risks
• An incident at a key manufacturing site or
distribution hub
• Burberry works with several specialist suppliers of
high-quality raw materials, which could be difficult
to replace quickly. Loss of access to these suppliers
could interrupt the delivery of core products or a
seasonal collection
• A serious product quality issue may result in a
product recall
• Socio-political tension, sanctions, countersanctions
and trade compliance challenges may impact the
effectiveness and efficiency of our supply chain
• Instability in the geopolitical landscape leads to
trade disruption between key countries resulting in
an inability to move product between countries or
significant delays across borders
• Poor supplier or vendor ethical practices resulting
in the termination of the relationship
• Failure of a supplier or vendor to deliver an order at
the required time, quality, cost or quantity
• A technology system outage preventing inventory
management information flow across the business
• Social unrest, global health emergency, extreme
weather or fire at any of our key suppliers, vendors
or distributors delaying the production and
transportation of finished goods
• Increased environmental standards and regulation
increasing production costs and/or requiring
diversification of supply chain
• Increased energy costs or decreased energy
availability increasing operating costs and/or
reducing operating capacity
• Raw material shortages resulting in delays to
production and/or reduced product availability
9.
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Strategic Report | Operational Risks
• Burberry operates an advanced inventory
management system supported by the Data
Science and Analytics, and Insight Group functions
to optimise inventory size and distribution through
demand forecasting and sales analytics
• We perform quality and quantity checks upon
receipt and dispatch of finished goods at our
distribution centres and retail stores
• The Group has a comprehensive insurance
programme covering our eight key sites. Natural
catastrophe modelling is completed by our
insurance brokers to quantify the risks of natural
disasters and the potential financial consequences
of insured events to inform our insurance strategy
Actions taken by management
• Business continuity plans are in place for our eight
main sites, including our three major distribution
centres, our two UK factories, and our Italian
manufacturing site Burberry Manifattura
• The Group continues to evolve its supply chain
organisational design to develop its manufacturing
base and reduce dependence on key sites, suppliers
and vendors
• The Group regularly reviews geopolitical risk and
ethical practices in the context of the supply chain
• Our Legal team performs horizon scanning for
regulatory risks impacting the supply chain in
collaboration with our Supply Chain and Corporate
Responsibility functions
• Our product suppliers and vendors are subject to a
quality control programme, which includes regular
site inspections and independent product testing.
We receive samples from all new vendors before
placing an order for a seasonal collection or
runwaycampaign
• All new vendors and suppliers are checked by our
Procurement and Corporate Responsibility teams
for compliance with regulation, geopolitical
exposures and ethical practices. All must abide by
the Group’s Responsible Business Principles
• Burberry provides training to vendors, suppliers
and employees on the Group’s Responsible
Business Principles and due diligence processes
• The Group is investing in a comprehensive
programme to implement traceability through the
supply chain to support the Group’s raw material
traceability targets and evidence for compliance
with emerging regulations. Assurance for the
programme is provided by our Internal Audit team
Supply chain continued9.
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Strategic Report | Operational Risks
Risk movement and outlook
The impact of this risk has remained the same,
with the likelihood remaining high. This is due to
the continued migration of services to new cloud
environments and the volume of business
transformation requiring new or evolved IT
services, which increases the potential risk of
system outages. Our focus remains on key
system upgrades and ongoing maintenance to
contribute to our security and resilience, while
supporting strategic business initiatives and
addressing key underpinning risks through
essential investment.
Link to strategy
All strategic pillars.
Risk tolerance
We adopt a focused risk-based approach to
investment in our IT operations to improve
functionality and help mitigate our exposure to
outages or IT system disruption.
IT operations
There is a risk that IT operations fail to provide or support critical processes
across the Group, including Retail and Digital, as well as Group functions, such as
Supply Chain and Finance.
Examples of risks
• Failure to provide technology platforms that meet
customer demands and support innovation could
result in failure to deliver the strategy and loss
ofrevenue
• Failure to provide stable and resilient technology
platforms that meet business demands across
retail and corporate sites could result in failure
to deliver the strategy and negatively impact
operations due to poor system performance and/or
system outages
Actions taken by management
• IT Portfolio Forum in place with Executive
representation to support IT investment decisions
and oversee delivery of prioritised IT programmes
and initiatives
• IT function has clear alignment between the IT
teams, the strategic pillars, business functions and
operations
• Implementation of controls to help maintain
continuity of the Group’s IT systems, including
evolution of IT recovery plans, which would be
implemented in the event of a major failure
• A tested Group incident management framework
is in place to report, escalate and respond to
high-impact events
• Further evolution of the IT operating model with
a Business Systems Platform function to elevate
the performance and security of core systems,
supported by a business-wide steering committee
• Elevated focus on key risks to support decision
making on operating budgets and investment
• External technology partner network and focused
delivery in line with current risk appetite and
strategic priorities
10.
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Strategic Report | Operational Risks
Risk movement and outlook
Management of this risk remains a key area of
focus to protect our IP rights. The likelihood of this
risk has been assessed to have remained stable.
Link to strategy
Protecting the integrity of the brand,
safeguarding and elevating its luxury position
and complying with applicable laws and
regulations underpin all our strategic pillars.
Risk tolerance
We have a low tolerance for risk in protecting the
integrity of the brand, asserting our IP rights and
ensuring due respect is given to the IP rights
ofothers.
Intellectual property and brand protection
Sustained breaches of Burberry’s intellectual property (IP) rights or allegations
of infringement by Burberry pose a risk to our brand. Counterfeiting, copyright,
trademark and design infringement in the marketplace could reduce demand for
genuine Burberry merchandise and impact the luxury positioning of the brand.
Failure to implement appropriate brand protection controls in connection with
our commitment to not destroy unsaleable finished products could negatively
impact the integrity and the sustained luxury positioning of the brand.
Examples of risks
• Counterfeiting, copyright, trademark and design
infringement in the marketplace can reduce the
demand for genuine Burberry merchandise and
impact revenues
• Unauthorised use of trademarks and other IP, as
well as the unauthorised sale of Burberry products
and distribution of counterfeit products, damages
Burberry’s brand image and profits
• Sophistication in counterfeiters’ ability to
manufacture at pace has increased infringements
and counterfeiting of our brand
• New branding may not immediately be protected,
and we rely on national laws to secure IP rights,
which afford varying degrees of protection and
enforcement opportunities depending on
thecountry
• Increased cancellation actions by third parties in
response to claims of infringement as well as an
increase in bad faith filings
• Allegations from third parties of IP infringement by
Burberry could negatively impact Burberry’s
reputation, result in claims and financial loss
through withdrawing infringing products
• Distribution outside of our authorised network and
parallel trade could negatively impact demand for
Burberry products and negatively impact our
luxuryreputation
• Unauthorised trade in NFTs and virtual items
incorporating Burberry’s IP could damage
Burberry’s brand and impact our initiatives in
themetaverse
11.
Burberry 2022/23
141

Strategic Report | Operational Risks
Actions taken by management
• The Group’s Brand Protection team is responsible for
brand protection efforts globally, online and offline.
Where infringements are identified, these are
addressed through a mixture of criminal, civil and
administrative legal action and negotiated settlements
• Trademarks, copyrights and designs are registered
globally across all appropriate categories
• The Brand Protection team partners with the
Design teams to ensure that our products do not
infringe the rights of third parties and to verify
that we have adequate protections in place prior to
market entry
• The Brand Protection team explores new and
emerging threats and ways to combat threats,
including expanding our trademark protection
across the metaverse
• The Brand Protection team partners regionally
with enforcement agencies and digital platforms to
minimise the visibility of counterfeit and infringing
products both online and offline
• We aim to disrupt the flow of counterfeit products
by enforcing at source level
• Brand protection controls have been implemented
to safeguard the brand in connection with our
commitment to stop destroying unsaleable finished
products
• The Brand Protection team is involved in the
vendor onboarding process, supporting the process
to assess brand protection risk in our new vendors
and educating vendors to ensure they respect
ourIP
Intellectual property and brand protection continued11.
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Risk movement and outlook
The relative significance of this risk has
remained stable despite the continuing changing
regulatory environment, as we take proactive
mitigating steps to ensure compliance.
Link to strategy
Compliance with applicable laws and regulations,
and behaving in accordance with our values as a
business, underpin all our strategic pillars.
Risk tolerance
We have a low tolerance for risk in complying
with laws and regulations, including customer
and employee safety, environmental and ethical
legislation relevant to our operations and supply
chain, anti-bribery and corruption, tax and
tradecompliance.
Regulatory risk and ethical/environmental standards
The Group is subject to a broad spectrum of laws and regulations in the various
jurisdictions in which it operates. These include, product safety, intellectual
property, anti-bribery and corruption, competition, data, corporate governance,
employment, environment, tax, trade compliance, human rights, and employee
and customer health and safety. Changes to laws and regulations, including
potential non-compliance with sanctions and counter-sanctions, or a major
compliance breach, could have a material impact on the business and our
financialperformance.
Examples of risks
• Regulatory non-compliance (including, for example,
failure to comply with applicable data protection
legislation, anti-money laundering regulations,
environmental standards and reporting or
applicable sanctions legislation) by the Group or
associated third parties working on its behalf may
result in financial costs and/or penalties and
reputational damage to our business
• Failure by the Group or associated third parties
to act in an ethical manner consistent with our
Code of Conduct, our Responsible Business and
Environmental, Social and Governance principles,
or our Responsibility agenda could result in
reputational damage to the Group
• Non-compliance with labour, human rights and
environmental standards and laws across our own
operations and extended supply chain could result
in financial penalties, disruption in production and
reputational damage and legal proceedings to
ourbusiness
• Tax is a complex area where laws and their
interpretations change regularly, including
the requirement for increased transparency.
Non-compliance by Burberry and its associated
third parties could result in unexpected tax and
financialloss
• Additional customs duty, increased supply chain
lead times and increased exposure to trade barriers
and quotas
• Differences between UK and EU laws and
regulations increase complexity of compliance
throughout our operations and supply chain
following the UK’s withdrawal from the EU
12.
Strategic Report | Compliance Risks
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143

Strategic Report | Compliance Risks
Actions taken by management
• The Group seeks to continuously improve
processes to gain assurance that its licensees,
suppliers, franchisees, distributors and agents
comply with the Group’s contractual terms and
conditions, its ethical and business policies, and
relevant legislation
• Specialist teams at corporate and regional levels,
supported by third-party specialists where
required, are responsible for ensuring the Group’s
compliance with applicable laws, tax requirements,
ethical and business policies and regulations, and
that colleagues are aware of the policies, laws and
regulations relevant to their roles
• Ethical trading and community investment
matters are reported to the Ethics Committee,
Audit Committee and Board
• Environmental sustainability matters are reported
to the Sustainability Committee, Audit Committee
and Board to ensure compliance with applicable
laws and regulations as well as to mitigate
associated legal and reputational risk
• Annual independent and internal assurance
processes are in place to monitor mitigating
actions in relation to principal risks, with results
reported to our Ethics Committee, Risk Committee
and Audit Committee
• We have an established framework of policies that
aim to drive best practice across our direct and
indirect operations, including our Responsible
Business Principles and Global Environmental
Policy. Policies (available on Burberryplc.com) are
owned by senior leadership. They are issued to and
form part of our contractual agreements with
supply chain partners. Implementation of these
policies is monitored on a regular basis
• We maintain our Code of Conduct for our people
and third parties, which sets out policies and
guidance to ensure that our colleagues and third
parties act lawfully and in accordance with
Burberry’s values. Training on the Code of Conduct
for colleagues is conducted annually
• Our Data Privacy Committee oversees compliance
with applicable data legislation
• International tax reform is a key focus of attention
with significant developments reported to the
Audit Committee
Regulatory risk and ethical/environmental standards continued12.
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Strategic Report | Risk Management Activities
Risk Management Activities
in FY 2022/23
Monitoring of principal risks
We identify and review risk through two processes:
• A “bottom-up” process undertaken across the
Group’s business areas and functions
• A “top-down” process to assess key risks to our
strategic priorities, overseen by the Risk Committee
Key risk themes were analysed and our principal risks
reviewed to reflect changes in the business and the
external environment. A revised schedule of the
Group’s principal risks was discussed at the Risk
Committee and Audit Committee meetings, and
approved by the Board in March 2023.
Emerging risks
Our understanding of emerging risks, which have
potential to affect our business, continues to be an
area of focus. We undertake detailed horizon
scanning in conjunction with our Strategy team and
principal risk owners to identify and assess emerging
risks and opportunities and how to address them.
Emerging risks are by their nature highly uncertain;
to better understand them and their potential
impacts we involve specialist third parties where
necessary. Our risk management approach considers
short-term to be one year, medium-term to be two
to five years and long-term more than five years.
External emerging risk considerations
Political
• Trade restrictions – increasing geopolitical tensions and resulting policies may restrict free trade,
for example through quotas and higher customs duties, as well as limit access to countries where
we sell product and/or our suppliers and extended supply chain
Economic
• Energy and raw material availability and price volatility – unpredictable changes in energy costs or
availability may disrupt our operations and cost base
• Wage inflation and labour shortages – may bring challenges to our ability to operate and achieve
our target margins
Social
• Acceleration of consumer Environmental, Social and Governance preferences – the pace of
change in consumer expectations with respect to sustainable luxury may increase faster than the
business is able to adapt, impacting revenues. This includes raised expectations regarding
sustainable sourcing and circular business models featuring recycled materials, as well as rental
and repair services
• Consumer focus on Environmental, Social and Governance performance – increasing scrutiny of
operations and expectations around transparency
• Influential groups and third parties – influencers having greater impact on consumer spending
patterns in the luxury goods industry, requiring increased investment in collaborations
Technology
• Expanding digital channels – changing consumer spending habits and expectations may accelerate
demand for digital luxury (for example, virtual products and stores, NFTs, access to the metaverse,
payment methods, integrated channels and seamless end-to-end customer journeys)
• Full supply chain traceability – may require investment in new technologies and/or complex data
systems in combination with greater collaboration between participants in the fashion value chain
• Cyber risk – may accelerate (for example, quantum computing) requiring enhanced encryption to
protect corporate data and systems
• AI technology – expectations around the use of and the implications of generative AI may increase
risks to luxury fashion and our business
Burberry 2022/23
145

Strategic Report | Risk Management Activities
External emerging risk considerations continued
Legal
• Data and financial reporting regulations – increasing financial reporting requirements and data
compliance standards (including UK corporate governance regulations); and Chinese data
regulations (including, the Personal Information Protection Law and Multi-Level Protection of
Information Security legislation), increase the risk of non-compliance and complexity of operations
• Environmental standards/regulations – increased regulatory requirements around sustainability
disclosures and detailed evidence of progress on Environmental, Social and Governance initiatives
and commitments and new regulations aimed at promoting the circular economy and reducing
waste, increase the risk of non-compliance and complexity of operations
• Shifting sanctions and counter-sanctions landscape – sanctions impacting access and complexity
of international trade
Environmental
• Physical climate risks – chronic and acute changes in extreme weather and climatic conditions
increase the risk of interruption to our business operations. This includes reduced raw material
availability (including water), reduced energy availability, natural catastrophe impacting key sites or
sourcing locations (for example, flooding), transportation delays, and unsuitable human working
conditions (extreme temperatures)
146
Burberry 2022/23

Identification of risks
Investing in risk management
The volatility in the external risk environment has
continued to challenge the operating environment of
large multi-national corporate organisations and
further intensified the need for an effective approach
to managing risk and uncertainty. We identify and
manage risks, which could prevent us creating and
protecting financial, environmental and social value.
Throughout FY 2022/23, we invested in our risk
analytics capabilities to support our leadership teams
with identification and high-quality risk insights that
support decision making. This included investment in
technology to support the business with a systemic
approach to risk monitoring and reporting, in addition
to scenario modelling. Our Risk, Insurance, Business
Continuity and Risk Analytics functions are managed
together. This integrated approach allows us to focus
on value growth and protection, while prioritising
Environmental, Social and Governance considerations.
Together, these functions ensure audit resources are
deployed effectively to provide assurance to the most
significant risk areas of our business.
We also carry out work programmes to ensure our
Business Continuity Planning function and our
insurance strategy are as effective and efficient as
possible, addressing our need for a resilient business,
able to take rapid, effective decisions on key risks.
Risk process
Our approach aligns the risks reported by our regional
businesses with those identified in our principal risk
analysis. By aligning our risks, we are better able to
support the business by investing in appropriate
Group and local controls. In addition, we have focused
areas of risk capability, specifically:
• Legal and ethics: our Legal team manages a
wide spectrum of risks through in-house experts
and a network of external specialist advisors.
Ethics matters are governed through a dedicated
EthicsCommittee
• IT: our IT function manages operational risks on
significant IT programmes, assuring delivery,
efficiency and value for money. IT is responsible
for the cybersecurity framework and operation.
Our IT risk capability works very closely with our
Business Continuity and Incident Response
Manager, ensuring that we prioritise key systems
and processes
Strategic risk
We have reviewed the key risks, which may impede
our ability to achieve our strategic goals, and use
scenario analysis and risk appetite mechanisms to
manage them.
Scenario analysis
Risk modelling capability is used to quantify risks and
understand the impacts of various scenarios on the
luxury industry and on Burberry. The model is
designed to quantify the risks posed by significant
world trends, including global recession, pandemic
and others at various levels of severity. The modelling
and scenario analysis provide information for the
Group Financial Planning and Group Strategy
functions, and will be expanded further to incorporate
more of the principal risks in FY 2023/24.
Strategic Report | Risk Management Activities
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147

Strategic Report | Risk Management Activities
Risk appetite
The Group’s risk appetite, principal risks and
associated tolerance levels were approved by the
Board in March 2023, following review by the
RiskCommittee and the Audit Committee.
In April 2023, the Risk Committee reviewed the
risk movements of each of the principal risks and
the outlook for the year ahead, following discussions
with risk owners across the business. These reviews
occur at least twice a year and inform the adequacy
and refinement of mitigation plans and progress.
TheAudit Committee and the Board approved the
assessment of the risk movements and outlook
inMay 2023.
Compliance functions provide independent assurance
to management, the Audit Committee and the Board
on the effectiveness of management actions.
Burberry’s Internal Audit function periodically reviews
the risk management process, with any changes to
the process discussed at Audit Committee.
Our Group Strategy team and the business owners
for each strategic pillar undertake regular reviews
of progress on our strategy with the Executive
Committee and the Board.
Additionally, several deep dives into the management
of the risks were completed during the year and
presented to the Board and the Audit Committee.
Deep dives:
• IT/Cyber: Audit Committee reports covering IT
operations and cybersecurity
• Macroeconomic and geopolitical risks: two deep
dives featuring scenario analysis of macroeconomic
and geopolitical risks completed by Group Risk and
Group Financial Planning
• Supply chain and business interruption:
• Business continuity assessment at our main
distribution centre in Piacenza
• Minimum Viable Company analysis of key risks
and key controls for business operations
• Climate change: Environmental, Social and
Governance targets and milestones in addition to
financial targets to prioritise our risks and mitigations
• Strategic plan: a risk assessment of the refreshed
strategic plan using the principal risk framework
• Global consumer demand: three-year model to
forecast the value of the luxury market by region,
supporting risk management and providing insights
across the business to Group Financial Planning and
Analysis, Commercial and Group Strategy functions
• Risk platform: a bespoke internal tool for linking
risks to objectives, used across the business and by
the Risk Committee to monitor and report on the
Group’s principal risk movements, outlooks and the
status of mitigations
148
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Strategic Report | Viability Statement
Viability Statement
Corporate planning process
Burberry’s annual corporate planning process
consists of preparing a long-term strategic plan,
forecasting the current year business performance
and preparing a detailed budget for the following
year. These plans form the basis for assessing the
longer-term prospects of the Group. Our strategic
planning process includes detailed reviews of the
budget, forecasts and long-term plan by our CEO and
CFO in conjunction with our Regional and Functional
Management teams, followed by a presentation and
discussion of the long-term strategic plan at the
Board. Delivery against the plan is monitored through
monthly reporting on actual performance, the annual
budget process and subsequent forecast updates.
The key assumptions considered in our strategic plan
are future sales performance by product, channel and
geography; the cost to procure and produce our
products; other expenditure plans; cash generation,
and that there is no material long-term impairment
to the Burberry brand. We also consider the Group’s
projected liquidity, balance sheet strength and the
potential impact of the plan on shareholder returns.
Where appropriate, we have made adjustments to our
planning process to include scenarios relating to key
assumptions as a result of the uncertain
macroeconomic and geopolitical environment.
Assessment of prospects
We remain confident in our ability to consolidate our
position in luxury fashion and are committed to our
strategic vision for Burberry. The Group’s strategy is
set out on pages 20 to 29. Key strategic focus areas
to respond to the current industry backdrop are:
• Harness the power of our brand: the luxury market
continues to demonstrate resilience despite
macroeconomic uncertainty, and a strong luxury
positioning is paramount during this period. We are
leveraging the British heritage that makes
Burberry special to deepen our relationship with
customers and drive growth. In a challenging
macroeconomic environment, consumers are likely
to become increasingly discerning in their
purchases, orientating towards strong brands.
Diminished demand in certain markets is also likely
to increase competition and reinforce the
importance of investing in brand and inspiration
• Bring all product categories to full potential: under
the creative direction of Daniel Lee, we are focused
on bringing an even greater level of desirability to
our offer, strengthening our focus on accessories
and creating a wearable luxury wardrobe. We are
focused on our leather goods offer, creating icons
in women’s bags and taking advantage of the
growth opportunity in men’s bags. In shoes, we are
building an offer to cover both formal and
casualwear, strengthening our existing sneaker
business and developing opportunities in the
outdoors category. We are developing a distinctive
aesthetic for womenswear and rebalancing our
product range, particularly in underrepresented
categories, such as dresses. Within outerwear we
are building on our legacy of innovation by
developing new categories, such as quilts and
downs, and diversifying our silhouettes while
reinforcing our hero products
• Strengthen distribution: we are focusing on
elevation and execution across all channels and
regions ensuring that our customers can better
connect with our brand. We are transforming our
productivity by focusing on high average unit retail
categories, such as bags and outerwear, and plan
to accelerate momentum across our core markets
while maintaining a well-balanced portfolio
• Balance sheet and liquidity: our objective is to
manage the business efficiently and flexibly,
maintaining control and preserving the long-term
value of the Burberry brand while ensuring we
secure the financial headroom required to fuel
growth as market opportunities arise. The business
is expected to remain strongly cash generative
creating further optionality for investment and
increased returns to shareholders
Burberry 2022/23
149

Strategic Report | Viability Statement
Viability assessment approach
In light of the continuing uncertain macroeconomic
and geopolitical environment, we have prepared a
number of planning scenarios based on a range of
assumptions and potential outcomes. In assessing
the viability of the Group, the Board has carried out a
robust assessment of the principal risks of the Group,
as set out in the Risk Report on page 118, and the
principal risks and uncertainties as set out on page
119. The Directors have considered the potential
impact of the risks on the viability of the Group.
Basis of assessment
The assessment of viability has been made with
reference to the Group’s current position and
expected performance over a three-year period to
March 2026. This is considered appropriate for use
by the Directors because:
• It aligns with the Group’s approach to
long-range planning
• It is sufficient to almost cover all currently
approved capital expenditure projects
• As the Group has little contracted income,
and as most current business development
projects will be completed in the three-year period,
projections beyond this period will contain
long-term growth assumptions
Scenarios
We have developed a range of scenarios.
These were informed by a comprehensive review
of macroeconomic scenarios using third-party
projections of macroeconomic data for the luxury
fashion industry and financial outcomes of risks
materialising across the industry over the last
10years. In developing these scenarios, the Directors
have assumed there is no material long-term
impairment to the Burberry brand.
• The Group central planning scenario reflects a
balanced projection with a continued focus on
maintaining momentum as part of the customer
strategy, and a balanced assumption for economic
uncertainty. It reflects growth in FY 2023/24 and
the subsequent two-year period to March 2026
• As a sensitivity, this central planning scenario has
been flexed by a 16% downgrade to revenues in
FY2023/24 and a 13% reduction in revenues
across the full three-year period, as well as the
associated consequences for EBITDA and cash.
Management considers this represents a severe
but plausible downside scenario appropriate for
assessing going concern and viability. This was
designed to test an even more challenging trading
environment as a result of macroeconomic
uncertainty together with the potential impacts of
the Group’s other principal risks, as described on
pages 119 to 120
• For the purposes of the reverse stress test, we
have considered the plausibility of a scenario that
erodes the remaining cash headroom by reference
to the lowest cash level in the annual business
cycle. This test identified that the amount of
revenue decline required on top of the severe but
plausible scenario before the Group requires
additional fundraising over the three-year period to
March 2026 was, in the Group’s opinion, implausible
150
Burberry 2022/23

The severe but plausible downside modelled the
following risks occurring simultaneously:
• A more severe and prolonged reduction in GDP
growth assumptions in the Eurozone and Americas
compared to the central planning scenario
• A severe reduction to our global consumer demand
arising from a change in consumer preference
• A significant reputational incident, such as negative
sentiment propagated through social media
• The impact of a business interruption event over
three months and a consequent two-week
interruption in one of our geographies arising from
the supply chain impact
• The impact of a one-month interruption to one of
our channels following a technology vulnerability
• The occurrence of a one-time physical risk relating
to climate change in FY 2023/24 and the
materialisation of a severe but plausible ongoing
market risk relating to climate change in line with a
scenario reflecting a 2°C global temperature
increase compared to pre-industrial levels
• The payment of a settlement arising from a
regulatory or compliance-related matter
• A short-term impact of a 10% weakening in a key
non-sterling currency for the Group before it is
recovered through price adjustment
This approach provides the Board reasonable comfort
that the Group’s going concern and viability positions
have been assessed to a severity level, which more
than accommodates the impact of one or more of the
Group’s principal risks.
Funding
In assessing the viability of the Group, the Directors
have also considered the Group’s current liquidity and
available facilities (set out in note 27 of the Financial
Statements), financial risk management objectives
and hedging activities (set out in note 27 of the
Financial Statements). In our central planning and
severe but plausible downside scenarios, the Group
maintained the necessary liquidity levels.
On 21 September 2020, the Group issued a five-year
£300 million 1.125% unsecured sterling Sustainability
Bond. The viability modelling undertaken includes the
capacity for this to be repaid in September 2025
during the period under review. The Group also has
access to a £300 million Revolving Credit Facility
(RCF), currently undrawn and not relied upon in the
viability assessment.
Conclusion
Based on this assessment, the Directors have a
reasonable expectation that the Group will be able to
continue in operation and meet its liabilities over the
period to March 2026.
The Strategic Report up to and including page 151
was approved for issue by the Board on 17 May 2023
and signed on its behalf by:
Gemma Parsons
Company Secretary
Strategic Report | Viability Statement
Burberry 2022/23
151

152

Corporate Governance Statement
Board Leadership and Company Purpose
Chair’s Introduction 155
Board of Directors 157
Executive Committee 163
Corporate Governance Report 164
Monitoring our Corporate Culture 166
Principal Areas of Focus for the Board During FY 2022/23 168
Division of Responsibilities
Governance Structure and Division of Responsibilities 173
Composition, Succession and Evaluation
Board Evaluation 179
Report of the Nomination Committee 182
Audit, Risk and Internal Control
Report of the Audit Committee 190
Remuneration
Directors’ Remuneration Report 200
Directors’ Report 246
153
Burberry 2022/23

Corporate Governance Statement | Chair’s Introduction
Gerry Murphy
Chair
154
Burberry 2022/23

Dear Shareholder,
On behalf of the Board, I am pleased to present the Corporate Governance Report for the
year ended 1 April 2023. This report describes Burberry’s corporate governance framework
and procedures and summarises the work of the Board and its Committees to illustrate how
we have discharged our responsibilities this year.
Burberry’s long-term success depends on our values and strong culture, underpinned by
robust governance. This report sets out how our governance processes support Burberry’s
long-term success and the Board’s role in overseeing the implementation of strategy and
monitoring of the Group’s culture. We explain the various ways in which we engage with our
key stakeholders to assess whether Burberry’s culture is embedded across the business and
is reflected in the way we do business and in our dealings with stakeholders.
During the year, the Board has overseen the development of the sustainability strategy
under the banner Burberry Beyond. The Board has taken time, with a dedicated session in
May 2022 led by the Cambridge Institute for Sustainability Leadership, to discuss Burberry’s
sustainability performance, strategic evolution and key focus areas. Other areas of Board
focus are detailed on pages 168 to 171.
It is just over a year since Jonathan Akeroyd joined Burberry as CEO. I have welcomed the
wealth of experience and insight he brings to the Board and his energy and commitment to
drive important changes within Burberry.
Board changes during FY 2022/23
Julie Brown stepped down from the Board as CO&FO on 1 April 2023 after more than six years
at Burberry. During her tenure, Julie played a key role in Burberry’s transformation and built a
strong financial base for the next chapter of growth. On behalf of the Board, Iwould like to
thank Julie and wish her the best in her future endeavours.
Following a recruitment process led by the Nomination Committee, we appointed Kate Ferry
as Chief Financial Officer (CFO). Kate will join Burberry on 17 July 2023 and, in the interim,
Ian Brimicombe has been appointed as Interim Chief Financial Officer from 2 April 2023.
Ian is exceptionally qualified to lead our financial strategy during this transition period,
having played a central role in steering our financial strategy over the past six years.
Corporate Governance Statement | Chair’s Introduction
Chair’s Introduction
“Burberry’s long-term success depends on our
values and strong culture, underpinned by
robust governance.”
155
Burberry 2022/23

We also welcomed Alan Stewart who was appointed to the Board on 1 September 2022.
Moreinformation on the recruitment process for Kate and on Alan’s induction programme
can be found in the Nomination Committee Report on pages 186 and 187.
There were further changes to the Committees during the year. Orna NíChionna was
appointed as Senior Independent Director on 2 April 2022. Danuta Gray succeeded Orna as
Chair of the Remuneration Committee on 1 September 2022. As announced on 5 August 2022,
Matthew Key will retire as a Non-Executive Director following the Annual General Meeting
(AGM) in July 2023 having served on the Board for just over nine years. Following Matthew’s
retirement, Alan Stewart will be appointed as Chair of the Audit Committee.
Board effectiveness
This year the Board undertook an internal performance review. An explanation of the process
undertaken and the findings of the review can be found on pages 179 to 181, together with an
update on our progress in addressing the actions identified following the FY 2021/22 review.
My role as Chair includes ensuring that the Board operates effectively within an environment
of openness and inclusivity and that all Board members contribute to the fullest extent, so
that we make the most of their diverse skills and experience. We ensure that new Board
members receive everything they need to contribute fully as soon as possible and I review the
performance of individual Board members with a view to ensuring the optimum functioning of
the Board.
Following the 2022 AGM we contacted shareholders who had voted against the re-election of
Antoine de Saint-Affrique to understand their concerns. We explain on page 184 why we
believe that Antoine continues to be an effective and valuable member of the Board and the
actions taken to understand shareholder concerns since the 2022 AGM.
Directors’ Remuneration Policy
The Burberry Directors’ Remuneration Policy was last approved by shareholders in 2020
and shareholders will be asked to renew that approval at the 2023 AGM in line with the
Companies Act 2006 which requires shareholder approval at least every three years.
As set out in the letter from the Chair of the Remuneration Committee, which introduces
the Directors’ Remuneration Report commencing on page 200 of this Annual Report,
theCommittee is not recommending any material changes to the Policy. When considering
changes to Executive Director remuneration arrangements, the Committee takes into
account the experience of the wider workforce and has been particularly mindful of the
impact of the cost-of-living crisis on colleagues, particularly those in lower-paid roles.
Compliance with the UK Corporate Governance Code
Burberry complied with the requirements of the UK Corporate Governance Code during
FY 2022/23 with the exception of Provision 38, which refers to Executive Directors’ pensions
compared to the wider workforce. Full compliance with Provision 38 was confirmed with
effect from 1 January 2023 when the pension contribution levels for our CO&FO were aligned
with the maximum rate available to the majority of our UK workforce.
Gerry Murphy
Chair
Corporate Governance Statement | Chair’s Introduction
156
Burberry 2022/23

As a Board we have collective responsibility for the long-term success of
Burberry and are accountable to Burberry’s stakeholders.
Board of Directors
Key skills and experience
Gerry brings to the Board experience of managing
business transformations and has substantial
international and senior management experience.
With his in-depth understanding of UK corporate
governance requirements and his extensive
experience in the retail sector, Gerry provides the
Board with highly relevant and valuable leadership as
Burberry continues to focus on delivering long-term
sustainable value for all our stakeholders.
Current Appointments
• Chair, Tate & Lyle plc
• Trustee, The Burberry Foundation
Previous Appointments
• Non-Executive Director: British American Tobacco
plc, Merlin Entertainments plc, Reckitt Benckiser
plc, Abbey National plc and Novar plc
• CEO: Kingfisher plc, Carlton Communications plc
(now ITV), Exel plc and Greencore Group plc
• Chair: The Blackstone Group International
and partner in the firms’s private equity
investment unit
Key skills and experience
Jonathan is an experienced leader with a strong track
record of building luxury brands and driving profitable
growth. He has extensive experience across the
fashion and luxury goods sector, with a focus on
brand and product elevation, strategic development,
digital and global expansion. He shares our values and
our ambition to build on Burberry’s unique British
creative heritage, and his deep expertise and strong
leadership will be pivotal in advancing the next phase
of Burberry’s evolution.
Previous Appointments
• CEO of Gianni Versace SpA
• President and CEO of Alexander McQueen
• Harrods: various senior retail roles including
Executive Merchandise Director and Director,
Menswear, Sports and Childrenswear
Appointed as Chair:
12 July 2018
Appointed to the Board:
17 May 2018
Nationality: Irish
Committees:
N
Board skills
Jonathan Akeroyd (56)
Chief Executive Officer
Dr Gerry Murphy (67)
Chair
Appointed: 15 March 2022
Nationality: British
Board skills
Corporate Governance Statement | Board Leadership and Company Purpose
R
Remuneration Committee
A
Audit Committee
N
Nomination Committee
Committee key
Chair
Skills key
Digital and media
Luxury brands Financial expertise Environment / Sustainability
Operational excellence
Retail, sales and marketing
157
Burberry 2022/23

Key skills and experience
Fabiola built and led a major division of Yahoo! Inc.
and brings relevant international, strategic and
operational experience in the internet and media
sectors. Through her deep engagement at the
WorldWildlife Fund, Fabiola also has considerable
experience overseeing sustainability initiatives.
Herdigital and consumer background, coupled
with her extensive international Non-Executive
Directorship experience, make Fabiola an important
member of theBoard.
Current Appointments
• Non-Executive Director: Campbell Soup Company
and Fair Isaac Corporation
• National Council Member, World Wildlife Fund
forNature
• Member, Council on Foreign Relations
• Board Member, FINRA Board of Governors
• Managing Partner, Siempre Holdings
Previous Appointments
• Non-Executive Director: Experian plc, BOC Group
plc (now Linde Group), Saks Incorporated (now
Hudson’s Bay Company), Bankinter S.A., National
Public Radio, Rodale Inc., Intelsat Inc., Sesame
Workshop and the World Wildlife Fund UK and USA
• Senior executive roles at Yahoo! Inc., the BBC and
Bertelsmann AG
Key skills and experience
Orna has strong UK plc and international business
experience especially in the consumer and retail
markets. She also brings to the Board significant
strategic, financial and governance experience.
Ornais a committed environmentalist and was Chair
of the Soil Association (which campaigns for more
environmentally-friendly food and farming) for six
years. Her passion for the environment is an asset to
Burberry as we continue to drive positive change and
build a more sustainable future through our ongoing
Environmental and Social Responsibility agenda.
Current Appointments
• Trustee, Institute for Fiscal Studies
• Trustee and Chair designate, The Eden Trust
Previous Appointments
• Senior Independent Director: Saga plc and
RoyalMail
• Non-Executive Director: Bupa, HMV, Northern
Foods and Bank of Ireland UK
• Interim Chair, The National Trust
• Chair, Founders Intelligence
• Partner, McKinsey & Company and co-lead of its
European Retail Practice
Fabiola Arredondo (56)
Independent Non-Executive
Director
Orna NíChionna (67)
Senior Independent
Director
Appointed: 10 March 2015
Nationality: American
Committees:
R
N
Board skills
Appointed: 3 January 2018
Nationality: Irish
Committees:
R
N
Board skills
Corporate Governance Statement | Board Leadership and Company Purpose
R
Remuneration Committee
A
Audit Committee
N
Nomination Committee
Committee key
Chair
Skills key
Digital and media
Luxury brands Financial expertise Environment / Sustainability
Operational excellence
Retail, sales and marketing
158
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Corporate Governance Statement | Board Leadership and Company Purpose
Key skills and experience
Sam has a wealth of global leadership experience,
including leading iconic heritage premium brands
from across the lifestyle and consumer sectors.
Hehas a strong track record in driving business
growth and a deep understanding of key Asian
markets, which is a tremendous asset to Burberry
as we continue to engage our communities in the
region with innovative products and culturally
relevantexperiences.
Current Appointments
• CEO, Lion Group
Previous Appointments
• Senior executive roles at Diageo plc, including
President, Asia Pacific and Global Travel, Executive
Committee member, Managing Director for
Greater China and Managing Director for
SouthEast Asia
• Various commercial and general management roles
at Colgate-Palmolive, including Managing Director
for Central Europe
Key skills and experience
Ron has spent over 30 years working in the retail
industry. He has clear strategic acumen, strong
leadership skills and wide-ranging experience of
working with luxury fashion brands. While working
at Saks, he was the instrumental driving force behind
developing the company’s private-label collections.
Ron’s wealth of fashion experience and his
well-established merchandising skills will continue
to play a pivotal role as Burberry continues to
grow and we strengthen our performance in the
luxury fashionmarket.
Current Appointments
• CEO, Ron Frasch Associates LLC
• Non-Executive Director, Crocs Inc.
Previous Appointments
• Non-Executive Director, MacKenzie Childs and
Aztech Mountain
• President and Vice Chairman, Saks Fifth Avenue Inc.
• President and CEO, Bergdorf Goodman
• President of the Americas for an Italian licensing
company of luxury fashion brands
Appointed: 1 November 2019
Nationality: Australian
Committees:
R
N
Board skills
Ron Frasch (74)
Independent Non-Executive
Director
Sam Fischer (55)
Independent Non-Executive
Director
Appointed: 1 September 2017
Nationality: American
Committees:
A
R
N
Board skills
R
Remuneration Committee
A
Audit Committee
N
Nomination Committee
Committee key
Chair
Skills key
Digital and media
Luxury brands Financial expertise Environment / Sustainability
Operational excellence
Retail, sales and marketing
159
Burberry 2022/23

Corporate Governance Statement | Board Leadership and Company Purpose
Key skills and experience
Matthew has significant strategic, regulatory and
operational experience in the e-commerce and
technology sectors. He brings a wealth of experience
of managing dynamic and fast-moving international
companies and has an extensive understanding of the
consumer market. Matthew is a qualified chartered
accountant and his deep financial knowledge and
expertise are important to the Board, as reflected in
his appointment as Chair of the Audit Committee.
Matthew qualified as a chartered accountant with
Arthur Young (now EY).
Current Appointments
• Non-Executive Director and Chair of Audit and
Risk Committee, BT Group plc
Previous Appointments
• Chair and CEO, Telefónica Europe plc and
Telefónica Digital
• Member, Advisory Board of Samsung Europe
• Executive positions included various financial roles
at Grand Metropolitan plc (now part of Diageo plc),
Kingfisher plc, Coca-Cola and Schweppes
Key skills and experience
Danuta is a highly experienced Non-Executive
Director and Chair with a strong understanding of
consumers, technology, sales and marketing within
the UK and international business markets gained
through her executive career. Her extensive UK plc
board experience and deep understanding of UK
governance requirements make her a strong asset
to our Board.
Current Appointments
• Chair, Direct Line Insurance Group PLC
• Board member, Employ Autism Development
• Chair, North SP Limited
Previous Appointments
• Chair, St Modwen Property plc
• Senior Independent Director, Aldermore Bank plc
• Non-Executive Director and Remuneration
Committee Chair, Old Mutual plc and Page
Groupplc
• Non-Executive Director, Paddy Power plc, Aer
Lingus plc and UK Ministry of Defence
• CEO, Telefónica O2 and Executive Director,
Telefónica Europe plc
Matthew Key (60)
Independent Non-Executive
Director
Danuta Gray (64)
Independent Non-Executive
Director
Appointed: 1 September 2013
Nationality: British
Committees:
A
R
N
Board skills
Appointed: 1 December 2021
Nationality: British
Committees:
R
N
Board skills
R
Remuneration Committee
A
Audit Committee
N
Nomination Committee
Committee key
Chair
Skills key
Digital and media
Luxury brands Financial expertise Environment / Sustainability
Operational excellence
Retail, sales and marketing
160
Burberry 2022/23

Key skills and experience
Debra is one of the most influential female voices
in the entertainment industry and has a deep
understanding of the American consumer and culture.
She is the former Chairman and CEO of Black
Entertainment Television, which under her leadership
became the largest global provider of entertainment
for the African-American audience and consumers
of black culture. Debra is a passionate advocate of
women and people from ethnically-diverse backgrounds.
Current Appointments
• CEO and founder, Leading Women Defined, Inc.
• Non-Executive Director, Warner Bros. Discovery,
Inc., Marriott International, Inc. and The Proctor &
Gamble Company
Previous Appointments
• Chairman and Chief Executive Officer, Black
Entertainment Television LLC
• Non-Executive Director, Twitter, Inc. and AT&T Inc.
• Attorney, Steptoe & Johnson
Key skills and experience
Antoine has a wealth of experience in the consumer
sector, having led a number of global brands
throughout his career. As CEO of Barry Callebaut,
Antoine put sustainability at the heart of the
company’s strategy, setting ambitious targets that
addressed the most pertinent challenges in the
chocolate supply chain. His strong understanding of
sustainability and of the consumer market makes him
a valued asset to our Board as we continue to focus
on positively impacting the environment and
ourcommunities.
Current Appointments
• CEO and Director, Danone
• Non-Executive Director, Barry Callebaut
Previous Appointments
• CEO, Barry Callebaut
• President, Unilever Foods and member of the
Group Executive Committee at Unilever plc
• Non-Executive Director, Essilor International
Appointed: 1 October 2019
Nationality: American
Committees:
A
N
Board skills
Antoine de Saint-
Affrique (58)
Independent Non-Executive
Director
Debra Lee (68)
Independent Non-Executive
Director
Appointed: 1 January 2021
Nationality: French
Committees:
A
N
Board skills
Corporate Governance Statement | Board Leadership and Company Purpose
R
Remuneration Committee
A
Audit Committee
N
Nomination Committee
Committee key
Chair
Skills key
Digital and media
Luxury brands Financial expertise Environment / Sustainability
Operational excellence
Retail, sales and marketing
161
Burberry 2022/23

Corporate Governance Statement | Board Leadership and Company Purpose
Alan Stewart (63)
Independent Non-
Executive Director
Appointed: 1September
2022
Nationality: British
Committees:
A
N
Board skills
Gemma Parsons
Company Secretary
Appointed: 1 October 2018
Nationality: British
Key skills and experience
Alan has a wealth of corporate finance and
accounting experience gained from a variety of
industries, including retail and leisure. He has
considerable executive leadership experience,
including various Chief Financial Officer positions
within top FTSE organisations. Alan is currently a
member of Chapter Zero, a community of non-
executive directors committed to achieving net-zero
targets, and was a founding member of the
Accounting 4 Sustainability CFO network. His keen
interest in sustainability is important to the Board in
driving forward Burberry’s climate change strategy.
Alan qualified as a chartered accountant with Deloitte.
Current Appointments
• Non-Executive Director and Chair of Audit
Committee, Diageo plc
• Non-Executive Director and Chair of Remuneration
Committee, Reckitt Benckiser Group plc
Previous Appointments
• Non-Executive Director and Audit Committee
Chair, Games Workshop Group
• Chief Financial Officer, Tesco PLC
• Chief Financial Officer, Marks & Spencer PLC
Experience
Current Appointment
• Fellow of the Chartered Governance Institute and
has more than 25 years’ company secretarial
experience
• Member of the Chartered Governance Institute’s
Company Secretaries’ Forum and of the
Association of General Counsel and Company
Secretaries of FTSE 100 companies
Previous Appointments
• Company Secretary of TheBerkeley Group
Holdings plc
• Deputy Company Secretary of Smith & Nephew plc
• Deputy Company Secretary of TSB Banking
Groupplc
Directors whose tenure ceased during FY 2022/23
• Julie Brown stepped down as CO&FO on 1 April 2023
R
Remuneration Committee
A
Audit Committee
N
Nomination Committee
Committee key
Chair
Skills key
Digital and media
Luxury brands Financial expertise Environment / Sustainability
Operational excellence
Retail, sales and marketing
162
Burberry 2022/23

Changes to the Executive Committee since FY 2021/22
• Delphine Sonder joined the committee on 9 January 2023
• Giorgio Belloli joined the committee on 10 January 2023
• Adrian Ward-Rees was a member of the committee until 16 January 2023
• Erica Bourne was a member of the committee until 24 January 2023
• CP Duggal was a member of the committee until 31 January 2023
• Julie Brown was a member of the committee until 1 April 2023
• Ian Brimicombe joined the committee on 2 April 2023
• Klaus Bierbrauer joined the committee on 3 April 2023
• Jérôme Le Bleis was a member of the committee until 14April2023
• Melissa Johnston joined the committee on 11 May 2023
Jonathan Akeroyd
Chief Executive Officer
Gianluca Flore
Chief Commercial Officer
Ian Brimicombe
Interim Chief Financial Officer
Delphine Sonder
Chief Merchandising Officer
Leonie Brantberg
Chief of Staff, Strategy
and Growth Projects
Edward Rash
General Counsel
Giorgio Belloli
Chief Digital, Customer
and Innovation Officer
Mark McClennon
Chief Information Officer
Executive Committee
Klaus Bierbrauer
Chief Supply Chain and
Industrial Officer
Melissa Johnston
Chief Visual Officer
Rod Manley
Chief Marketing Officer
Corporate Governance Statement | Board Leadership and Company Purpose
163
Burberry 2022/23

Corporate Governance Report
Corporate Governance Statement | Corporate Governance Report
UK Corporate Governance Codecompliance
The 2018 UK Corporate Governance Code (the Code)
sets out the framework of governance for premium
listed companies within the UK. The Code is published
by the Financial Reporting Council (FRC) and can be
found on its website frc.org.uk. As a premium listed
company, we describe Burberry’s corporate governance
from two points of view: the first dealing generally with
the application of the Code’s main principles, and the
second dealing specifically with non-compliance with
any of the Code’s provisions.
Together with the Directors’ Remuneration Report on
pages 200 to 245, this report sets out the Board’s
approach to governance and the work undertaken
during FY 2022/23. We have complied with the
provisions of the Code during FY 2022/23 with the
exception of Provision 38, which refers to the Executive
Directors’ pensions compared to the wider workforce.
The pension contribution level for our former CO&FO
was aligned with the maximum employer pension
contribution rate available to the majority of our UK
workforce with effect from 1 January 2023 and we have
complied with Provision 38 since that date. Under the
Remuneration Policy approved by shareholders at the
2020 AGM, pension contribution levels for new Executive
Directors align with the maximum employer pension
contribution rate available to the majority of the UK
workforce and this applies to our CEO and our new CFO,
who will join Burberry on 17 July 2023.
Further information on how the Company has applied the
principles of the Code is set out in this Corporate
Governance Statement. Key highlights of the Company’s
compliance with the Code along with cross references to
other sections of the Annual Report are detailed below.
How we apply the principles of the Code
Pages
Board leadership and company purpose
Chair’s Introduction 155 to 156
Strategic Report 3 to 151
The role of the Board 174 to 178
Purpose and culture 166 to 172
Stakeholder and workforce engagement 112 to 117
Division of responsibilities
Board composition 176 and 188
Role of the Chair, Senior Independent
Director, Non-Executive Directors and
Company Secretary
176 to 177
Time commitment, external
appointments, independence and tenure
178 and 188
Composition, succession and evaluation
Appointment to the Board and
succession planning
182 to 189
Skills, experience and knowledge of
theBoard
182
Board diversity 187 to 189
Board evaluation 179 to 181
Pages
Audit, risk and internal control
Auditor independence and effectiveness
of the audit
196 to 197
Principal and emerging risks 118 to 144
Risk management activities 145 to 148
Fair, balanced and understandable
assessment
199
Viability Statement 149 to 151
Remuneration
Directors’ Remuneration Report 200 to 245
Directors’ Remuneration Policy 212 to 225
Engagement with stakeholders
onremuneration
206 and 225
164
Burberry 2022/23

Governance structure and division
ofresponsibilities
The Board (supported by its Committees) is collectively
responsible for how Burberry is directed and
controlled. Its responsibilities include:
• Promoting Burberry’s long-term success
• Setting its strategic aims and values
• Supporting leadership in delivering strategy
• Supervising and constructively challenging
leadership on the operational running of
thebusiness
• Ensuring a framework of prudent and
effectivecontrols
• Reporting to shareholders on the
Board’sstewardship
More information on the Company’s governance
structure can be found on page 173.
Environmental, Social and Governance
Sustainability is an essential element of Burberry’s
strategy for which the Board is responsible.
Accordingly, the Board is also responsible for
ensuring its approach to sustainability is integrated
into and implemented across the business, reflecting
the increasing importance of these topics to the
Group and society as a whole. The governance
framework of committees and advisory forums (as
shown in the diagram on page 173) provides regular
updates and key information to the Board, to ensure
that it is able to make informed decisions.
Sustainability is embedded into the remit of the
committees where appropriate.
For more information on the Group’s Environmental,
Social and Governance priorities see pages 50 to93.
Stakeholder engagement
As highlighted by the Code, the Board recognises the
importance of identifying its key stakeholders and
understanding their perspectives and values. Through
regular dialogue and communication, the Board is
mindful of all of Burberry’s stakeholders when
planning or making decisions of strategic significance.
The Board has chosen to engage with the workforce
through the formally-constituted Global Workforce
Advisory Forum which is one of the methods set out
in Code Provision 5. The Board uses additional ways
to understand employee views including the employee
engagement survey and site visits. During the year,
the Board visited Italy and had the opportunity to
tour our manufacturing facility and speak to colleagues.
Our Investor Relations team met with over 280
investors during the financial year. Our Chair, the
Chair of the Remuneration Committee, Executive
Directors and other members of senior management
met with over 60 investors. This engagement
included presentations to institutional shareholders
and analysts following the release of the Group’s
half- and full-year results (available on the Group’s
website Burberryplc.com), as well as meetings with
the Group’s 20 largest investors. Topics discussed in
investor meetings included Jonathan Akeroyd’s
strategy, Daniel Lee’s appointment and first show,
regional performance and management changes.
Theteam also arranged specific ESG engagements
withanalysts.
At the 2022 AGM, all resolutions were passed
although the Company received more than 20% of
votes against the re-appointment of Antoine de
Saint-Affrique as a Non-Executive Director of the
Company. The Board acknowledges the outcome of
the vote and has actively engaged with significant
shareholders to understand their concerns. Further
details can be found on page 184.
At the 2023 AGM, the Company will be seeking
approval of its Directors’ Remuneration Policy. In
developing the policy the Chair of the Remuneration
Committee has engaged with our major shareholders
and key proxy bodies.
Our Investor Relations and Company Secretariat
departments act as the centre for ongoing
communication with shareholders, investors and
analysts. The Board receives regular updates about
the views of the Group’s major shareholders and
stakeholders from these departments as well as via
direct contact.
Further information on how the Board has engaged
with its key stakeholder groups can be found on
pages 112 to 117.
Corporate Governance Statement | Corporate Governance Report
165
Burberry 2022/23

Corporate Governance Statement | Board Leadership and Company Purpose
Monitoring our Corporate Culture
In FY 2022/23, we continued to build on Burberry’s Leadership Standards, using
our organisation’s purpose and values as a common framework for how we
operate and the expectations we have of our colleagues. As a Board, we
recognise the vital role of ensuring that Burberry’s workplace culture is aligned
with our purpose, values and strategy. We are equally cognisant of the
opportunities created when our colleagues bring this purpose to life.
How we measure culture
The Board has continued its programme of day-to-
day interactions with Burberry colleagues, through
site and store visits. Our Global Workforce Advisory
Forum (the Forum) has also created opportunities for
meaningful discussions with colleague
representatives. The Forum brings together
colleague representatives to meet with members of
the Board to discuss key topics.
In FY 2022/23, the Forum met three times and
discussed reward and benefits, sustainability,
colleagues’ views and sentiment on our purpose
statement ‘Creativity Opens Spaces’ and colleagues’
expectations and hopes for Burberry’s new Chief
Creative Officer. The Forum is chaired by our Chief
People Officer with each meeting attended by our
Chair and one other Non-Executive Director. The
Forum has proportionate representation from all
areas of our business and the countries and
territories in which we operate.
To provide additional insight into Burberry’s
workplace culture, we ran a Company-wide culture
survey in March 2023. It focused on our colleagues’
experience, views on our progress, and how we can
continue to create a working environment where our
colleagues can do their best work. We measure our
progress on culture by tracking against six key
cultural measures using insights gathered through
listening sessions, colleague surveys and our people
data on attrition, learning and wellbeing.
With the aim of supporting a culture where our
colleagues can thrive, we embedded our Leadership
Standards into our culture by directly linking our
assessment of performance and reward to them. For
the first time, all colleagues have been formally
assessed in two parts: equally weighting “what” they
have achieved and “how” they have achieved this,
demonstrating the importance of being guided by our
purpose and values in all we do.
166
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Our cultural indicators
Measure Description
Purpose
Creativity Opens Spaces and guides our interactions with each other, our customers
and communities.
Collaboration
We listen, work well together andsupport each other to get things done.
Learning
We incorporate learning on critical topics into our work to remain safe and secure.
Humanity
We create safe environments for colleagues at work and care about their
health and wellbeing.
Execution
We move quickly and reliably andcreate great experiences forourcustomers.
Integrity
We are fair and objective when dealing with colleague behaviour and create psychological
safety forcolleagues to speak up.
Corporate Governance Statement | Board Leadership and Company Purpose
Our culture survey tells us what our colleagues feel it
is like to work at Burberry. The overall results from
our FY 2022/23 survey provided another positive
response from our colleagues, with strong
engagement, an increasing belief that we have the
right culture to be successful in the future and faith
that we demonstrate our values at work.
Culture survey scores
75 points
People at Burberry make decisions
with the customer in mind
February 2022: 76 points
76 points
I would recommend Burberry as a
great place to work
February 2022: 75 points
74 points
Burberry has the right culture to be
successful in the future
February 2022: 72 points
76 points
Burberry is innovative
February 2022: 74 points
167
Burberry 2022/23

Corporate Governance Statement | Board Leadership and Company Purpose
Principal Areas of Focus for the
Board During FY 2022/23
The table below gives details of Directors’ attendance at Board and Committee
meetings during the year ended 1 April 2023. This is expressed as the number of
meetings attended out of the number that each Director was eligible to attend.
Board Audit Nomination Remuneration
Gerry Murphy 8/8 – 3/3 –
Jonathan Akeroyd 8/8 – – –
Julie Brown
1
8/8 – – –
Orna NíChionna 8/8 – 3/3 5/5
Fabiola Arredondo 8/8 – 3/3 5/5
Sam Fischer
2
8/8 – 3/3 4/5
Ron Frasch 8/8 4/4 3/3 5/5
Danuta Gray
3
7/8 – 3/3 5/5
Matthew Key 8/8 4/4 3/3 5/5
Debra Lee
4
8/8 3/4 3/3 –
Antoine de Saint-Affrique 8/8 4/4 3/3 –
Alan Stewart
5
4/4 3/3 2/2 –
1. Julie Brown stepped down from the Board on 1 April 2023.
2. Sam Fischer was unable to attend one Remuneration Committee meeting which was convened at short notice.
3. Danuta Gray was unable to attend one Board meeting which was convened at short notice.
4. Debra Lee was unable to attend one Audit Committee meeting due to an unavoidable diary clash.
5. Alan Stewart joined the Board on 1 September 2022.
The Board held six scheduled meetings during the
financial year, including an in-depth strategy session
in Italy where Directors visited suppliers, as well as
manufacturing and retail operations. Two additional
meetings were called at short notice. If any Directors
are unable to attend a meeting they are given
theopportunity to provide feedback in advance
ofthemeeting.
At each Board meeting, the Chair and Non-Executive
Directors held a closed session without management
present. In addition, the Board met informally on a
number of occasions to receive business updates and
in connection with the resignation of Julie Brown as
the CO&FO and appointment of the new Chief
Creative Officer and new CFO. Throughout the year,
Directors also devoted time to meeting with investors
and interviewing candidates for both executive and
non-executive roles. In addition, Directors undertook
store and site visits and attended our fashion shows,
town halls, brand events and meetings of the Global
Workforce Advisory Forum.
The Board and Committee agendas were shaped to
ensure that discussion was focused on our key
strategies and responsibilities, as well as reviews of
significant issues arising during the year, such as
changing macro economic and geo-politcal conditions.
The Group’s ongoing performance against strategic
priorities is reviewed at each scheduled meeting.
168
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On 28 March 2023, the Company announced it had
entered into an agreement to acquire a business from
long-term supplier Pattern SpA which is expected to
complete later in the year. In considering the
transaction, the Board identified and assessed the
impact on stakeholders as part of its decision-making
process. Some of those considerations were as follows:
• Sustainability: opportunity to further embed
sustainability in the value chain
Decision for the proposed acquisition of Pattern SpA
Principal areas of focus for the Board during FY 2022/23
Topic Activity Outcome Relevant stakeholders and s.172
duties considered
Strategy
Strategic review • Reviewing strategy to take
stock of progress and prioritise
areas offocus within the
long-term strategic plan
• Considering market trends
andassessing their implications
onareas of strategic focus
• Providing feedback,
questions and challenge
throughout the process
• Supporting the
programmes undertaken
Relevant stakeholders:
Customers; shareholders; people;
partners; communities
s.172 duties:
Long-term results; workforce;
environment; reputation; and
business relationships
Performance • Reviewing regional updates • Providing feedback and
asking questions
Relevant stakeholders:
Customers, shareholders, people,
partners, communities
s.172 duties:
long-term results; workforce;
reputation; and business
relationships
Corporate Governance Statement | Board Leadership and Company Purpose
• Customer and shareholders: opportunity to grow
outerwear category
• Shareholders: rigorous commercial and financial
evaluation to analyse return on investment
• People: additional skills brought in house as a result
of staff transfers to Burberry
• Partners: determined that there would be minimal
impact on our supply chain partners at this point in
time
169
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Corporate Governance Statement | Board Leadership and Company Purpose
Topic Activity Outcome Relevant stakeholders and s.172
duties considered
Shareholder engagement
Shareholder
feedback,
including activist
themes
• Reviewing updates from the
Investor Relations team on share
price performance, register
activity and analyst sentiment
• Discussing specific issues
raisedby shareholders,
including the re-election of
Antoine de Saint-Affrique
• Engaging with major
shareholders and key proxy
bodies on the proposed
Directors’ Remuneration Policy
• Inclusion of shareholder
themes within the Board’s
strategic and/or other
considerations
Relevant stakeholders:
Shareholders
s.172 duties:
Long-term results; workforce;
environment; reputation; and
business relationships
Finance
Budget and
capital allocation
• Approving the FY 2022/23
budget
• Scrutinising financial
performance
• Considering capital structure,
distributions and liquidity
• Reviewing the quarterly
financial results
• Reviewing FY 2023/24 budget
scenarios and three-year
forward plan
• Reviewing and approving
capital expenditure projects
• ‘In principle’ support for the
FY 2023/24 budget
• Prior year (March and May
2022) budget delivered
• Approval of a £400 million
share buyback to be
implemented in FY 2022/23
• Approval of the payment of
a final dividend for
FY 2021/22 and an interim
dividend for FY 2022/23
Relevant stakeholders:
Customers; shareholders; people
s.172 duties:
Long-term results; workforce; and
fairness between our shareholders
Governance
Monitoring
culture
• Reviewing the delivery of key
areas of focus to embed our
purpose and values
• Discussing the results of the
Colleague Engagement
Surveys, including trends, and
receiving feedback following
Global Workforce Advisory
Forum meetings
• Support for management’s
approach
• Greater understanding of
the views of the workforce
to strengthen the colleague
voice in the Boardroom
• Refer to pages 166 to 167
covering monitoring culture
for further detail
Relevant stakeholders:
Customers; shareholders; people;
communities
s.172 duties:
Long-term results; workforce;
reputation; and business
relationships
Board evaluation • Progress update against
FY 2022/23 areas of focus
• Discussing the results of the
FY 2022/23 Board evaluation
and reflecting on the
effectiveness of the Board and
its Committees
• Refer to pages 179 to 181
covering Board evaluation
for further detail
Relevant stakeholders:
Customers; shareholders; people
s.172 duties:
Long-term results; workforce; and
reputation
170
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Corporate Governance Statement | Board Leadership and Company Purpose
Topic Activity Outcome Relevant stakeholders and s.172
duties considered
Risk
Risk appetite • Considering the Board’s
appetite for risk
• Considering emerging and
principal risks, including
changes to the risk profile
• Reviewing and approving
directors’ and officers
liabilityprovisions
• Approval of the
Group’s riskappetite
• Refer to the Risk and
Viability Report on pages
118 to 151 for further detail
Relevant stakeholders:
Customers; shareholders; people;
communities
s.172 duties:
Long-term results; and reputation
Risk deep dives • Reviewing geopolitical
marketcontext
• Reviewing business continuity,
cybersecurity, fraud and
GDPRrisks
• Support for the programme
to be undertaken
Relevant stakeholders:
People; shareholders
s.172 duties:
Long-term results; and reputation
People, culture and values
Diversity, Equity
and Inclusion
• Discussing the Diversity,
Equity and Inclusion strategy
for FY 2023/24
• Holding meetings with the
Internal Diversity and Inclusion
Council and the Cultural
Advisory Council
• Support for the Diversity,
Equity and Inclusion
strategy for FY 2023/24
Relevant stakeholders:
People; shareholders; communities;
customers; governments
s.172 duties:
Long-term results; workforce;
environment; reputation; and
businessrelationships
Environmental and
Social
Responsibility
• Discussing the Community
Investment strategy for
FY 2023/24
• Reviewing and approving
the Company’s Modern
Slavery Statement
• Considering the proposed
Environmental, Social and
Governance priorities
• Reviewing and discussing
updates on progress towards
our climate ambition
• Audit Committee review of
progress against four TCFD
pillars and the proposed
disclosure
• Approval in May 2022 to
donate 1% of FY 2022/23
adjusted profit before tax to
social and community
causes worldwide
• Approval of the response to
the humanitarian crisis
in Ukraine
• Approval of the response to
the Turkey-Syria
earthquake
Relevant stakeholders:
People; shareholders; communities;
customers; partners; governments
s.172 duties:
Long-term results; workforce;
environment; reputation; and
businessrelationships
171
Burberry 2022/23

Managing conflicts of interest
All Directors have a duty under the Companies Act
2006 to avoid a situation in which they have, or could
have, a direct or indirect conflict of interest or
possible conflict of interest with the Company and/or
the Group.
Under the Company’s Articles of Association, the
Board has the authority to approve situational
conflicts of interest. It has adopted procedures
to manage and, where appropriate, approve
suchconflicts.
Authorisations granted by the Board are recorded by
the Company Secretary in a register and are noted by
the Board at its next meeting. A review of situational
conflicts that have been authorised is undertaken by
the Board annually.
Following the last review, the Board concluded that
the potential conflicts had been appropriately
authorised, that no circumstances existed which
would necessitate that any prior authorisation be
revoked or amended and that the authorisation
process continued to operate effectively.
Productivity
The Company continues to demonstrate and develop
improving levels of productivity, owing to strong
human capital, training and development
programmes, and focus on elevating the customer
experience throughout our distribution and retail
networks. Further information about these aspects
of the business is provided on pages 20 to 29
and68 to 81.
Other governance disclosures
The Group is committed to acting with integrity and
transparency on all tax matters and complying fully
with applicable tax laws, having regard to
international standards and guidance on tax practice
and tax reporting. The Group will only engage in
responsible tax planning aligned with genuine
commercial economic activities. We will not use tax
structures or undertake artificial transactions, the
sole purpose of which is to create a contrived tax
result. For example, we do not participate in
transactions with parties based in tax haven
jurisdictions when the transactions are not in the
ordinary course of Group trading business or which
could be perceived as artificially transferring value to
low tax jurisdictions. We are also committed to
engaging in open and constructive relationships with
tax authorities in the territories in which we operate.
The Group Tax strategy directs our tax planning,
reporting and compliance activities and is aligned
with the Group’s strategic objectives. Further
information regarding the Group Tax strategy is
provided on Burberryplc.com.
Tax governance framework
The CFO is responsible for the Group Tax strategy,
the effectiveness of tax risk management, tax
processes and transparency of disclosures. The
strategy is implemented by the global tax and trade
compliance teams with the assistance of the finance
leadership team. Compliance with the Group Tax
strategy is reviewed on an ongoing basis as part of
the regular financial planning cycle. The Audit
Committee is responsible for reviewing the Group
Tax strategy at least once a year and significant tax
matters as they arise.
Share capital
Further information about the Company’s share
capital, including substantial shareholdings, can be
found in the Directors’ Report on page 246.
Corporate Governance Statement | Board Leadership and Company Purpose
172
Burberry 2022/23

Corporate Governance Statement | Division of Responsibilities
Governance structure for Burberry
The diagram below illustrates our governance structure of Committees and advisory forums and the
key environmental, social and governance topics within their scope.
This structure establishes an information flow to the Board, enabling it to make informed decisions.
Governance Structure and Division
ofResponsibilities
Key:
Decision-making
Advisory
CEO Global Workforce
Advisory Forum
Nomination
Committee
Remuneration
Committee
Audit
Committee
Executive
Committee
Sustainability
Committee
Digital Advisory
Board
Cultural Advisory
Council
Internal Diversity
and Inclusion
Council
Risk
Committee
Group Treasury
Committee
Ethics
Committee
Environmental, Social and
Governance topics covered:
Environment
Finance and Risk
People
Ethics Communities
Legal/Compliance
Burberry Group plc Board
TCFD Working
Group
Data Privacy
Steering
Committee
Group Health and
Safety Committee
Cybersecurity
Steering Group
173
Burberry 2022/23

Roles and responsibilities
Governance
The Board is responsible for promoting Burberry’s long-term success. This is achieved through effective
governance and keeping the interests of stakeholders at the fore in decision-making. The Board establishes
the Group’s purpose and values and sets the Group’s strategy, including sustainability and climate goals,
ensuring alignment with our culture, and overseeing its implementation by management.
The Board is also responsible for oversight of the Group’s governance, internal control and risk management,
including the Group’s risk appetite. Afull schedule of matters reserved for the Board’s decision is available in
theCorporate Governance section of Burberryplc.com.
The Board has established Committees to assist with exercising its authority.
Audit Committee
Chaired by Matthew Key
Remuneration Committee
Chaired by Danuta Gray
Nomination Committee
Chaired by Gerry Murphy
Monitors the integrity of Financial
Statements, including disclosures
associated with the TCFD
recommendations and reviewing
the Group’s internal financial
controls and risk management
systems, the Internal Audit
function, and the Group’s
relationship with the external
auditor. The Audit Committee is
supported by theEthics Committee,
the Risk Committee and the Group
Treasury Committee.
The Audit Committee Report can
be read on pages 190 to 199.
Determines the policy for
Executive Director remuneration
and sets the remuneration for the
Chair, Executive Directors and
senior management.
Oversight of wider employee
reward policies.
The Directors’ Remuneration
Report can be read on pages 200
to 245.
Reviews the composition of
theBoard, ensuring plans are in
place for orderly succession for
both Board and senior leadership
positions, keeping in mind the
importance of diversity in
allitsforms and balancing
skillsandexperience when
makingappointments.
The Nomination Committee Report
can be read on pages 182 to 189.
Corporate Governance Statement | Division of Responsibilities
174
Burberry 2022/23

CEO and Executive Committee
The Board delegates the day-to-day responsibility for running the Group to the CEO, who is responsible
for all commercial, operational, risk and financial elements of the business. The CEO is also responsible for
management and development of the strategic direction of the Group for consideration and approval by the
Board. TheExecutive Committee assists the CEO in implementing the strategy as approved by the Board.
The Board is responsible for supporting management in its strategic aims, which enable the Company to
continue to perform successfully and sustainably for our shareholders and wider stakeholders. The Audit
Committee, the Nomination Committee and the Remuneration Committee support the Board in its activities.
The terms of reference for each of these Committees can be viewed in the Corporate Governance section of
Burberryplc.com. Pages 173 to 177 outline our governance structure as well as the roles and responsibilities
within that framework.
The Committees may engage third-party consultants and independent professional advisors. They may also call
upon other Group resources to assist them in discharging their respective responsibilities. In addition to the
Committee members and the Company Secretary, external advisors and, on occasion, other Directors and
members of our senior management team attend Committee meetings at the invitation of the Chair
oftherelevant Committee.
Corporate Governance Statement | Division of Responsibilities
175
Burberry 2022/23

Corporate Governance Statement | Division of Responsibilities
Board roles
Our Board currently comprises 11 members: the
Chair, the CEO, and nine independent Non-Executive
Directors who are experienced and influential
individuals, drawn from a wide range of industries and
backgrounds with the skills to promote the long-term
sustainable success of the Group. The Board has
determined that all Non-Executive Directors are
independent and the Chair was also considered to be
independent on appointment. Further to the
resignation of the CO&FO, the Board has appointed
Kate Ferry as CFO. Kate will join the Company as an
Executive Director on 17 July 2023. Ian Brimicombe
has been appointed as Interim CFO but he is not an
Executive Director.
Directors’ biographies, tenures, key skills and
experience and external appointments are set out on
pages 157 to 162.
All Directors are appointed to the Board for an initial
fixed three-year term, subject to annual re-election by
shareholders at the Company’s AGM. In accordance
with the Code, with the exception of Matthew Key,
all Directors will retire and offer themselves for
re-election at the 2023 AGM. Alan Stewart, who
joined the Board on 1 September 2022, will offer
himself for election having joined the Boardsince
the last AGM. Matthew Key will cease to be a
Non-Executive Director following the 2023 AGM.
Our Chair
• Chairing Board meetings, Nomination Committee
meetings and the AGM, and setting the
Boardagenda
• Ensuring there is effective communication
between the Board, management, shareholders
and the Group’s wider stakeholders, while
promoting a culture of openness and constructive
debate
• Ensuring Directors receive accurate, timely and
clearinformation
• Overseeing the annual Board performance review
andaddressing any subsequent actions
• Promoting the highest standards of
corporategovernance
• Ensuring the views of stakeholders are taken
intoaccount when making decisions
• A full description of the Chair’s role and
responsibilities can be found in the Corporate
Governance section of the Group’s website
Burberryplc.com
Our Senior Independent Director
• Acting as a sounding board for the Chair
• Acting as an intermediary for the other Directors,
where necessary
• Chairing meetings in the absence of the Chair
• Being available to shareholders and stakeholders
ifthey have any concerns, which they have been
unableto resolve through normal channels
• Together with the Non-Executive Directors,
assessing the performance of the Chair on an
annual basis
• Leading the search and appointment process and
recommendation to the Board of a new Chair,
ifnecessary
• A full description of the Senior Independent
Director’srole and responsibilities can be found in
theCorporate Governance section of the Group’s
website Burberryplc.com
To ensure the Board performs effectively, there
is a clear division of responsibilities between the
leadership of the Board and the executive
leadership:
176
Burberry 2022/23

Our Non-Executive Directors
• Providing effective and constructive challenge
totheBoard and scrutinising the performance
ofmanagement
• Assisting in the development and approval of the
Group’s strategy
• Reviewing Group financial information and
ensuring there are effective systems of
governance, risk management and internal
controls in place
• Ensuring there is regular, open and constructive
dialogue with shareholders
Our CEO
• Day-to-day management of the Group
• Responsible for all commercial, operational, risk
andfinancial elements of the Group
• Developing the Group’s strategic direction and
implementing the agreed strategy
• Ensuring effective communication and
information flows to the Board and the Chair
• Representing the Group to external stakeholders
• Responsible for the oversight of the following key
functions: Design, Marketing, Digital,
Merchandising, Supply Chain, Corporate Affairs,
Human Resources, Strategy, Global Commercial,
Corporate Responsibility and IT
• Responsible for oversight of the sustainability
agenda and climate goals
• A full description of the CEO’s role and
responsibilities can be found in the Corporate
Governance section of the Group’s website
Burberryplc.com
Our CFO
• Supporting the CEO in developing the Group’s
strategy and its implementation
• Overseeing the global Finance and Business
Servicesfunctions and developing the Group’s
CapitalAllocation Framework
• Responsible for establishing financial planning
andmaintaining adequate internal controls over
financial reporting
• Representing the Group to external stakeholders
• Responsible for the oversight of the following key
functions: Investor Relations, Internal Audit and
Risk Management, Business Continuity, Burberry
Business Services, Finance, Insurance, Tax,
Treasury and Trade Compliance
Our Company Secretary
• Providing advice and support to the Chair and
allDirectors
• Ensuring the Board receives high-quality
information and resources in a timely manner so
that the Board can operate effectively at
meetings
• Assisting in setting the agenda for Board and
Committee meetings
• Advising and keeping the Board up to date with
allmatters of Corporate Governance
• Facilitating the induction programme for new
Directors and, together with the Chair, assessing
ongoing training needs for all Directors
Corporate Governance Statement | Division of Responsibilities
177
Burberry 2022/23

External directorships
Our Board’s Executive Directors are permitted tohold
one external non-executive directorship. Jonathan
Akeroyd is the only Executive Director atpresent
and does not hold any other external directorships.
Kate Ferry, who will join the Board on17 July 2023
as an Executive Director and CFO iscurrently an
independent non-executive director ofGreggs plc.
Time allocation and independence
Each of our Non-Executive Directors has a letter of
appointment, which sets out the terms and conditions
of his or her directorship. The Non-Executive
Directors are expected to devote the time necessary
to perform their duties properly. This is expected to
be approximately 20 days each year for basic duties.
The Chair and Senior Independent Director are
expected to spend additional time over and above this
to carry out their extra responsibilities. The Chair,
Senior Independent Director and CEO also have
clearly defined responsibilities, which delineate the
scope of their roles. A full description of these roles
can be found in the Corporate Governance section of
the Group’s website Burberryplc.com. The Board has
noted changes to Non-Executive Directors’ external
appointments during the year and confirms that they
were not perceived to impact their independence or
responsibilities to the Company. The Board considers
that the Chair and all Non-Executive Directors have
fulfilled their required time commitment during
FY2022/23. In making this assessment the Board
considered the views of certain shareholders
regarding Antoine de Saint-Affrique’s time
commitments, further details of which can be found
in the Nomination Committee Report on page184.
Each year, in accordance with its terms of reference,
the Nomination Committee reviews the independence
of the Non-Executive Directors (excluding the Chair),
taking into account a range of factors, including
thoseset out in Provision 10 of the UK Corporate
Governance Code. The Nomination Committee
concluded this year that all the Non-Executive
Directors continued to be independent.
Notwithstanding that Matthew Key was appointed to
the Board in September 2013 and has therefore
served on the Board for over nine years, the
Nomination Committee concluded that Matthew
Key’s independence was not compromised.
Information flow and professional development
Our Chair works closely with the Company Secretary
intheplanning of agendas and scheduling of Board and
Committee meetings. Together, they ensure that
information is made available to Board members on a
timely basis and is of a quality appropriate to enable the
Board to effectively carry out its duties. The Board is
kept up to date on legal, regulatory, compliance and
governance matters through advice and regular papers
from the General Counsel, the Company Secretary and
other advisors. In addition, Executive Committee members
and other senior managers are invited, as appropriate,
toBoard and strategy meetings to inform and update
theBoard on their areas of responsibility. The CEO,
theChief People Officer and the Company Secretary
regularly attend Board and Committee meetings.
Induction, training and business engagement
The Company Secretary assists the Chair in designing
andfacilitating a formal induction programme for new
Directors and their ongoing training. Each newly appointed
Director receives a formal and tailored induction programme
to enable them to function effectively as quickly as possible,
while building a deep understanding of the business. Each
induction typically consists of meetings with both Executive
and Non-Executive Directors and briefings from senior
managers across our key business areas and operations.
Inaddition, Non-Executive Directors are provided with
opportunities to visit key stores, markets and facilities. This
includes visits to our various operating facilities in the UK.
Following the initial induction for Non-Executive Directors,
an understanding of the business is developed through
ongoing meetings and engagements as appropriate.
The Chair considers the training needs of individual
Directors on an ongoing basis. During FY 2022/23,
anumber of Directors participated in a sustainability
workshop in May 2022. The Board also held informal
meetings with our Internal Diversity and Inclusion
Council and our Cultural Advisory Council. Details of the
induction programmes implemented for Jonathan
Akeroyd and Alan Stewart are set out in the Nomination
Committee Report on page 187.
The Board has direct access to the advice and services
ofthe Company Secretary. The appointment and
removal of the Company Secretary is a matter reserved
for the Board as a whole. To carry out their duties,
Directors may also obtain independent professional
advice, if necessary, at the Group’sexpense.
Corporate Governance Statement | Division of Responsibilities
178
Burberry 2022/23

Board evaluation
Evaluating our performance
The Board undertakes a formal annual review of its
effectiveness, which is designed to help identify
opportunities to improve and enhance its own
performance and that of the Group. The evaluation
process is led by the Chair and includes a review of
the effectiveness of the Board as a whole, the
Board’s Committees and each individual Director.
Every three years, the evaluation is facilitated
externally with the last external evaluation taking
place in FY 2020/21.
Internal evaluation in FY 2022/23
In November 2022, the Board decided to conduct an
internal questionnaire-based review for FY 2022/23
with the support of Independent Audit’s Thinking
Board tool. Independent Audit Limited has no other
connection with the Company. The Chair of the Board
and the Chairs of each of the Board Committees
worked with the Company Secretary to devise the
questionnaires, which were circulated in February
2023. The results were evaluated and discussed at
the March Board meeting, following which the Board
confirmed its view that the Board continues to
operate effectively within an inclusive and
transparent environment and displays a number of
strengths, including:
• operating with a high level of trust and openness
between Board members
• strong leadership of the Board and Board
Committees
• providing challenge and support to the
executiveteam
• assessing and monitoring performance of
thebusiness
The questionnaires were supplemented by meetings
between the Chair and each Director to discuss
individual performance, seek additional feedback and
raise any issues or concerns regarding the
management of the Company or the Board’s
performance. On resignation, Non-Executive
Directors are also encouraged to provide a
written statement of any concerns to the Chair.
Nosuch concerns were raised in FY 2022/23.
Thesediscussions, together with the Nomination
Committee’s considerations of independence, time
commitment and tenure, are used as the basis for
recommending the re-election of Directors by
shareholders. The Board is satisfied that all Non-
Executive Directors bring robust, independent
oversight and continue to remain independent.
The evaluation process also concluded that the Audit,
Nomination and Remuneration Committees continue
to operate well and provide effective support to the
Board in carrying out its duties.
Separate to the formal Board evaluation process, the
Senior Independent Director led a review of the
Chair’s performance. The review included circulation
of a short questionnaire, one-to-one meetings with
each of the Non-Executive Directors and a final
meeting of the Non-Executive Directors, without the
Chair being present, to conclude on the review. The
unanimous view was that the Chair continued to
perform very effectively and to provide strong
leadership throughout FY 2022/23.
Composition, Succession
andEvaluation
Corporate Governance Statement | Composition, Succession andEvaluation
179
Burberry 2022/23

Area of development Action
Strategy, purpose and
values
• Ongoing development of Board agendas to ensure sufficient focus on big trends including
sustainability, e-commerce and globalisation
• Consider ways to develop the Board’s understanding of the opportunities and risks presented by
emerging technology in the luxury industry
People and culture • Continued focus on developing the long-term approach to executive succession planning including
increased opportunities for Board members to engage with colleagues informally
• Enhance the Board’s oversight of culture and values, including how well they are embedded across
the business
Board composition • Review the size and composition of the Board including the potential use of advisory support to
supplement core skills of Board members where necessary
Corporate Governance Statement | Composition, Succession andEvaluation
Areas of focus for FY 2023/24
Based on the feedback received during the assessment process, the Board agreed on the following areas of
focus, which will be monitored during the year.
180
Burberry 2022/23

Progress update on focus areas identified following FY 2021/22 Board effectiveness review
Action
Strategy, purpose and values
• Reviewing Board agendas to
enable more time to be spent
considering emerging technology,
megatrends and key markets
• Considering ways to embed
environmental, social and
governance further into strategy,
as well as into the purpose and
values of the Company
More time spent on regional updates throughout the year to provide the Board with
deeper insights for key markets. In addition, the Board received updates in July and
October 2022 from external advisers on the macroeconomic and the geopolitical
environment and as part of the annual strategy meetings in October 2022 updates on the
luxury industry and key consumer trends.
The Board and Executive Committee attended a sustainability workshop in May 2022 led
by the Cambridge Institute of Sustainability Leadership and members of the Corporate
Responsibility team. Topics discussed included the evolution of Burberry’s Sustainability
strategy, such as focusing Burberry’s Communities strategy on youth and creativity; and
the actions being taken to embed sustainability across the Leadership Standards, Code of
Conduct and values.
With effect from FY 2023/24 Sustainability metrics will also be incorporated into the
corporate annual bonus plan.
Talent and succession planning
• Continued development and
strengthening of the executive
succession planning programme
Work is ongoing to enhance our Executive Development Programme which is a bespoke
eight-month experience designed to elevate leadership capabilities and embed Leadership
Standards through immersive learning experiences, targeted coaching and impactful
networking opportunities.
Board ways of working
• Reviewing the Board’s
composition and advisory support
to ensure appropriate and
contemporary expertise across all
relevant areas, including luxury
The Board’s succession work during FY 2022/23 has focused on the search for a new CFO
and enhancing the financial expertise on the Board, in advance of Matthew Key’s stepping
down. Further details on the recruitment and appointment process for these roles can be
found in the Nomination Committee Report on pages 186 to 187.
In terms of advisory support, the Board met with members of the Internal Diversity and
Inclusion Council in July 2022 and with the external Cultural Advisory Council in
November2022.
Corporate Governance Statement | Composition, Succession andEvaluation
181
Burberry 2022/23

Report of the
Nomination Committee
Dear Shareholder,
On behalf of the Nomination Committee, I am pleased
to present this report, which describes how we
carried out our responsibilities during the year.
TheCommittee met three times during FY 2022/23.
Board succession planning and the composition of
Board Committees continued to be an important
area of focus for the Committee. During FY2022/23,
the Committee recommended the appointment of
Kate Ferry as our new Chief Financial Officer and the
appointment of AlanStewart as an additional
Independent Non-Executive Director ahead of
Matthew Key’s retirement from the Board in July.
Inour consideration of Board composition, we
concentrated on identifying candidates who would
add to the collective skills, experience and diversity
ofthe Board to improve our ability to support and
challenge management as Burberry develops
andevolves.
“Diverse and fresh perspectives
are also important, that is
why theCommittee makes
refreshment and succession
planning a priority.”
Corporate Governance Statement | Report of the Nomination Committee
Board skills
We recognise that having the right individuals in the
boardroom is critical. Directors need to have skills and
experience that align with the Company’s long-term
strategy. Diverse and fresh perspectives are also
important, that is why the Committee makes refreshment
and succession planning a priority. A Board skills matrix is
used to identify current and expected skill gaps.
Areas of focus for FY2022/23
• Board composition
• Recruitment of CFO and new
Non-Executive Director
• Talent and executive succession planning
• Corporate governance
Gerry Murphy
Chair, Nomination Committee
During FY 2022/23, we also reviewed the talent
pipeline for the Executive Committee and other
senior management roles and completed our annual
governance processes.
Operational excellence
Digital and media
Retail, sales and marketing
Luxury brands
Environment / Sustainability
Financial expertise
90.91%
54.55%
90.91
36.36%
45.45%
18.18%
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Corporate Governance Statement | Report of the Nomination Committee
Board and committee composition
The Committee is responsible for keeping the
structure, size and composition of the Board and
its Committees under review. During FY 2022/23,
the Committee oversaw the search and appointment
of a new Chief Financial Officer following the
announcement in September 2022 that Julie Brown
would step down at the end of the Company’s
financial year on 1 April 2023 after more than six
years on the Board as Chief Operating and Financial
Officer. The Company used Lygon Group, a consulting
firm which has no connection to the Company or
individual Directors. More information on the
appointment search and process can be found on
page 186.
In conjunction with the Remuneration Committee,
theCommittee also recommended that Danuta Gray
be appointed as Chair of the Remuneration Committee
succeeding Orna NíChionna following her appointment
as Senior Independent Director.
The Committee also oversaw the appointment of
Alan Stewart as a Non-Executive Director and
member of the Audit and Nomination Committees
on 1 September 2022. Alan is a highly experienced
Chief Financial Officer and Non-Executive Director
of major international public companies and we were
delighted that he has joined the Burberry Board.
Gerry Murphy
Chair, Nomination Committee
Member Member since Meeting attendance
Gerry Murphy (Chair) 17 May 2018 3/3
Fabiola Arredondo 10 March 2015 3/3
Sam Fischer 1 November 2019 3/3
Ron Frasch 1 September 2017 3/3
Danuta Gray 1 December 2021 3/3
Matthew Key 26 September 2013 3/3
Debra Lee 1 October 2019 3/3
Orna NíChionna 3 January 2018 3/3
Antoine de Saint-Affrique 1 January 2021 3/3
Alan Stewart 1 September 2022 2/2
183
Burberry 2022/23

Principal role and responsibilities
As set out in the terms of reference, which are
available on the Company’s website, Burberryplc.com,
the Nomination Committee is responsible for a
number of areas across three main categories
aslisted below.
Board composition
• Reviewing the composition, size, skills and diversity
of the Board and its Committees to maintain the
relevant balance of skills andindependence
• Identifying and making recommendations to the
Board on suitable candidates to fill Boardvacancies
Talent and executive successionplanning
• Considering succession planning for the Executive
Committee and other key senior management roles
in line with the talent management framework
Corporate governance
• Considering the independence and time
commitments of Non-Executive Directors
• Making recommendations to the Board on election
and re-election of Directors at the AGM
• Reviewing the Board Composition and Diversity
Principles to ensure they remain fit for purpose
Our proactive approach to succession planning
ensures that the Board maintains the right mix of
skills, experience, knowledge and tenure to effectively
support and challenge. We believe that diverse boards
with appropriate competencies and values are better
boards. In line with the Board’s Composition and
Diversity Principles, all new Board appointments will
continue to be made on merit. Our approach includes:
• Ensuring the search pool includes candidates from
diverse backgrounds with experience and insights
relevant to the Group’s strategic priorities
• Taking into account Burberry’s purpose, culture
and values, as well as changing business needs,
while also having regard to wider stakeholder
requirements and environmental factors
• Promoting diversity, including in terms of gender,
social and ethnic backgrounds, cognitive and
personal strengths
Given the Board appointments made during
FY2022/23, we believe there is a good balance
between more recently appointed Directors and
those who have served for longer periods and
provide consistency with respect to experience and
knowledge of Burberry as a brand and as a company.
Update on Antoine de Saint-Affrique’s
time commitment
At Burberry’s AGM in 2022, some shareholders
expressed concerns about the number of Antoine de
Saint-Affrique’s other listed directorships and the
potential impact on his time commitment to Burberry.
Since the 2022 AGM, we have contacted major
shareholders who voted against Antoine’s re-election
to understand their views and reassure them that
Antoine has brought, and continues to bring,
considerable business and management experience
and exceptional knowledge of sustainability and global
consumer markets to Board discussions. The Board
believes that Antoine makes valuable contributions
to the work of the Board and Committees of which
he is a member, drawing from his wide experience
across many industries. The Chair reviews each
Non-Executive Director’s effectiveness each year
and, when considering Antoine’s performance,
specifically considered his ability to carry out his
duties as a Director given his other directorships.
Inaddition, the Board reviews its own performance
annually. No concerns regarding Antoine’s ability to
devote time to his role at Burberry were raised.
Antoine’s attendance record speaks for itself: in
FY 2022/23, Antoine attended 100% of the Board
and Committee meetings, including the Board’s visit
to Burberry sites in Italy in October 2022, 100% of
Audit Committee meetings and 100% of Nomination
Committee meetings. He also attended the AGM and
has attended additional Board calls and meetings during
the year when required. He has also participated
in a number of additional opportunities to meet
colleagues and engage with other stakeholders
throughout the year. Antoine’s attendance at our
scheduled meetings and participation in all ad hoc
discussions demonstrated his capacity to fulfil his
obligations in each of his roles, even during
exceptionally demanding periods.
Corporate Governance Statement | Report of the Nomination Committee
184
Burberry 2022/23

Corporate Governance Statement | Report of the Nomination Committee
The Board has therefore determined that Antoine
has sufficient time to meet his Board responsibilities
as required by Principle H of the UK Corporate
Governance Code.
Antoine has spent his working life in large
international companies with globally renowned
consumer brands. He is a world-class Director and
his wealth of knowledge and experience would be
hard to replace. Burberry’s experience of Antoine
as a committed and engaged Director has been
very positive, not least in the areas of executive and
global brand management, sustainability and deep
operational experience in our key markets in Asia,
Europe and North America.
In summary, the Board has carefully considered the
concerns raised by certain shareholders regarding
Antoine’s ability to devote sufficient time to his
duties at Burberry and has determined that, based
on experience to date, Antoine’s capacity to perform
his role is not impaired in any way by his other time
commitments. As an executive of the highest calibre,
we feel it would not be in the best interests of the
Company to deprive Burberry of Antoine’s services.
The Board will of course monitor this position closely
and, should circumstances change, the Chair would
take appropriate action.
The Board is satisfied that all Directors, including
Antoine, continue to make effective and valuable
contributions to the Board and continue to devote
sufficient time to discharging their responsibilities as
Directors of Burberry.
Board and Committee effectiveness
As part of the annual Board evaluation, all members
of the Nomination Committee participated in an
evaluation of the Committee’s performance.
Theevaluation concluded that the Committee
operates well and continues to provide effective
support to the Board. Further details of the
evaluation can be found on pages 179 to 181.
Senior management talent and
successionplanning
The Committee monitored changes to the talent
landscape during the year and reviewed the talent
pipelines for the Executive Committee and other key
leadership roles. When considering the succession
plans, the Committee reviewed progress in increasing
diversity of gender and ethnicity, considered the core
capabilities required to deliver the Group’s strategic
priorities and agreed plans to provide opportunities
for Board members to meet key senior executives in
order to deepen relationships and support engagement.
During FY2022/23, the CEO provided regular
updates to the Board and Board Committees to
keep them informed of changes to senior leadership
and the composition of the Executive Committee,
including newly-created roles designed to support
implementation of the next phase of the strategy.
The Committee supports the CEO in hiring the right
talent to strengthen brand capabilities and drive
business growth.
Board changes
The composition of the Board and its Committees
was a key area of focus for the Committee during
FY2022/23. In addition, we continued to focus on the
Board’s evolution and, in light of Matthew Key having
served on the Board for nine years, weidentified a
need for an additional Non-Executive Director who
had the financial qualifications and experience
required to chair the Audit Committee.
185
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Recruitment of the CFO
When Julie Brown notified the Board of her intention to
step down as CO&FO, Jonathan Akeroyd, supported
by the Committee, led the recruitment search for a
new CFO. The Committee was assisted by search firm
Lygon Group which was not engaged by the Company
for any other purpose during FY 2022/23. A candidate
profile was developed to ensure potential candidates
would have the required balance of skills and experience
relevant to Burberry. A long list of candidates was
identified before being narrowed down to a shortlist
of preferred candidates who were then taken through
the interview process. Initial interviews were in each
case led by our CEO, supported by the Chair and
other Committee members.
The CEO kept the Board and the Committee regularly
informed on progress. Following the conclusion of the
process, the Committee recommended Kate Ferry to
the Board as the preferred candidate and we are
delighted to have appointed Kate to this position.
Shewill join Burberry on 17 July 2023.
The Committee recommended that Ian Brimicombe,
SVP, Specialist Finance and Projects, be appointed as
Interim CFO from 2 April 2023 until Kate takes up
her role.
A detailed induction plan will be created for KateFerry
focusing on building her understanding of the business,
including our purpose and values.
Non-Executive Director Appointment
To assist with the recruitment of a new Non-Executive
Director, the Committee appointed search firm
Odgers Berndtson which has no connection to the
Company or individual Directors. A candidate profile
was developed in line with the Board’s Composition
and Diversity Principles, which would complement
the needs of the business and the Board as a whole.
Odgers Berndtson was not engaged by the Company
for any other purpose during FY 2022/23.
Having considered the shortlist, Committee members
interviewed the preferred candidates and recommended
the appointment of Alan Stewart to the Board for
approval. The Committee further recommended that,
on appointment to the Board, he be appointed as a
member of the Audit and Nomination committees.
Given Alan’s deep financial expertise, the Committee
also recommended that he take on the role of Chair
of the Audit Committee following Matthew’s
retirement in July 2023.
Each of these appointments involved a formal,
rigorous and transparent appointment process based
on merit and objective criteria, with due consideration
being given to a broad range of factors such as
diversity of gender, social and ethnic backgrounds,
cognitive and personal strengths and the Group’s
future strategic direction.
Corporate Governance Statement | Report of the Nomination Committee
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Corporate Governance Statement | Report of the Nomination Committee
Alan Stewart’s Induction
During the financial year, Alan also undertook induction
sessions to provide him with an understanding of
Burberry’s business with special focus on purpose
and values, strategy and wider business objectives.
The Company Secretary assisted the Chair with
the preparation and delivery of a tailored and
comprehensive induction programme, designed to
give Alan the opportunity to familiarise himself with
the business and build an understanding of the
key areas of focus for the Board and the Group.
Theinduction programme was also complemented
by visits around the business to meet and connect
with the wider workforce.
Diversity
Diversity, equity and inclusion are essential to
fulfilling Burberry’s purpose and inherent in our
Company values. Our commitment to building a
diverse and inclusive culture is a strategic imperative
and we believe this creates more engaged colleagues
and encourages better performance. Wechampion
the development of everyone at Burberry and ensure
all colleagues are treated equally. The Committee
considers the importance of diversity when
recommending candidates for appointment to the
Board. In accordance with the Board’s Composition
and Diversity Principles, weare committed to
ensuring women make up at least one-third of our
Board and that at least one Board member is from
an ethnic minority background, while continuing
to ensure candidates are selected based on their
merit and wide-ranging experience, backgrounds,
knowledge, insights and skills. With the current Board
composition, these objectives have been exceeded.
A review of Jonathan Akeroyd’s
induction
As reported in our 2021/22 Annual Report,
following the appointment of Jonathan
Akeroyd in March 2022, a detailed induction
plan was created for Jonathan focused on
building his understanding of our purpose
and values and providing opportunities for
product immersion, meeting colleagues
and travelling to Burberry stores and
manufacturing sites around the world to
meet and connect with the wider workforce.
The induction sessions gave Jonathan the
opportunity to get to know the business
and build an understanding of the key areas
of focus for the Board and the Group. The
induction programme was complemented by
meetings with key external stakeholders
enabling Jonathan to further deepen his
business insights.
March 2022
• Appointment to the Board as
Chief Executive Officer
March 2022 – June 2022
• Product immersion
• Visiting key stores and
manufacturing sites
• Meeting with the Executive
Committee, Regional leads, Vice
Presidents and the leadership
team to establish connections,
visibility and deepen business
insights with a view to decision
making acrosspriorities
• Meeting with external stakeholders
to further deepen business insights
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Corporate Governance Statement | Report of the Nomination Committee
Our Global Diversity, Equity and Inclusion strategy
provides a detailed overview of how we foster an
inclusive environment, encourage diverse perspectives
and promote collective innovation. As part of this
strategy, our dedicated Global Diversity, Equity
and Inclusion policy provides a global standard
for how we expect colleagues to maintain an open
and inclusive culture.
As a minimum, and as required by the Listing Rules,
Burberry has also reported on the new specific diversity
targets set by the Financial Conduct Authority as set
out in the table on page189. Alongside the diversity
targets set by the Financial Conduct Authority, we
are also pleased to have exceeded the Parker Review
Committee’s target for all FTSE 100 boards to have
at least one director from an ethnic minority
background. We are delighted to have been
recognised as being a top performer in the FTSE
Women Leaders report, having again exceeded the
recommendations with 41.7% of Board members and
54.1% of Executive Committee and direct reports,
respectively, beingfemale at the date of the report.
Gender
Women – 5
Men – 7
Tenure
Nationality
42%
8%
25%
8%
17%
25%
33%
42%
58.3%
41.7%
0-3 years – 4
3-6 years – 5
6+ years – 3
Australian – 1
French – 1
Irish – 2
American – 3
British – 5
Diversified Board
Data as at 1 April 2023.
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Corporate Governance Statement | Report of the Nomination Committee
Disclosures required under Listing Rule 9.8.6 as at 1 April 2023
The Financial Conduct Authority introduced a new listing rule on diversity and inclusion disclosures applying to financial periods
commencing on or after 1 April 2022. As at 1 April 2023 (being the reference date selected by the Board for the purposes of this
disclosure), the Company complied with the regulatory targets set out in Listing Rule 9.8.6 R (9) as the Board was 41.7% female,
both the Senior Independent Director and the CO&FO were women and the Board had two Directors from a minority ethnic
background. Julie Brown, the CO&FO, stepped down from the Board on 1 April 2023 and as a result female representation on the
Board has temporarily dropped below 40%. Following the AGM on 12 July 2023 female representation will return to 40% and will
increase to 45% once Kate Ferry has joined the Board on 17 July 2023.
We have provided this information in the reporting tables for the Board and Executive Committee below.
Reporting on gender identity or sex
Number of Board
members
Percentage of
the Board
Number of senior positions on the
Board (CEO, CFO, SID and Chair)
Number in executive
management
Percentage of
executive management
Men 7 58.3 2 7 70
Women 5 41.7 2 3 30
Not specified/prefer not to say – – – – –
Reporting on ethnic background
Number of Board
members
Percentage of
the Board
Number of senior positions on the
Board (CEO, CFO, SID and Chair)
Number in executive
management
Percentage of
executive management
White British or other White
(includingminority-white groups) 10 83.4 2 8 80
Mixed/Multiple Ethnic Groups – – – – –
Asian/Asian British 1 8.3 2 2 20
Black/African/Caribbean/Black British 1 8.3 – – –
Other ethnic group, including Arab – – – – –
Not specified/prefer not to say – – – – –
The data was collected by asking each member of the Board and Executive Committee to indicate their gender and ethnicity
according to the categories presented in the table.
189
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Corporate Governance Statement | Audit, Risk and Internal Control
Report of the Audit Committee
Dear Shareholder,
I am pleased to present the FY 2022/23 Report of
the Audit Committee. The purpose of this report
is to describe how the Committee carried out its
responsibilities during the year.
The role of the Audit Committee is to monitor and
review the integrity of financial information and to
provide assurance to the Board that the Group’s
internal controls and risk management processes
are appropriate and regularly reviewed. We also
oversee the work of the external auditor, approve
its remuneration and recommend its appointment.
Details of how the Audit Committee has monitored
Ernst & Young’s audit are available on page 196.
Inaddition to the disclosure requirements relating to
audit committees under the Code, the Committee’s
report sets out areas of significant and particular
focus for the Committee.
Following the FRC audit quality team’s review of
Ernst & Young’s audit of the Group’s Consolidated
Financial Statements for the year ended 2 April
2022, the FRC wrote to the Chair of the Audit
Committee setting out the scope of its review,
itsprincipal key findings and areas of good practice
identified. Overall the Audit Committee noted the
review did not raise any key findings to consider and,
accordingly, the Committee confirmed it was
satisfied this was a high quality audit.
“I am confident that over
the course of the year the
Committee has carried out
its duties effectively and to
a high standard.”
We also focused on accounting judgements relating
to inventory provisioning and store impairments,
and management’s consideration of uncertain
taxpositions.
Further information on how the Audit Committee
addressed significant matters during the year is set
out in the table on pages 193 to 195.
The Committee reviewed and challenged
management’s approach, analysis and
recommendations, taking into account input from the
external auditor, in order to conclude on the
appropriateness of the treatment in the Financial
Statements. All matters reviewed were concluded to
the satisfaction of the Committee.
In relation to the Group’s risk management, we
carried out a detailed review of management’s
assessment of principal risks, tolerance levels and
mitigations, and concluded these were appropriate.
We reviewed management’s proposed expansion
of TCFD reporting, reflecting new data and
measurement bases, and concluded the disclosure
was appropriate. We also considered the risks
associated with cybersecurity, including ransomware,
and reviewed the revised fraud risk framework and its
application to internal audit.
Matthew Key
Chair, Audit Committee
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Corporate Governance Statement | Audit, Risk and Internal Control
Areas of focus for FY2022/23
• Cybersecurity
• Uncertain tax positions
• Fraud risk framework
• Climate-related risks and TCFD reporting
The Committee confirms that during FY 2022/23, the
Group complied with the mandatory audit processes
and Audit Committee responsibility provisions of the
Competition and Markets Authority Statutory Audit
Services Order 2014. This report describes the work
of the Committee in discharging its responsibilities.
The Committee has an open and constructive
relationship with management. I thank the management
team on behalf of the Committee for its assistance
during the year. I would like to thank Julie Brown,
ourCO&FO during the year, for her excellent
leadership of the finance function and I am confident
that Ian Brimicombe will continue this and ensure
asmooth transition to Kate Ferry when she joins
asCFO on 17 July 2023. Ian is an experienced finance
professional and is well qualified to act as interim
CFO having spent six years at Burberry, sequentially
responsible for Group Finance (including Tax and
Treasury), Specialist Finance and Internal Audit and
Risk. I am confident that over the course of the year
the Committee has carried out its duties effectively
and to a high standard.
Following my retirement, Alan Stewart will replace
me as Chair of the Audit Committee. Alan has
considerable executive leadership experience and
brings great knowledge from his experience as CFO
of FTSE 100 businesses. I am confident he will ensure
the Committee continues to operate effectively on
behalf of the Board.
Matthew Key
Chair, Audit Committee
The role and main responsibilities of
theCommittee
The main role and responsibilities of the Committee
are set out in written terms of reference, which are
available on the Company’s website, Burberryplc.com.
The Committee reviews its terms of reference
annually. In light of its key responsibilities, the
Committee considered the following items of
business during the financial year:
• Financial reports: the integrity of the Group’s
Financial Statements and formal announcements
of the Group’s performance
• Risk and internal controls: the Group’s internal
financial, operational and compliance controls and
risk identification and management processes.
Review of Group policies for identifying and assessing
risks and arrangements for employees to raise
concerns (in confidence) about possible improprieties
• Viability: consideration of the Group’s Viability
Statement as set out on pages 149 to 151
• Internal Audit: review of the annual Internal
Audit programme and the consideration of
findings of any internal investigations and
management’s response
• Process controls and efficiency: the Committee
received reports from management on the procure
to pay and store cash controls
• External auditor: recommending the appointment
of the external auditor, approving their
remuneration and overseeing their work. Reviewing
reports received from the external auditor.
Reviewing the effectiveness and independence of
the external auditor
• Ethics update: the Committee received and
considered reports from management on the
Group’s whistleblowing arrangements and health
and safety
• TCFD: reviewing the requirements of the TCFD
and the scenario analysis undertaken to assess the
impact of climate-related risks on Burberry
• Group Tax strategy: reviewing the Tax strategy in
the context of an evolving regulatory environment
and the Group’s uncertain tax positions. The tax
governance framework can be found on page 172
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Corporate Governance Statement | Audit, Risk and Internal Control
Meetings and attendance
The Committee met formally four times during the
year (see the table below). Where members were
unable to attend, they provided feedback to the Chair
on the matters to be discussed in advance of the
meetings. In addition to the scheduled meetings,
Committee members also attended additional ad hoc
meetings as required.
The Chair of the Committee met separately with
representatives of the external auditor, senior
members of the Finance function and the Senior Vice
President, Internal Audit and Risk on a regular basis,
including prior to each Committee meeting. In addition,
he met with members of the Group Internal Audit
team and other members of management on an ad
hoc basis as required to fulfil his duties.
Regular attendees at Committee meetings included:
the Chair of the Board; CEO; CO&FO; Company
Secretary; Senior Vice President Specialist Finance
and Projects, Senior Vice President, Internal Audit
and Risk; Senior Vice President, Group and
Commercial Finance; Vice President, Group Financial
Controller; General Counsel; Chief People Officer; and
representatives of the external auditor. At the end of
each meeting the Committee held closed meetings
with the external auditor and with the Senior Vice
President, Internal Audit and Risk without
management being present.
The Board is satisfied that Matthew Key has recent
and relevant financial experience, and that all other
Committee members have past employment experience
in either finance or accounting roles, or broad consumer
experience and knowledge of financial reporting and/
or international businesses. As a whole, the Board is
satisfied that the Audit Committee has competence
relevant to the business sector. The biographies set
out on pages 157 to 162 provide details of each
member’s background and experience.
Member Member since Meeting attendance
Matthew Key (Chair) 26 September 2013 4/4
Ron Frasch 7 November 2018 4/4
Debra Lee 1 October 2019 3/4
Antoine de Saint-Affrique 1 January 2021 4/4
Alan Stewart* 1 September 2022 3/3
* It is intended that Alan Stewart will become Chair of the Audit Committee following Matthew Key’s retirement in July 2023.
192
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Significant matters for the year ended
1 April 2023
How the Audit Committee addressed these matters
Impairment assessment
of property, plant and
equipment and right-of-use
assets held in retail cash
generating units
In November and March, the Committee considered management’s assessment of
the recoverability of the carrying value of assets held in retail cash generating units,
including property, plant and equipment and right-of-use assets relating to store leases.
The Committee considered the approach applied by management to update assessments
of previously impaired cash generating units and their review for potential indicators of
impairment for other retail cash generating units.
The Committee reviewed and challenged the sensitivities applied to the estimates of
future store performance and reviewed management’s proposed disclosures relating to
these uncertainties. The Committee concluded that the carrying value of assets held in
retail cash generating units and disclosures contained in the Financial Statements for the
period were appropriate. The results of the impairment assessment of assets held in
retail cash generating units, together with related sensitivities, are set out in note 13 of
the Financial Statements.
The recoverability of the cost of
inventory and the resulting
amount of provisioning required
In November and March, the Committee considered management’s assessment of the
recoverability of the cost of inventory and the resulting amount of provisioning required.
The Committee reviewed the Group’s current provisioning policy, the expected loss rates
on inventory held at the balance sheet date and the nature and condition of current
inventory. The review included analysis of actual inventory noting the age and expected
exit routes for the remaining surplus inventory held at the balance sheet date and the
actual loss rates experienced. The Committee considered the sensitivity to the
assumptions of loss rate and exit route in order to understand how management
quantified the range of potential outcomes and level of estimation applied. The Committee
concluded that the inventory assets recognised and disclosures contained in the Financial
Statements for the period were appropriate.
Movements in inventory provisioning and the related sensitivities are set out in note 17 of
the Financial Statements.
Corporate Governance Statement | Audit, Risk and Internal Control
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Significant matters for the year ended
1 April 2023
How the Audit Committee addressed these matters
Uncertain tax positions The Committee reviewed the Tax Update and Tax Strategy, developments relating to
discussions with tax authorities, the status of any ongoing tax audits, and their impact on
the Financial Statements. The Committee reviewed and challenged the appropriateness of
assumptions and estimates applied in order to estimate the amount of assets and
liabilities to be recognised in relation to uncertain tax positions and the disclosure of any
significant estimates applied to tax balances. The Committee also discussed matters with
external advisors where significant estimation was required. The Committee concluded
that the assets and liabilities recognised and disclosures contained in the Financial
Statements for the period were appropriate. Details of movements in tax balances are set
out in notes 9 and 15 of the Financial Statements and further disclosure of tax contingent
liabilities is given in note 31.
Going concern andviability The Committee considered the going concern and viability analysis carried
out by management. The Committee considered the risks that could threaten the Group’s
business model, future performance, solvency, liquidity and reputation and how these were
included in the severe but plausible downside scenario, which included an aggregation of a
number of severe impacts of these principal risks and the reverse stress test scenario
alongside the facilities available to the Group as well as mitigating actions that could be
taken. TheCommittee concluded that a robust assessment had been carried out
and in all the scenarios considered the Group was able to maintain sufficient liquidity to
continue trading.
Task Force on Climate-related
Financial Disclosures (TCFD)
The Committee considered the TCFD reporting on behalf of the Board. The Committee
considered the approach taken by management to further develop the scenario analysis,
including new data and measurement bases that had been updated since the prior report.
The Committee noted the impact of climate scenarios, which had been updated to reflect
Coupled Model Intercomparison Project Phase (CMIP6). The Committee paid particular
attention to the increase in the quantified impact of physical risks arising from the
changes to the climate model as well as transition risks, in particular the transition risk
relating to market and consumer preference.
The Committee reviewed the disclosure in the Annual Report on behalf of the Board to
ensure that it was in compliance with the TCFD recommendations and the limited
assurance provided by the Group’s auditors.
Corporate Governance Statement | Audit, Risk and Internal Control
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Corporate Governance Statement | Audit, Risk and Internal Control
Significant matters for the year ended
1 April 2023
How the Audit Committee addressed these matters
Fair, balanced and
understandable reporting
The Committee considered the Annual Report and Interim Report, on behalf of the Board,
to ensure that they were fair, balanced and understandable, in accordance with requirements
of the UK Corporate Governance Code. The Committee paid particular attention to
the approach taken by management to separate presentation of any items relating to
impairments of assets or reversal of previous impairments, which were separately
presented, together with the disclosure of the basis of the treatment applied. The
Committee reviewed the report from the strategic report drafting team, comments
arising from the review of the Financial Statements by the Executive Directors and
comments raised by the Group’s auditors. The Committee also considered the use of
alternative performance measures by the Group, and concluded that they were
appropriate and their disclosure in the Financial Statements and Strategic Report was
fair, balanced and understandable.
Other matters During the year the Committee also considered management’s papers on other subjects,
including the carrying value of goodwill and associated disclosures, the consistency of
policy and accuracy for the recognition and measurement of adjusting items for
restructuring costs, and significant judgements relating to lease term and impairment
ofreceivables.
195
Burberry 2022/23

External auditor
EY commenced their first year of audit in FY 2020/21
following a competitive tender process. The current
audit partner is Michael Rudberg who has held the
role since EY were appointed as external auditor.
The Audit Committee oversees the work undertaken
by EY and in FY 2022/23 the Committee monitored
and reviewed activities including:
• The audit plan, including scope and materiality
• The approach to risk assessment, including in
relation to climate-related risks
• The approach to auditing controls, the use of data
analytics and how the auditor demonstrated
professional scepticism
• The limited assurance work carried out on the
TCFD disclosures, which is a separate non-audit
service provided by EY
• Reports at interim and full year
During the year, the Committee met with the auditor
without members of management being present.
Independence and effectiveness
One of the Committee’s primary responsibilities is to
make a recommendation on the appointment,
reappointment and removal of the external auditor.
Every year, the Committee assesses the
qualifications, expertise, resources and independence
of the external auditor and the effectiveness of the
previous audit process. Over the course of the year,
the Committee reviewed the audit process and the
quality and experience of the audit partners engaged
in the audit to satisfy itself that it received the
highest quality audit possible. To support this
assessment in the third year, a survey was sent to
the Audit Committee Chair, key members of the
Finance team and other members of the senior
management team as part of the year-end process.
The Committee considered the results of the survey
and concluded that the external audit process
waseffective.
The Committee’s recommendation on the
appointment and reappointment of the external
auditor is free from influence by a third party
and there are no contractual obligations, which
restrict the Committee’s ability to make such
arecommendation.
The Committee also reviewed the proposed audit
fee and terms of engagement for FY 2022/23.
Details of the fees paid to the external auditor
during FY 2022/23 can be found in note 7 to the
FinancialStatements.
Non-audit services
The Committee recognises that the independence of
the external auditor is an essential part of the audit
framework and the assurance that it provides. In line
with the Revised Ethical Standard issued by the FRC
in December 2019, the Committee has adopted a
policy, which sets out a framework for determining
whether it is appropriate to engage the Group’s
auditor for non-audit services and pre-approving
non-audit fees.
The overall objective is to ensure that the provision of
non-audit services does not impair the external
auditor’s independence or objectivity. This includes,
but is not limited to, assessing:
• Any threats to independence and objectivity
resulting from the provision of such services; any
safeguards in place to eliminate or reduce these
threats to a level where they would not
compromise the auditor’s independence and
objectivity; the nature of the non-audit services;
and whether the skills and experience of the
auditfirm make it the most suitable supplier of the
non-audit service
• The value of non-audit services, that can be billed
by the external auditor is restricted by a cap, which
is set at 70% of the average audit fees for the
preceding three years as defined by the FRC
During FY 2022/23 the non-audit services provided by
Burberry’s external auditor did not exceed thiscap.
Corporate Governance Statement | Audit, Risk and Internal Control
196
Burberry 2022/23

Proposed fees above £50,000 are approved by the
Chair of the Audit Committee. Non-audit services
with a value below £50,000 and which are in line with
the Group’s policy have been pre-approved by the
Audit Committee. Compliance with the policy of
engaging the Group’s auditor for non-audit services
and pre-approving non-audit fees is reviewed and
monitored by the Senior Vice President, Internal
Audit and Risk. These fees must be activity based
and not success related. At the half-year and
year-end, the Audit Committee reviews all non-audit
services provided by the auditor during the period,
and the fees relating to these services.
During the year, the Group spent £0.1m on non-audit
services provided by EY (3% of the average of Group
audit fees incurred over the last two years).
The rationale for using the external auditor to
perform these services was to reduce complexity.
Further details can be found in note 7 to the
FinancialStatements.
FRC’s Audit Quality Review
In January 2023, we were notified by the FRC’s Audit
Quality Review (AQR) team that an inspection of EY’s
audit of the Company for FY 2021/22 had been
completed. The Committee discussed the report with
the external auditor and management and how this
was reflected in the audit plan. The Committee noted
the review did not raise any key findings to consider
and was satisfied that the audit was of high quality.
Evaluation of internal controls
The Board is responsible for the Group’s internal
controls and risk management procedures. Details
ofthe Group’s risk management processes and the
management and mitigation of each principal risk,
together with the Group’s Viability Statement,
canbefound in our Risk and Viability Report on
pages118 to 151.
The Committee discharges its duties in respect of
risk management by:
• Determining the nature and extent of the principal
and emerging risks it is willing to accept to achieve
the Group’s strategic objectives (the Board’s
riskappetite)
• Challenging management’s implementation of
effective processes of risk identification,
assessment and mitigation
The Audit Committee is responsible for reviewing the
effectiveness of the Group’s internal controls.
Ongoing review of these controls is provided through
internal governance processes and the work of the
Group is overseen by management, particularly the
work of the Group Internal Audit team and the Risk
Committee. Regular reports on these activities are
provided to the Audit Committee as reflected in the
standing items on the Audit Committee agenda.
The Board, through the Audit Committee, has
conducted a robust assessment of the principal and
emerging risks and internal control framework. It has
considered the effectiveness of the internal controls
in operation across the Group for the year covered by
the Annual Report and Accounts and up to the date
of its approval by the Board. This review covered the
material controls, including financial, operational and
compliance, as well as risk management processes.
No significant control weaknesses were identified.
The internal controls are designed to manage rather
than eliminate the risk of not achieving business
objectives and can only provide reasonable and not
absolute assurance against material misstatement
orloss.
The process followed by the Board, through the Audit
Committee, in regularly reviewing the system of
internal controls and risk management processes
complies with the Guidance on Risk Management,
Internal Control and Related Financial and Business
Reporting issued by the FRC. It also accords with the
provisions of the Code.
Corporate Governance Statement | Audit, Risk and Internal Control
197
Burberry 2022/23

Control environment
Our business model is based primarily on central
design, product development, supply chain and
distribution operations to supply products to global
markets via retail, including digital, and wholesale
channels. This is reflected in our internal control
framework, which includes centralised direction,
resource allocation, oversight and risk management
of the key activities of marketing, inventory
management, as well as brand and technology
development. We have also established procedures
for the delegation of authorities to ensure that
approval for matters that are considered significant
is provided at an appropriate level. In addition, we
have policies and procedures in place that are
designed to support risk management across the
Group. These include policies relating to treasury and
the conduct of employees and third parties with
whom we do business, including prohibiting bribery
and corruption. These authorities, policies and
procedures are kept under regular review.
The Group operates a “three lines of defence” model,
which helps to achieve effective risk management and
internal control across the organisation.
• First line of defence: management owns and
manages risk and is also responsible for
implementing corrective actions to address process
and control deficiencies
• Second line of defence: to help ensure the first line
is properly designed, established and operating
effectively, management has also established
various risk management and compliance functions
to help build and/or monitor the first line of
defence. These include, but are not limited to,
functions such as Group Risk Management, Legal,
Brand Protection, Company Secretariat, Group
Finance Compliance, Health and Safety, Data
Protection, Asset and Profit Protection, and
Business Continuity
• Third line of defence: Group Internal Audit provides
the Audit Committee and management with
independent and objective assurance on the
effectiveness of governance, risk management and
internal controls. This includes the way in which the
first and second lines of defence achieve risk
management and control objectives
Internal Audit
The Group Internal Audit function is managed by
the Senior Vice President, Internal Audit and Risk,
who reports to the CFO but has an independent
reporting line to the Chair of the Audit Committee.
For part of the year, the Internal Audit function was
managed by the Senior Vice President, Specialist
Finance and Projects with the same reporting lines
and independence.
The scope of Internal Audit work is considered for
each operating company and Group function. This
takes account of risk assessments, input from senior
management and the Audit Committee and previous
audit findings. For example, in FY 2022/23, there was
continued emphasis on assurance over controls to
manage cybersecurity risk (particularly ransomware),
and the maturity of controls over IT projects and
operations (including critical third parties). There was
also a continued focus on assessing the maturity
of controls over core processes in inventory
management, Finance, Supply Chain, Digital and HR.
Changes to the Group’s risk profile are considered on
an ongoing basis and amendments are made to the
internal audit plan as necessary during the year.
Anyproposed changes to the plan are discussed with
the CFO and reported to the Audit Committee.
The effectiveness of Group Internal Audit is assessed
every five years with the latest review having been
reported in FY 2019/20.
Ongoing visibility of the internal control environment
is provided through Internal Audit reports to
management and the Audit Committee. These
reports are graded to reflect an overall assessment
of the control environment under review, and the
significance of any control weaknesses identified
including fraud risk.
Remedial actions to address findings are identified
and agreed with management. The Audit Committee
places emphasis on actions being taken as a result of
internal audits, and regular reports are provided to
the Audit Committee on the status of any
overdueactions.
Corporate Governance Statement | Audit, Risk and Internal Control
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Burberry 2022/23

Financial reporting
Management is responsible for establishing and
maintaining adequate internal controls over financial
reporting. These are designed to provide reasonable
assurance regarding the reliability of financial
reporting and the preparation of Financial
Statements for external reporting purposes.
We have comprehensive planning, budgeting,
forecasting and monthly reporting processes in place.
A summary of financial results, supported by
commentary and performance measures, is provided
to the Board each month.
In relation to the preparation of Group Financial
Statements, the controls in place include:
• A centre of expertise responsible for reviewing new
developments in reporting requirements and
standards to ensure that these are reflected in
Group accounting policies, Financial Statements
and disclosures
• A global finance function and governance structure
consisting of colleagues with the appropriate
expertise to ensure that Group policies and
procedures are correctly applied. Effective
management and control of the Finance function is
achieved through our finance leadership team,
consisting of key finance colleagues from the
regions, Burberry Business Services and our
London headquarters
Our financial reporting process is supported by
transactional and consolidation Finance systems.
Reviews of financial controls are carried out by senior
members of the Finance function. The results of
these reviews are considered by the Audit Committee
as part of its monitoring of the performance of
controls governing financial reporting.
The Audit Committee reviews the application of
financial reporting standards and any significant
accounting judgements made by management. These
matters are also discussed with the external auditor.
During the year, the Financial Reporting Council
(FRC) notified the Audit Committee that the
Burberry Group plc Annual Report to 2 April 2022
was included in their selection for the thematic
review of companies’ disclosures relating to deferred
tax assets.
The Audit Committee was pleased with the outcome
of the review and noted that there were no questions
or queries that the FRC wished to raise with the
Company on their disclosures. The FRC’s role is to
consider compliance with reporting standards and
not to verify the information provided. Therefore,
given the scope and inherent limitations of their
review, which does not benefit from any detailed
knowledge of the Group, it would not be appropriate
to infer any assurance from their review that our
FY2021/22 Annual Report and Accounts are correct
in all material respects.
Fair, balanced and understandable
As a whole, the Annual Report and Accounts are
required to be fair, balanced and understandable and
to provide the information necessary for shareholders
to assess the Group’s position, performance,
business model and strategy. On behalf of the Board,
the Audit Committee considered whether the fair,
balanced and understandable statement could properly
be given on behalf of the Directors. The processes
followed to provide the Committee with assurance
were considered and the Committee provided a
recommendation to the Board that the fair, balanced
and understandable statement could be given on
behalf of the Directors.
Based on this recommendation, the Board is
satisfied that it has met this obligation. A summary
of the Directors’ responsibilities in relation to the
Financial Statements is set out on page 252.
TheIndependent Auditor’s Report on pages 253
to 264 includes a statement concerning the auditor’s
reporting responsibilities.
Corporate Governance Statement | Audit, Risk and Internal Control
199
Burberry 2022/23

Corporate Governance Statement | Directors’ Remuneration Report
Directors’ Remuneration Report
Dear Shareholder,
I am pleased to present to you the Directors’
Remuneration Report for the year ended 1 April
2023. This is my first report since assuming the
role of Chair of the Remuneration Committee
(the Committee) and I would like to thank my
predecessor, Orna NíChionna, for her leadership
of the Committee.
Key areas of focus for the year
This year the Committee has been focused on three
key areas to support the business to deliver our
strategy to realise our potential as the modern
British luxury brand and to support our colleagues:
1. Supporting our colleagues – at Burberry, we
employ around 9,000 colleagues globally and the
Committee is acutely aware of the impact of rising
prices and the cost-of-living pressures on many of
them. During the year, the Committee spent a lot
of time considering how we best support our
colleagues in this period, and we are pleased with
the interventions that management has been able
to make.
“We remain committed to
engaging with our shareholders
to ensure anopen and
transparent dialogue around
executive remuneration
arrangements at Burberry.”
2. Talent evolution – a key focus for the CEO and the
Board has been ensuring that we have the right
senior talent in place to execute the next phase of
our strategy and drive revenue growth and
acceleration. The Committee has been supporting
the CEO with appropriate remuneration structures
for this evolution.
3. Directors’ Remuneration Policy review – we are
required to review our Directors’ Remuneration
Policy every three years. The Committee concluded
that the broad framework remained appropriate
and fit for purpose for the next phase of our
strategy and therefore only minor changes
areproposed.
The remainder of this letter provides further detail of
the work of the Committee and other important
changes to reward at Burberry during the year.
Danuta Gray
Chair, Remuneration Committee
200
Burberry 2022/23

at the usual time in July 2023, with increases aligned
to individual performance. In addition, we have
specifically targeted higher increases at our lower-
paid colleagues in high-inflation markets which will
impact approximately 2,900 colleagues. For example,
in the UK, eligible colleagues with a salary below
£35,000 will receive a fixed £2,000 increase,
equating to an increase of up to 9% of salary.
Broader employee reward
The Committee was mindful of rising prices and
cost-of-living challenges that impacted many of our
colleagues over the past year and we regularly
reviewed actions to support our colleagues during
this challenging time.
Burberry is committed to being a fair and responsible
employer and we are proud to be a Principal Partner
of the Living Wage Foundation and an accredited
UK Living Wage employer. In October 2022, we
brought forward the implementation of the UK real
Living Wage pay rates by more than six months to
support colleagues with the rising cost of living.
Thisdecision impacted approximately 900 UK
colleagues, with salary increases of up to 10.1%
nationally and up to 8.1% in London. All other eligible
colleagues will receive the 2023 merit salary review
Corporate Governance Statement | Directors’ Remuneration Report
Member Member since Meeting attendance
Danuta Gray
1
(Chair) 1 December 2021 5/5
Fabiola Arredondo 10 March 2015 5/5
Sam Fischer
2
1 November 2019 4/5
Ron Frasch 1 September 2017 5/5
Matthew Key 26 September 2013 5/5
Orna NíChionna 3 January 2018 5/5
1. Danuta Gray succeeded Orna NíChionna as Chair of the Remuneration Committee with effect from 1 September 2022.
2. Sam Fischer was unable to attend one Committee meeting which was convened at short notice.
201
Burberry 2022/23

The Committee carefully considers the treatment of
the wider workforce when determining executive pay
arrangements. During the year, in addition to base
pay increases, Burberry made a number of positive
interventions to support the workforce. The corporate
bonus opportunity for colleagues up to middle
management was increased, including doubling the
opportunity for the most junior colleagues in the
business, and our retail bonus and commission plans
were enhanced to effectively reward both team
and individual performance through the delivery of
store sales targets and retail KPIs. ShareSave was
expanded to six new locations in APAC, now providing
colleagues in 17 countries/territories with the
opportunity to acquire Burberry shares at a
discounted price. There were also a number of
enhancements to our broader benefits offering to
further support colleagues’ health and mental
wellbeing, including the launch of a menopause
support site which provides guidance and resources
to leaders and colleagues. These changes have all
been well received.
We understand that meaningful communication
with the workforce is crucial. As in prior years,
inMarch we held a meeting with our Global
Workforce Advisory Forum focused exclusively on
remuneration at Burberry, giving members the
opportunity to provide feedback on actions taken on
reward and benefits during the past year and the key
priorities for the year ahead. The Committee values
the balanced feedback and thoughtful suggestions
provided by members. I also ensure that the views
of the workforce are taken into account at
Committee meetings.
Further information on reward for our wider
workforce, as well as its alignment with reward
for our Executive Directors, is set out on
pages 208 to209.
Corporate Governance Statement | Directors’ Remuneration Report
202
Burberry 2022/23

Our commitment to sustainability
At Burberry, we are committed to creating a
sustainable future and sustainability is an important
part of our strategy. We have reinforced this through
our remuneration design for Executive Directors for
anumber of years with environmental and social
metrics in the annual corporate bonus plan for
Executive Directors and a sustainability underpin
inthe Burberry Share Plan (BSP). Building on this
commitment, in FY 2023/24 we are introducing
specific sustainability metrics linked to our ambition
to become Climate Positive by 2040 to the annual
corporate bonus plan for the wider workforce.
Webelieve that cascading sustainability targets
represents an invaluable opportunity to drive the
cultural evolution necessary to achieve our
long-termgoals.
Business context
Overall, FY 2022/23 was a strong year despite
disruption from the COVID-19 pandemic, particularly
in Mainland China. Burberry delivered revenue of
£3.1 billion (+5% at CER and +10% at reported rates)
and adjusted operating profit of £634 million (+8%
at CER).
We continued to make good progress against our
strategy to realise Burberry’s potential as the
modern British luxury brand to drive revenue growth
and acceleration. We also made further progress
against our environmental and social objectives.
Corporate Governance Statement | Directors’ Remuneration Report
203
Burberry 2022/23

Remuneration outcomes for FY 2022/23
Annual bonus for FY 2022/23
The annual bonus for FY 2022/23 was based 75% on
adjusted operating profit and 25% on performance
against strategic objectives linked to progress
against (i) our strategy and our brand and (ii)
environmental and social targets.
Reflecting the wider business context, the Group
performed well and delivered adjusted operating
profit of £634 million (+8% at CER). The payout for
the profit element was 52% of maximum (i.e. 39%
out of 75%). As previously set out, Burberry’s
strategic focus for the next phase is on realising our
potential as the modern British luxury brand to drive
revenue growth and acceleration. Duringthe year, we
made good progress on executing our plan, while
delivering a strong financial performance. We have
started to bring more clarity to the brand, refocusing
on Britishness and broadening our appeal. Inaddition,
we have made further progress against our
environmental and social objectives. We continued to
advance our decarbonisation agenda, including
year-on-year reductions in our scope 1, 2 and 3
greenhouse gas (GHG) emissions against our
FY 2018/19 base year. We also continued to deliver
against our Diversity, Equity and Inclusion and
leadership goals. Basedon the Committee’s
assessment of performance and the CEO’s
contribution to this, the total payout against the
strategic objectives was 20% out of 25%. Further
detail is provided on pages 227 to 229.
The final bonus for the CEO in respect of FY 2022/23
was 59% of maximum. The Committee considers this
outcome to be appropriate in the context of the
performance of the business, the CEO’s excellent
personal contribution for the year and the
shareholder experience which saw the share price
increase significantly during the year, and has not
applied discretion in respect of the outcome.
Following her resignation as Chief Operating and
Financial Officer (CO&FO), Julie Brown was not
eligible for an annual bonus in respect of FY 2022/23.
Corporate Governance Statement | Directors’ Remuneration Report
Annual bonus for FY 2022/23
The chart below shows outturns in respect of the
annual bonus for FY 2022/23.
75%
25%
Operating profit
Strategic objectives
8
0
%
o
f
m
a
x
i
m
u
m
5
2
%
o
f
m
a
x
i
m
u
m
Total outturn
59%
of maximum
FY 2021/22: 94% of maximum
204
Burberry 2022/23

2020 BSP award
The first awards under our BSP were made in 2020.
Following the departure from Burberry of our former
CEO and CO&FO, their 2020 BSP awards lapsed and,
as a result, no BSP awards are vesting for Executive
Directors based on performance to 1 April 2023.
Thefirst awards granted under the BSP in 2020 to
other participants will vest in July 2023, aligning our
management population with shareholder interests.
Chief Financial Officer (CFO) transition
In March 2023 we announced the appointment of
Kate Ferry as an Executive Director and our new
CFO. Kate is due to join Burberry on 17 July 2023 and
her remuneration arrangements have been set in
accordance with the Directors’ Remuneration Policy.
Kate’s salary was set at £675,000 (9.7% lower than
Julie Brown’s salary). She will be entitled to our
standard benefits and will receive an annual cash
benefits allowance of £20,000 (£10,000 less than
Julie Brown’s annual cash benefits allowance). Her
pension entitlement has been set at 10% of salary,
which is aligned with the arrangements for the
majority of the UK workforce. Kate will be eligible for
a maximum annual bonus of 200% of salary and will
be required to invest 50% of any net bonus payment
into Burberry Group plc shares until she has satisfied
the shareholding guideline of 300% of salary. Kate
will be eligible for an annual BSP award of 150% of
salary (compared with Julie Brown’s 2022 BSP award
of 162.5% of salary).
Kate will also be granted certain cash awards
to compensate her for incentives from her previous
employer which will be forfeited on joining Burberry.
These awards will be granted in accordance with the
Directors’ Remuneration Policy and will take into
account all relevant factors, including the form, value
and vesting timeframe of the forfeited awards.
Thebuy-out awards will vest in FY 2023/24 and
FY 2024/25, in line with when awards would have
vested at Kate’s previous employer. In lieu of a direct
buy-out of Kate’s forfeited 2023 bonus and a
long-term incentive award, Kate will be able to
participate in the Burberry annual bonus for
FY 2023/24 with no time pro-rating and will receive a
full-year BSP award. The maximum value of not time
pro-rating these awards is less than the maximum
value of the awards forfeited. Thebonus and BSP
award will be subject to the normal performance
conditions/underpins and vesting timelines.
Furtherdetails are set out on page235.
Julie Brown ceased to be an Executive Director and
CO&FO of Burberry on 1 April 2023. She received
salary, benefits, allowances and pension until this
date, as well as a payment in lieu of untaken accrued
annual leave. She was not entitled to an annual bonus
for FY 2022/23 and all outstanding share awards
lapsed on her departure from Burberry, with the
exception of 45 shares awarded in 2018 and 2019
under the all-employee Burberry Group plc Share
Incentive Plan (SIP). Julie will also receive reasonable
assistance to prepare and file her tax return in
respect of the 2022/23 tax year. Shewill not receive
any other payment(s), including for loss of office. In
accordance with the post-employment shareholding
guidelines, Julie will be required to hold 10,319
Burberry shares until 1 April 2025. In addition she will
be required to retain the net number of 45 Burberry
shares from her 2018 and 2019 SIP awards until
1 April 2025. Further details regarding Julie’s leaving
arrangements are set out on page 234.
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Directors’ Remuneration Policy review
Our existing Directors’ Remuneration Policy was
approved by shareholders at the 2020 Annual General
Meeting (AGM) and will therefore require reapproval
at the 2023 AGM. In advance of this, the Committee
has reviewed the Directors’ Remuneration Policy to
ensure that it continues to appropriately support the
delivery of our strategic priorities.
Strategic context
In November 2022, Jonathan Akeroyd set out the
ambition and strategy for Burberry’s next phase, to
realise our potential as the modern British luxury brand,
building on our strong foundations, reinterpreting our
heritage and unique attributes with a modern vision
and aesthetic and leveraging them to drive revenue
growth and acceleration.
When we last renewed our Directors’ Remuneration
Policy in 2020 the most material change was the
introduction of the BSP. The Committee had
identified that a restricted share plan model was a
better fit with the characteristics of the luxury
industry compared to a traditional performance share
plan. As discussed with our key shareholders at the
time, the Committee introduced the BSP because
Burberry had, at that time, only recently embarked on
a multi-year journey to become a true luxury brand.
We considered that the BSP would better support
a consistent approach to pricing and distribution,
alongside the flexible investment decision-making
that is required to build a luxury brand, especially in
a rapidly changing external environment. It avoids
relying on levers to enhance short-term financial
performance and ultimately supports the delivery of
the business strategy to build the brand over the
longer term and deliver value for shareholders.
Following our review of the Directors’ Remuneration
Policy, the Committee continues to believe that the
BSP is the right plan for Burberry and that it will
appropriately support the delivery of the next phase
of our strategy. However, we recognise that in the
UK-listed market Burberry was an early adopter of a
restricted share plan structure at Executive Director
level and therefore we are taking the opportunity to
refine its operation going forward taking into account
developments in market practice.
Proposed simplification of the BSP
vestingperiod
Since its introduction in 2020, BSP awards for
Executive Directors vest in equal tranches after
three, four and five years following the date of award,
with a holding period to year five. This is a longer
vesting period compared to typical performance
share plans and most restricted share plans operated
in the market and therefore goes above and beyond
typical market practice. The current approach also
adds complexity for participants and shareholders.
Taking both of these factors into account we are
proposing to simplify the approach to vesting for
future BSP awards such that awards vest after three
years with a two-year post-vesting holding period.
The overall time horizon for the awards is therefore
unchanged at five years but the vesting structure is
much simpler.
Shareholder consultation
We remain committed to engaging with our
shareholders to ensure an open and transparent
dialogue around executive remuneration arrangements
at Burberry. During the year, I wrote to Burberry’s
major shareholders and the key proxy bodies to
discuss the simplification of the BSP vesting period
and the vast majority of shareholders were
supportive of this change. I would like to thank the
shareholders who took the time to engage with us.
The Committee greatly values the views of our
shareholders and their continued support.
Corporate Governance Statement | Directors’ Remuneration Report
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Approach to remuneration for FY 2023/24
Salary and Board fees
Having carefully considered the broader context and
the approach for the wider workforce, the Committee
determined that Jonathan Akeroyd would receive a
salary increase of 3.5% with effect from 1 July 2023.
This is below the rate for the broader UK employee
population as set out on page 226. The Chair’s fee
and the base fee for the Non-Executive Directors will
also be increased by 3.5% for FY 2023/24.
Annual bonus
The annual bonus will operate on broadly the same
basis as FY 2022/23. Executive Directors will be
eligible for a maximum bonus of 200% of salary.
Theannual bonus will be based 75% on adjusted
operating profit and 25% on performance against
strategic objectives for the CEO and the CFO linked
to our strategy and brand as well as our environmental
and social targets. Further details are provided
onpage 230.
BSP awards
For FY 2023/24, the CEO will receive a BSP award of
162.5% of salary and the CFO will receive a BSP
award of 150% of salary.
BSP awards for FY 2023/24 will be granted with
the simplified vesting schedule set out on pages 233
to 234, subject to shareholder approval of the
Directors’ Remuneration Policy. Awardswill continue
to be subject to the same performance underpins: (i)
revenue, (ii) ROIC and (iii) brand and sustainability.
The Committee considers that these underpins
continue to reflect a good overall balance of
safeguarding the financial stability of the business,
delivery of the strategy and elevation of the brand.
Having reviewed our internal budget and relevant
forecasts, the Committee has increased the revenue
underpin relative to the 2022 BSP awards. Further
details are provided on pages 233 to 234.
2023 AGM
I look forward to receiving your support for the
Directors’ Remuneration Report and the 2023
Directors’ Remuneration Policy at the AGM on
12 July 2023.
Danuta Gray
Chair, Remuneration Committee
Areas of focus for FY2022/23
• Executive reward, including Directors’
Remuneration Policy review
• Shareholder engagement and
externalenvironment
• Broader employee reward
• External reporting
Details of agenda items discussed at each
Committee meeting are set out on page 244.
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Corporate Governance Statement | Directors’ Remuneration Report
Broader employee reward at Burberry
At Burberry, our reward philosophy is to provide our colleagues across the Group with competitive total reward.
Ourremuneration framework is designed to support our purpose and values, and to inspire our colleagues to deliver
outstanding results. Ourframework is cascaded across the Group and consists of the following key components:
Reward component andpurpose
Base salary
Fair and equitable market-driven salary
for allroles
Reward component andpurpose
Benefits
All colleagues are eligible to participate in a
range of market-driven benefits, including those
promoting wellbeing and supporting saving
forretirement
How we reward and support our colleagues
We have:
• Brought forward the implementation of the
UK real Living Wage pay rates by more than
six months in October 2022. This impacted
approximately 900 colleagues, with salary
increases of up to 10.1% nationally and up to
8.1% in London
• Differentiated higher increases to our
lower-paid colleagues in high-inflation markets
(approximately 2,900 colleagues). For example,
in the UK, eligible colleagues with a salary
below £35,000 will receive a fixed £2,000
increase, which equates to an increase of up to
9% of salary (effective July 2023)
• Aligned increases for all other eligible colleagues
to individual performance. Forexample,
in the UK, the salary budget is 5% with
individual increases ranging from 0% to 8%
depending upon performance
How we reward and support our colleagues
Our global benefits offer includes:
• Parental Leave Policy providing all new parents
with 18 weeks’ paid leave provided they have
more than 12 months’ continuous service
• Wellbeing days (in addition to annual leave
entitlement) providing paid time off
duringtheyear
• Volunteering Policy providing colleagues with
three paid volunteering days per year
• Employee discount and product sales allowing
colleagues to deepen their relationship with
our brand
• Long service awards at each five-year milestone
• Pension schemes available in line with local
market practice
• Access to Employee Assistance Programme
Executive Director alignment
Jonathan Akeroyd’s base salary increase
effective 1 July 2023 is 3.5%, which is below the
level of wider workforce increases.
Executive Director alignment
Executive Directors receive a pension allowance
in line with the rate available to the majority of
the UK workforce. They are eligible for a range
of market-typical non-cash benefits.
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Reward component andpurpose
Bonus
All colleagues are eligible for short-term
performance-related pay to recognise and
reward their contribution
Reward component andpurpose
Share plans
All colleagues are eligible to participate in
Burberry share plans to recognise and reward
their contribution and to enable them to share
in our futuresuccess
How we reward and support our colleagues
During FY 2022/23:
• We doubled the bonus opportunity for our
most junior colleagues who participate in the
annual corporate bonus plan
• Additionally all colleagues up to middle
management who participate in the annual
corporate bonus plan (approximately
2,800 colleagues) received an increase in
bonusopportunity
• For retail colleagues, we enhanced our retail
bonus and commission plans to effectively
reward both team and individual performance
through the delivery of store sales targets
and retail KPIs
How we reward and support our colleagues
We offer the following share plans
atBurberry:
• FreeShare Plan: gives all colleagues the
opportunity to participate in our future
success through an annual award of free
shares with a value of approximately £500
• ShareSave: provides the opportunity for
colleagues to save monthly from their pay and
buy shares at a 20% discount
• Burberry Share Plan (BSP): rewards
approximately 600 of our senior colleagues for
delivering on our strategy which we believe will
drive greater longer-term returns for our
stakeholders. Awards are granted annually and
vest after three years. In July 2023 our first
vesting under the BSP will take place
Executive Director alignment
The same Group adjusted operating profit
target applies to all participants in the corporate
annual bonus plan and is measured alongside
individual performance.
Executive Director alignment
Executive Directors are eligible to participate in
our share plans.
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At a glance
Summary of changes to the Directors’ Remuneration Policy, remuneration approach for FY2022/23 and approach to
implementation for FY2023/24
Element Approach for FY 2022/23 Approach for FY 2023/24 Changes to Directors’
Remuneration Policy
Salary Salaries from 1 July 2022:
• Jonathan Akeroyd (CEO) – £1,100,000
• Julie Brown (CO&FO) – £747,300
Following a review, the Committee awarded
the CEO a salary increase of 3.5% which is
below the rate for the wider UK workforce.
Salaries from 1 July 2023:
• Jonathan Akeroyd (CEO) – £1,138,500
• Kate Ferry (CFO) – £675,000 (with
effect from the commencement of
heremployment)
No change
Pension Pensions for FY 2022/23:
• Jonathan Akeroyd (CEO) – 10% of salary
• Julie Brown (CO&FO) – 20% of salary
until 31 December 2022 and 10% of
salary thereafter
• Any new appointment – in line with the
maximum employer pension contribution
available to the majority of the UK
workforce (currently 10% of salary)
Pensions for FY 2023/24:
• Jonathan Akeroyd (CEO) – 10% of salary
• Kate Ferry (CFO) – 10% of salary
• Any new appointment – no change for
FY 2023/24, i.e. in line with the
maximum employer pension contribution
available to the majority of the UK
workforce (currently 10% of salary)
No change
Benefits The cash benefits allowance rates for
FY2022/23 were:
• Jonathan Akeroyd (CEO) – £50,000
• Julie Brown (CO&FO) – £30,000
Non-cash benefits principally include
private medical, long-term disability
insurance and life assurance.
No change for Jonathan Akeroyd in
FY 2023/24.
Kate Ferry will receive an annual cash
benefits allowance of £20,000.
No change
Annual
bonus
Maximum annual bonus of 200% of salary.
Performance measures:
• 75% adjusted operating profit
• 25% strategic objectives for the CEO
and the CFO
Executives are required to invest 50% of
any net bonus into shares until the
shareholding guidelines are met.
Malus and clawback provisions apply.
No change for FY 2023/24. No change
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Element Approach for FY 2022/23 Approach for FY 2023/24 Changes to Directors’
Remuneration Policy
BSP Maximum annual award levels:
• Jonathan Akeroyd (CEO) – 162.5%
ofsalary
• Julie Brown (CO&FO) – 162.5% of salary
Awards vest one third after three years,
one third after four years and one third
after five years.
Awards subject to a holding period to
fifth anniversary of grant of award.
Malus and clawback provisions apply.
Maximum annual award levels:
• Jonathan Akeroyd (CEO) – 162.5%
ofsalary
• Kate Ferry (CFO) – 150% of salary
Awards vest in full after threeyears.
Awards subject to a holding period to fifth
anniversary of grant of award.
Malus and clawback provisions apply.
Approach to
vesting schedule
simplified but
overall time horizon
remains the same
(i.e. awards will be
subject to a holding
period to fifth
anniversary of
grant of award).
The performance underpins for the 2022
awards are as follows:
• Revenue – the level of Total Revenue at
CER for the financial year which
precedes the year of vesting being at
least £2,800 million
• ROIC – the level of Group ROIC at
reported exchange rates for the financial
year which precedes the year of vesting
being at least 1% above the Group’s
WACC in the year ofvesting
• Brand and sustainability – reasonable
progress having been achieved in respect
of our strategy to realise Burberry’s
potential as the modern British luxury
brand and build a more sustainable future
The performance underpins for the 2023
awards are as follows:
• Revenue – the level of Total Revenue at
CER for the financial year which
precedes the year of vesting being at
least £3,200 million
• ROIC – the level of Group ROIC at
reported exchange rates for the financial
year which precedes the year of vesting
being at least 1% above the Group’s WACC
(currently c.10%) in the year of vesting
• Brand and sustainability – reasonable
progress having been achieved in respect
of our strategy to realise Burberry’s
potential as the modern British luxury
brand and build a more sustainable
future
No change
Shareholding
guidelines
300% of salary
Post-employment shareholding guideline
whereby Executive Directors will be
expected to retain a shareholding of 300%
of salary (or actual shareholding if lower) for
two years after stepping down as an
Executive Director.
No change for FY 2023/24. No change
Details of the principles the Committee took into account when developing the 2023 Directors’ Remuneration Policy, including
Provision 40 of the UK Corporate Governance Code, are set out on page 212.
The Committee considers that the Directors’ Remuneration Policy operated as intended during FY 2022/23.
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Corporate Governance Statement | Directors’ Remuneration Report
2023 Directors’ Remuneration Policy
Burberry’s Directors’ Remuneration Policy as set out
in this report (the 2023 Directors’ Remuneration
Policy) will be put to shareholders for approval at the
2023 AGM to be held on 12 July 2023. It is the
Committee’s intention that the 2023 Directors’
Remuneration Policy will apply to payments made and
share awards granted from the date of the 2023AGM.
The Committee believes that Burberry’s executive
remuneration should be simple and transparent while
being linked to business performance and strategic
direction, taking into account the global markets in
which the Company operates and from which it
recruits talent as well as our approach to
remuneration throughout the Group. The 2023
Directors’ Remuneration Policy has been developed
taking into account the following principles:
• Simple and clear: the remuneration framework
should be simple and transparent to ensure that it
is clear to shareholders, participants and other
stakeholders. Our policy is that Executive Directors
only participate in an annual bonus and a single
restricted share plan, the BSP, to ensure this
simplicity. Incentive awards are capped so that
the maximum potential award under each plan
istransparent
• Aligned to culture, purpose and the wider
workforce: the remuneration framework has been
designed to support our culture and business
purpose. When developing the 2023 Directors’
Remuneration Policy the Committee reviewed in
detail our approach to remuneration throughout
the organisation to ensure that arrangements are
appropriate in the context of our approach to
reward for the wider workforce
• Linked to the performance and strategy of the
business: the remuneration framework should
provide a balance between incentivising key
short-term objectives through the annual bonus
and long-term business objectives and shareholder
value creation through the BSP. More detail on the
Company’s KPIs linked to executive remuneration
and their strategic alignment is set out on
pages30 to 37
• Shareholder value and alignment: remuneration
should provide close alignment with long-term
value creation for shareholders through the
selection of appropriate performance measures
and targets for the annual bonus and performance
underpins for the BSP. Remuneration should also
be aligned to the future success of the Company,
and should emphasise variable reward outcomes
and deliver a significant proportion of remuneration
in shares, some of which are expected to be
retained in accordance with the shareholding
guidelines. Our post-employment shareholding
guideline supports this continued alignment after
an Executive Director steps down. Annual bonus
plan targets are normally set taking into account
our strategic plan as well as external expectations
of performance. Annual bonus targets are set to
ensure that maximum remuneration can only be
earned for delivering exceptional performance
while not encouraging excessive risk-taking.
Theperformance underpins for the BSP are in
place to ensure that failure is not rewarded
• Mitigating risk: our remuneration framework should
mitigate risk where appropriate. The 2023
Directors’ Remuneration Policy includes provisions
which enable the Committee to exercise discretion
to ensure that incentive awards and outcomes are
appropriate; it also includes provisions which allow
for the application of clawback and/or malus in
specific negative circumstances
• Competitive in the global talent market: total
remuneration should be sufficient to attract,
motivate and retain exceptional talent. The
Committee takes into account Burberry’s
main global luxury competitors for talent and
comparable UK companies when considering
the total remuneration for Executive Directors.
The Committee recognises that, for each Executive
Director, the relative importance of these
reference groups may be different depending on
the skills and experience required to undertake
their specific role
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Policy table – Executive Directors
Base salary
To recognise the responsibilities, experience and ability of our Executive Directors in a competitive global environment,
keeping our people focused on and passionate about the brand.
Operation Maximum opportunity Performance measures
The Committee sets base salary taking
intoaccount:
• The individual’s skills, experience,
performance and overall contribution
to thebusiness
• Salary levels at other companies of a
similar size and complexity in both the
UK and the broader luxury sector
• Pay and conditions elsewhere in the Group
• The impact of any base salary increase
on the total remuneration package
Any salary increases are normally effective
from 1 July.
While there is no maximum salary,
increases will normally be in line with or
below the typical increases awarded to
other employees in theGroup.
However, increases may be above this level
in certain circumstances, such as:
• Where an Executive Director has been
appointed to the Board at a lower than
typical market salary to allow for growth
in the role, larger increases may be
awarded to move salary positioning
closer to typical market level as the
Executive Director gains experience and
performance warrants this
• Where an Executive Director has
been promoted or has had a change
inresponsibilities
• Where there has been a significant
change in market practice
• Where there has been a significant
change in the size and/or complexity
of the business
N/A
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Pension
To offer market-competitive benefits.
Operation Maximum opportunity Performance measures
Executive Directors participate in defined
contribution arrangements.
Participants may elect to receive some or
all of their entitlement as a cash allowance.
The maximum Company contribution or
allowance for the Executive Directors is
aligned with the maximum Company
pension contribution available to the
majority of the UK workforce (currently
10% of salary).
N/A
Corporate Governance Statement | Directors’ Remuneration Report
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Operation Maximum opportunity Performance measures
Annual bonuses are normally paid in cash.
Executive Directors are required to invest
50% of any net bonus earned into Burberry
shares until shareholding guidelines aremet.
Bonuses are not pensionable.
Discretion: the Committee may determine
that it is appropriate to adjust the bonus
outcome if, for example, outcomes are not
considered to be reflective of underlying
financial or non-financial performance
ofthe business or the performance of the
individual, where targets are no longer
considered appropriate or where the
outcome is not considered appropriate
inthe context of the experience of
shareholders or other stakeholders.
Anyadjustment would be within the limits
of the 2023 Directors’ Remuneration Policy.
Clawback provision: during the period of
threeyears from the date of payment, the
Companymay seek to recover any bonus
from individual Executive Directors in whole
or in part in the event of a material
misstatement in the Company’s audited
financial statements, ifthe bonus outcome
has been incorrectly calculated or where
the participant has engaged in serious
misconduct (including breach of a Company
policy) which results in serious reputational
damage for the Company and/or which
justifies, or could justify, summary
dismissal of the participant.
Maximum annual bonus opportunity of
200% of base salary.
Normally, 50% of the bonus shall pay out
for target levels of performance with up to
25% of the bonus paying out for threshold
levels of performance. The Committee has
the discretion to adjust the portion of the
award that pays out for threshold and/or
target performance if appropriate.
The Committee shall determine
performance measures for the
bonus each year. These may include
financial measures (for example
profitability) and other metrics
linked to the delivery of the business
strategy or business operations,
environmental and social strategy
orindividual performance.
In normal circumstances no less
than 70% of the annual bonus will
be based on financial measures.
The Committee has the discretion
in exceptional circumstances to
adjust existing performance targets
and/or set different measures if
events occur outside management’s
control or where the target no
longer satisfies its original purpose
of ensuring that pay is aligned with
performance.
Targets are normally set with
reference to budget, the strategic
plan, long-term financial goals and
market expectations.
Targets are considered to be
commercially sensitive and will be
disclosed retrospectively following
completion of the relevant financial
year provided they are no longer
commercially sensitive.
Annual bonus
To reward Executive Directors for achieving annual targets linked to the strategic plan agreed by the Board.
Corporate Governance Statement | Directors’ Remuneration Report
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Operation Maximum opportunity Performance measures
Awards are structured as either conditional rights to receive
shares on vesting or nil-cost options.
Awards will normally vest three years from the date of grant of
the award subject to performance underpins.
A post-vesting holding period applies to awards granted under
the BSP, normally on a net-of-tax basis. Shares that vest will be
subject to a sale restriction until the fifth anniversary of the date
of grant of the award, aside from in very limited circumstances.
If the Company does not meet one or more performance
underpins at the date of vesting then the Committee would
consider whether it was appropriate to scale back the number
of shares that vest under the award.
Dividend equivalents may be paid in shares or in cash in respect of
sharesthat vest.
Discretion: the Committee may determine that it is appropriate
toadjust the vesting outcome if, for example, outcomes are not
considered to be reflective of underlying financial or non-financial
performance of the business or the performance of the individual,
where underpins are no longer considered appropriate or where
theoutcome is not considered appropriate in the context of
theexperience of shareholders or other stakeholders. Any
adjustmentwould be within the limits of the 2023 Directors’
Remuneration Policy, although itwould be exceptional.
Malus and clawback provision: unvested shares or awards may be
forfeited or vested shares may be clawed back during the period
of six years from the date of grant in whole or in part in the event
of a material misstatement in the Company’s audited financial
statements, if the vesting outcome has been incorrectly
calculated or where the participant has engaged in serious
misconduct (including breach of a Company policy) which results
in serious reputational damage for the Company and/or which
justifies, or could justify, summary dismissal of the participant.
Maximum awards are
162.5% of base salary.
Performance underpins may
be based around key financial
and/or strategic measures
and/or share price metrics.
Performance underpins for
awards granted in 2023 will
relate to key financial
stability metrics and
strategic and sustainability
objectives.
The Committee may use
different performance
underpins for future awards
if deemed appropriate.
Performance underpins
will be set taking into
account the business
strategy and to ensure
failure is not rewarded.
Performance underpins will
normally be disclosed ahead
of each annual grant. Details
of the performance achieved
against the underpins will
normally be disclosed.
Burberry Share Plan (BSP)
To focus Executive Directors on, and reward them for, sustainable long-term shareholder value creation and successful
execution of the Company’s long-term strategy.
To align Executive Directors’ interests with those of shareholders.
To simplify the approach to long-term reward.
Corporate Governance Statement | Directors’ Remuneration Report
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Operation Maximum opportunity Performance measures
Executive Directors receive a cash allowance to cover a range of
benefits typically provided in the luxury market, such as clothing
and car. Cash allowances are currently up to £50,000 per annum.
Other benefits for Executive Directors may include, but are not
limited to:
• Private medical insurance
• Life assurance
• Long-term disability insurance
• Employee discount
• Participation in all-employee share plans on the same terms
and up to the same maximum amounts as other employees
Reasonably incurred expenses will be reimbursed. The Company
may meet any tax liabilities which may arise on expenses.
The Committee may introduce other benefits for the Executive
Directors if this is considered appropriate taking into account the
individual’s circumstances, the nature of the role and practice for
the wider workforce.
Where an Executive Director is required to relocate to perform
their role, appropriate one-off or ongoing benefits may be
provided (such as housing, schooling etc).
The cost of the provision of
allowances and benefits
varies from year to year
depending on the cost to the
Company and there is no
prescribed maximum limit.
However, the Committee
monitors annually the overall
cost of the benefits
provided, to ensure that it
remains appropriate.
N/A
Corporate Governance Statement | Directors’ Remuneration Report
Other benefits andallowances
To promote the wellbeing of employees, enabling them to focus on the business.
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Shareholding guidelines
To align the interests of Executive Directors and shareholders and encourage long-term shareholding and commitment
to the Company both in and post-employment.
Operation Maximum opportunity Performance measures
Executive Directors are expected to build and maintain a holding
of Company shares equal to at least 300% of base salary.
Executive Directors will normally be expected to maintain a
minimum shareholding of 300% of salary (or actual shareholding
if lower) for two years after stepping down as an Executive
Director. This post-employment guideline will apply to shares
from incentive awards vesting from the date of adoption of the
Directors’ Remuneration Policy in July 2020.
The Committee retains discretion to waive this guideline if it is
not considered appropriate in the specific circumstances.
N/A N/A
Notes on share awards:
1. Adjustment of share awards: the number of shares subject to an award (and the option price, where relevant) can be adjusted on a rights issue, special dividend, demerger
or variation of capital or similar transaction. Subject to the plan rules, share awards can be satisfied by a cash payment equal to the value of shares the participant would
otherwise have received. For Executive Directors, this provision will only be used in exceptional circumstances, such as where, for regulatory reasons, it is not possible to
settle awards in shares.
2. In respect of our share plans, this table presents a summary of the key and relevant information for the plan rules. These plans will operate in accordance with the
relevant plan rules as approved by shareholders (where applicable).
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Summary of decision-making
process and changes to Directors’
Remuneration Policy
During the year, the Committee undertook a review
of the Directors’ Remuneration Policy and its
implementation to ensure that the Directors’
Remuneration Policy supports the execution of
strategy and the delivery of sustainable long-term
shareholder value. The Committee discussed the
content of the Directors’ Remuneration Policy at
Committee meetings during the year. Throughout
thereview process, the Committee took into account
the 2018 UK Corporate Governance Code, wider
workforce remuneration and emerging best practice
in relation to Executive Director remuneration.
TheCommittee also considered input from management
and our independent advisors as well as considering
best practice and guidance from major shareholders.
The Committee considers the potential for conflicts
of interest and manages them as necessary.
NoDirector was present when their own
remuneration was discussed.
The main change to the Directors’ Remuneration
Policy is to simplify the vesting period for BSP
awards. Under the existing Directors’ Remuneration
Policy, BSP awards vest in equal tranches after
three, four and five years following the date of award,
with a holding period to year five. Under the 2023
Directors’ Remuneration Policy, to simplify the
approach and to better align with market practice,
BSP awards vest after three years with a two-year
post-vesting holding period.
Other changes have been made to the wording of the
Directors’ Remuneration Policy to increase flexibility,
to aid operation, to increase transparency and to
reflect typical market practice.
Corporate Governance Statement | Directors’ Remuneration Report
Selection of performance measures
• The annual bonus is normally based on a
combination of financial, strategic and
environmental and social metrics to support the
delivery of key business priorities
• BSP awards are subject to performance underpins.
For 2023, awards will be linked to financial
measures, brand and sustainability.
Theseunderpins have been selected as they
are considered to be goodyardsticks of the overall
financial stability and sustainability of the
organisation and are therefore aligned with
shareholder value creation and the long-term
interests of the Company
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Policy table – Non-Executive Directors
Purpose Operation Maximum annual opportunity
Chair – fees
To attract and retain a
high-calibre Chair by offering
a market-competitive fee.
The Chair is paid a single fee for allresponsibilities.
The fee level is reviewed at appropriate intervals by the
Committee, taking into account time commitment, the
experience and calibre of the individual and personal
contribution and fee levelsat other companies of a
similar size andcomplexity.
The fee is paid in cash.
There is no maximum fee level or
maximum fee increase.
Non-Executive Directors –fees
To attract and retain
high-calibre Non-Executive
Directors by offering
market-competitive fees.
The Non-Executive Directors are paid a basic fee.
TheChairs of the Audit and Remuneration Committees
and the Senior Independent Director
are paid an additional fee to reflect theirextra
responsibilities and the required timecommitment.
Fee levels are reviewed at appropriate intervals by the
Board, taking into account time commitment and fee
levels at other companies of a similar size and complexity.
The Company may pay an additional fee to a
Non-Executive Director should the Company require
additional time commitment or responsibilities.
Fees are paid in cash.
There is no maximum fee level or
maximum fee increase.
Chair and Non-Executive
Directors – other benefits
To enable the Chair and
Non-Executive Directors to
undertake their roles.
The Non-Executive Directors (other than the Chair)
may receive a Board attendance allowance per meeting
for attendance at Board meetings outside their country
or territory of residence. Attendance allowances are
paid in cash.
As brand ambassadors, the Chair and
Non-Executive Directors receive discounts
onBurberryproducts.
Reasonably incurred expenses will be reimbursed.
TheCompany may meet any tax liabilities that may
arise on expenses.
Additional benefits may be introduced if
consideredappropriate.
The Chair is eligible to receive healthcare cover and to
have access to a car and driver.
Benefit levels are reviewed on an
annual basis and the value can vary
year on year. Any additional benefits
will be set at a level appropriate to
the role and the individual.
The Company may meet any tax
liabilities that may arise on
expenses or benefits.
Corporate Governance Statement | Directors’ Remuneration Report
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Approved payments
The Committee reserves the right to make any
remuneration payments and/or payments for loss of
office (including exercising any discretions available
to it in connection with such payments)
notwithstanding that they are not in line with the
2023 Directors’ Remuneration Policy set out in the
document where the terms of the payment were
agreed (i) before the 2023 Directors’ Remuneration
Policy came into effect, provided that the terms of
the payment were consistent with any applicable
shareholder-approved Directors’ Remuneration Policy
in force at the time they were agreed or were
otherwise approved by shareholders; or (ii) at a time
when the relevant individual was not a Director of the
Company (or other persons to whom the Directors’
Remuneration Policy set out above applies) and, in
the opinion of the Committee, the payment was not
in consideration for the individual becoming a
Director of the Company or such other person. For
these purposes “payments” includes the Committee
satisfying awards of variable remuneration and, in
relation to an award over shares, the terms of the
payment are “agreed” no later than the time the
award is granted. This Policy applies equally to any
individual who is required to be treated as a Director
under the applicable regulations.
Policy on recruitment and
promotion arrangements
When determining the remuneration package for a
newly appointed Executive Director, the Committee
would seek to apply the following principles:
• The package should be market-competitive to
facilitate the recruitment of individuals of sufficient
calibre to lead the business. At the same time, the
Committee would intend to pay no more than it
believes is necessary to secure the requiredtalent
• New Executive Directors will normally receive a
base salary, benefits and pension contributions in
line with the Directors’ Remuneration Policy
described on pages 213 to 218 and would also be
eligible to join the bonus and share incentive plans
up to the limits set out in the Directors’
Remuneration Policy
• In addition, the Committee has discretion to
include any other remuneration component or
award, including a performance-based award,
which it feels is appropriate taking into account the
specific circumstances of the recruitment, subject
to the limit on variable remuneration set out below.
The key terms and rationale for any such
component would be disclosed as appropriate in
the Directors’ Remuneration Report for the
relevant year
• Where an individual forfeits outstanding variable
pay opportunities or contractual rights at a
previous employer as a result of appointment, the
Committee may offer compensatory payments or
awards, in such form as the Committee considers
appropriate, taking into account all relevant factors
including the form of awards, expected value and
vesting timeframe of forfeited opportunities. When
determining any such buy-out award, the guiding
principle would be that awards would generally be
on a like-for-like basis unless this is considered by
the Committee not to be practical or appropriate
• Excluding any buy-out awards (referred to above),
the maximum level of variable remuneration which
may be awarded in respect of recruitment is
362.5% of salary (which is in line with the
maximum limit under the annual bonus and BSP
inthis Directors’ Remuneration Policy)
Corporate Governance Statement | Directors’ Remuneration Report
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Corporate Governance Statement | Directors’ Remuneration Report
• Where an Executive Director is required to relocate
to take up their role, the Committee may provide
assistance with relocation (via either one-off or
ongoing payments or benefits)
• In the event that an internal candidate is promoted
to the Board, legacy terms and conditions would
normally be honoured, including any accrued
pension entitlements and any outstanding
incentiveawards
To facilitate any buy-out awards outlined above,
inthe event of recruitment the Committee
may grant awards to a new Executive Director
relying on the exemption in the Listing Rules,
which allows for the grant of awards to facilitate,
in unusual circumstances, the recruitment of an
Executive Director, without seeking prior shareholder
approval or under any other appropriate Company
incentive plan.
Supplementary information
Remuneration policy in the rest of
theCompany
The remuneration arrangements for Executive
Directors outlined earlier in this report are consistent
with those for other senior executives, although
quantum and award opportunities vary by
executivelevel.
In making its decisions on executive remuneration,
the Committee considers the reward framework for
all employees globally, ensuring that the principles
applied are consistent with the Directors’
Remuneration Policy. Merit increases awarded to
Executive Directors are determined within the
broader context of employee remuneration. All our
employees are eligible for a variable incentive based
on performance and the principle of shareholder
alignment is reflected throughout the organisation
through our all-employee share plans, which are
(where legally possible) extended to all eligible
Burberry employees globally.
Burberry is a partner of the Living Wage Foundation
and accredited as a UK Living Wage employer.
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Indicative total remuneration levels
A substantial portion of Executive Director remuneration is dependent on Company performance. The charts
below illustrate indicative levels of total remuneration which would be received by each Executive Director under
the 2023 Directors’ Remuneration Policy set out on pages 213 to 218 for the first financial year in which it
will apply (from FY 2023/24). These are shown at each of the following performance scenarios: (1) minimum,
(2)target, (3) maximum and (4) maximum + 50% share price growth.
Corporate Governance Statement | Directors’ Remuneration Report
Executive Director total remuneration at different levels of performance
Fixed pay Annual Bonus BSP Share Price Growth
Minimum Target Maximum Maximum +
Share Price
Growth (50%)
£6,390k
£5,465k
£4,327k
£1,338k
100% 31% 24% 21%
26%
43%
42%
34%
36%
29%
14%
Minimum Target Maximum Maximum +
Share Price
Growth (50%)
£3,667k
£3,161k
£2,486k
£798k
100% 32% 25% 22%
27%
41%
43%
32%
37%
27%
14%
£0k
£1,000k
£2,000k
£3,000k
£4,000k
£5,000k
£6,000k
£7,000k
CEO – Jonathan Akeroyd CFO – Kate Ferry
Notes:
1. In order to provide a meaningful comparison, the figures in the chart above have been calculated on a full-year equivalent basis for Kate Ferry.
2. “Minimum” remuneration includes fixed pay only (salary from 1 July 2023 of £1,138,500 for Jonathan Akeroyd and from the commencement of her
employment of £675,000 for Kate Ferry), pension of 10% of salary, cash allowances (£50,000 for Jonathan Akeroyd and £20,000 for Kate Ferry)
plus an estimate of the value of other non-cash benefits (£36,000).
3. “Target” remuneration includes fixed pay plus target annual bonus (50% of maximum) and 100% vesting of the BSP award.
4. “Maximum” remuneration includes fixed pay plus maximum annual bonus (100% of maximum) and 100% vesting of the BSP award.
5. “Maximum + 50% share price growth” is as outlined for the maximum scenario above with a 50% increase in share price applied to the BSPaward.
6. The maximum annual bonus for FY 2023/24 is 200% of salary for both Executive Directors and the maximum BSP awards are 162.5% of salary
for Jonathan Akeroyd and 150% of salary for Kate Ferry.
7. No share price growth or dividend payments have been applied to share awards included in these indicative total remuneration figures other than
where noted.
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Corporate Governance Statement | Directors’ Remuneration Report
Policy on service agreements and termination provisions
Executive Directors
The Company’s general policy on Executive Directors’ service agreements is that they operate on a rolling basis
with no specific end date and include a 12-month or less notice period both to and from the Company. The table
below sets out information on service agreements for the current Executive Directors.
Date of
current service
agreement
Date
employment
commenced
Notice period to
and from the
Company
Jonathan Akeroyd
19 October
2021
15 March
2022 12 months
Standard terms on termination
Salary, pension, benefits and allowances: Executive
Directors continue to receive salary, pension/pension
allowance, benefits and cash allowances during their
notice period (which will not normally exceed 12 months).
Alternatively, the Company may terminate the
employment early and pay in lieu of notice, either in a
lump sum or in monthly instalments. Payments in lieu
of notice will be no more than the salary, cash
allowance and pension allowance payable for the
period of notice not worked. Any such monthly
payments will be reduced to the extent the former
Executive Director receives income from alternative
remunerative employment as the Executive Director
will be required to mitigate their loss.
Annual bonus paid in cash: an executive considered to
be a “good leaver” may remain eligible for an annual
bonus payable at the normal time for the financial
year in which they cease employment subject to
achievement of bonus targets. Any bonus would
normally be pro-rated taking into account the period
of time the Executive Director was in active
employment during the financial year. An Executive
Director who has left employment for other reasons
during the performance period or before the payment
is due will normally not be eligible to receive an annual
bonus. The Committee retains discretion to vary the
approach and the payment of annual bonus to
leavers, as outlined below.
BSP awards: for an Executive Director considered
to be a “good leaver” before vesting, outstanding
awards will normally be pro-rated for time over
the vesting period and vest on the original vesting
dates subject to the performance underpins.
Goodleavers’ awards will normally be required to
remain subject to post-vesting holding periods and
leaving employment will not normally impact shares
already subject to a holding period. For an Executive
Director who leaves for any other reason, any unvested
BSP awards will normally lapse in full. TheCommittee
retains discretion to vary the approach and the extent
to which awards vest for leavers, as outlined below.
Good leavers include leaving the Company on
retirement, redundancy, ill health, as a result of death
in service or in other circumstances determined by
the Committee.
Other: reasonable disbursements (for example, legal
or professional fees, relocation/repatriation costs)
may be paid. Any other employee share plan
entitlements (such as under all-employee share
incentives) will be dealt with in accordance with the
rules of the relevant plan and the Committee may
exercise the discretions provided under those plans.
Discretion: the Committee retains discretion to
approve payments to individuals based on individual
circumstances and performance while in office or
employment. In applying any such discretion, the
Committee will make any decisions by considering
the specific circumstances and performance of the
individual and the best interests of shareholders and
those ofthe remaining employees, including
Executive Directors. Where awards are subject to
performance conditions/underpins, these would
normally be tested at the end of the relevant
period(s), unless the Committee determined
otherwise, and any award which is allowed to
vest would normally be pro-rated for time in
office oremployment, unless the Committee
determinedotherwise.
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Corporate events
Upon a change in control of the Company before the
vesting date, outstanding BSP awards will, unless the
Committee determines otherwise, be pro-rated for
time over the vesting period of the award and vest,
at the point of change in control, subject to the
performance underpins. Alternatively, BSP awards
can be exchanged for equivalent awards over shares
in the acquiring company. The Committee can also
allow full or partial vesting on a demerger, special
dividend, distribution in specie or if the participant is
relocated in circumstances which would give rise to
unfavourable tax treatment. Malus, clawback and
holding period requirements will cease to apply
following a change of control.
Any other employee share plan entitlements (such as
under all-employee share incentives) will be dealt with
in accordance with the rules of the relevant plan and
the Committee may exercise the discretions provided
under those plans.
Non-Executive Directors
The Non-Executive Directors serve under Letters
of Appointment with the Company. Non-Executive
Directors may continue to serve subject to annual
re-election by shareholders at each AGM of the
Company, subject to six months’ notice by either
party. There are no provisions for compensation for
loss of office in the Letters of Appointment.
Development of 2023 Directors’
RemunerationPolicy
In developing and reviewing the 2023 Directors’
Remuneration Policy, the Committee is mindful of
the views of shareholders and is sensitive to the
relativities of arrangements for Executive Directors
to those for employees more generally.
The Committee proactively seeks feedback from
shareholders when considering any significant
changes to remuneration for Executive Directors.
The Committee also listens to and takes into
consideration investor views more generally
throughout the year. In developing the 2023
Directors’ Remuneration Policy, the Committee
undertook a consultation with shareholders to
understand their feedback in relation to the
changesproposed.
Employees are able to communicate their views
internally on any topic including the Directors’
Remuneration Policy by using the Burberry internal
communications platform (Yammer) or by raising
questions at global and functional town halls. They
are also able to refer to the Burberry Resolution Hub
which provides guidance on the channels for providing
feedback or sharing concerns at Burberry, including
our Steps to Resolution Framework and global
confidential helpline. Burberry regularly undertakes
an Employee Engagement Survey. Views of our
employees generally and on their remuneration will be
taken into account when building future plans. The
two-way dialogue we have developed with our Global
Workforce Advisory Forum gives the Committee
important insight into employees’ views on the overall
remuneration framework and how this aligns to the
Directors’ Remuneration Policy. However, given the
scale, geographic spread and diversity of roles of
Burberry’s employees, the Committee does not
proactively consult with employees specifically on the
Directors’ Remuneration Policy. In addition, many
Burberry employees are shareholders, through
participation in the ShareSave and FreeShare plans,
and they, like other shareholders, are able to express
their views on Directors’ remuneration at each
general meeting.
Corporate Governance Statement | Directors’ Remuneration Report
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Corporate Governance Statement | Directors’ Remuneration Report
Annual Report on Remuneration
FY 2022/23 total single figure remuneration for Executive Directors (audited)
The table below sets out the single figure of total remuneration received or receivable by the Executive Directors in respect of
FY 2022/23 (and the prior financial year). The subsequent sections detail additional information for each element of remuneration.
Salary
£’000
Allowances
and benefits
£’000
Pension
£’000
Bonus
£’000
Executive
Share
Plan
(ESP)
2
£’000
All-employee
share plans
3
£’000
Prior company
buy-out
awards
4
£’000
Total
£’000
Total fixed
remuneration
£’000
Total variable
remuneration
£’000
Jonathan Akeroyd
Year to 1 April 2023 1,096 86 110 1,298 – – 1,699 4,289 1,292 2,997
Year to 2 April 2022
1
55 25 6 – – – 4,377 4,463 86 4,377
Julie Brown
Year to 1 April 2023 739 123 129 – – 1 – 992 992 –
Year to 2 April 2022 726 88 145 1,364 397 1 – 2,721 960 1,761
1. Remuneration in the table above in relation to Jonathan Akeroyd for the year to 2 April 2022 relates to his period of employment as CEO from 15 March 2022.
2. The value shown in the ESP column in respect of FY 2021/22 represents the vesting of the 2019 ESP award for Julie Brown. The value has been updated to reflect the
share price on the date of vesting (31 July 2022) of £17.960. The figure disclosed in last year’s single figure table was £392k for Julie Brown. The amount now includes
the value of dividends on these shares using a cumulative dividend per share of 101 pence. The share price used to calculate the number of shares at grant (31 July 2019)
was £22.8917. The share price on vesting of £17.960 was lower than this price and therefore no portion of the amount disclosed relates to share price growth.
3. The value shown in the all-employee share plans column in respect of FY 2022/23 for Julie Brown represents the vesting of her 2019 award of free shares granted under
the Share Incentive Plan (SIP).
4. The value shown in the prior company buy-out awards column for Jonathan Akeroyd represents the value of certain buy-out awards granted to him on 15 March 2022.
Further details are set out in the Directors’ Remuneration Report FY 2021/22. The value in respect of FY 2021/22 has been updated to reflect the share price on the date
of vesting of part of his buy-out awards (15 June 2022) of £16.41.
Salary (audited)
The table below details annual salaries as at 1 April 2023 and those that will apply from 1 July 2023. When setting Jonathan
Akeroyd’s salary with effect from 1 July 2023, the Committee took into account a number of factors, including the approach
for our wider employee population, individual performance and overall contribution to the business during the year, cost to the
Company, the external economic climate and market positioning. The salary increase of 3.5% for Jonathan Akeroyd is below the
rate for the broader UK employee population. The budgeted salary increase for our UK workforce for 2023, including increases to
reflect the UK real Living Wage, was 6.7%.
Julie Brown’s annual salary was £747,300 until her departure from Burberry on 1 April 2023.
Kate Ferry will join as CFO on 17 July 2023 and will receive an annual salary of £675,000.
As at
1 April 2023
As at
1 July 2023 % change
Jonathan Akeroyd £1,100,000 £1,138,500 3.5%
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Pension (audited)
Jonathan Akeroyd’s pension cash allowance is aligned to the maximum employer pension contribution available to the majority of
the UK workforce at 10% of base salary.
Julie Brown’s pension cash allowance was voluntarily reduced from 20% to 10% of base salary from 1 January 2023 to align with
the maximum employer pension contribution available to the majority of the UK workforce.
Kate Ferry will be entitled to a pension cash allowance of 10% of base salary, which is aligned to the majority of the UKworkforce.
No Director has a prospective entitlement to receive a defined benefit pension.
Allowances and benefits (audited)
The table below details the cash allowances and non-cash benefits received by the Executive Directors during FY 2022/23 in
accordance with the Directors’ Remuneration Policy and as disclosed in the single figure table.
FY 2022/23 (£’000)
Cash
allowance
Private
medical
insurance
Life
assurance
Long-term
disability
insurance Tax advice Other
1
Jonathan Akeroyd 50 14 15 2 5 –
Julie Brown 30 44 8 9 2 30
1. In accordance with our policy for the wider UK workforce, Julie Brown received a payment of £30,179 in respect of 10.5 days of untaken accrued annual leave.
There were no changes to benefits policies during the year.
Annual bonus for FY 2022/23 (audited)
Executive Directors were eligible for a maximum bonus of 200% of base salary. The annual bonus for FY 2022/23 was based 75%
on Group adjusted operating profit performance (at FY 2021/22 CER) and 25% on strategic objectives including measures related
to strategy and brand and environmental and social measures.
Adjusted operating profit performance
The table below sets out the targets and the performance achieved for FY 2022/23 in relation to the Group adjusted operating
profit performance measure:
Maximum
bonus opportunity
(% of salary)
FY 2022/23 Group adjusted operating profit targets (£m) FY 2022/23 Group
adjusted operating
profit achieved (CER
1
)
(£m)Threshold Target Maximum
Jonathan Akeroyd
200% £514m £554m £594m £556m
Julie Brown
1. This measure removes the effect of changes in exchange rates.
Adjusted operating profit for bonus purposes is calculated using the average exchange rates of FY 2021/22 and on a pro forma
basis. Details of pro forma results for FY 2022/23 are set out on page 41.
Based on the adjusted operating profit delivered this element of the annual bonus will pay out at 39% (out of 75%).
Corporate Governance Statement | Directors’ Remuneration Report
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Strategic performance
Taking into account the progress achieved during the year against key strategic, brand and environmental and social measures as
well as the CEO’s personal contribution to the delivery of this performance, the Committee determined that this element would
pay out at 20% (out of 25%). Performance highlights delivered include:
• Strategy and brand – in November 2022, the CEO set out the ambition and strategy for Burberry’s next phase, to realise our
potential as the modern British luxury brand, building on our strong foundations, reinterpreting our heritage and unique
attributes with a modern vision and aesthetic and leveraging them to drive revenue growth and acceleration. This was well
received by both the market and colleagues. During the year, we made good progress on executing our plan, while delivering a
strong financial performance, and have started to bring more clarity to the brand, refocusing on Britishness and broadening our
appeal. During FY 2022/23, we developed and elevated our product offer, exciting our customers with new and desirable
products supported by a strong programme of brand activations. In outerwear, comparable store sales grew 7% in the period.
We put the iconic Burberry Trench Coat front and centre of our brand campaign which helped deliver a very strong acceleration
in heritage rainwear sales in the last quarter. In leather goods, comparable store sales grew 12% in the year. Ready-to-wear
excluding outerwear grew broadly in line with the Group average for the year with womenswear increasing a double-digit
percentage and men’s up a mid single-digit percentage.
• Sustainability – we continued to advance our decarbonisation agenda, including year-on-year reductions in our scope 1, 2 and 3
GHG emissions against our FY 2018/19 base year. Scope 1 and 2 emissions reduced by 93% from our FY 2016/17 baseline and
scope 3 emissions reduced by 40%
^
from our FY 2018/19 baseline. We also made good progress during the year on achieving
our targets for sourcing sustainable materials, including 31%
^
of our cotton being certified organic; 44% of our nylon and
polyester being recycled; 100% of our viscose being Canopy ‘Green Shirt’ rated; 46% of our wool in soft accessories and knits
being certified; and 96% of our leather coming from tanneries with environmental, traceability and social compliance
certification. For further details see pages 50 to 67.
• People – during the year we made meaningful progress against our Diversity, Equity and Inclusion and leadership objectives.
InFY 2022/23, shortlists across all recruitment campaigns consisted of 60% female, 38% male and 2% ‘other’ candidates.
InFY 2022/23, hiring representation consisted in the UK of 39.5% ethnic minority candidates and in the US of 16% Black/
African-American candidates. The CEO has also made excellent progress on repositioning our talent capabilities to ensure we
have the leadership team in place to successfully execute the strategy.
^ Burberry appointed PricewaterhouseCoopers LLP (PwC) to provide independent limited assurance over selected planet and product information for FY 2022/23.
Information subject to assurance is denoted with a ^. PwC’s assurance report and Burberry’s Basis of Reporting for data subject to assurance are available on
Burberryplc.com.
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Annual bonus outcome for FY 2022/23
Based on the performance against targets, Jonathan Akeroyd will receive an annual bonus for FY 2022/23 of £1,298,000.
Thisrepresents a bonus payment of 59% of his maximum bonus. The Committee considers that this level of bonus payout
isappropriate given the progress delivered this year, the CEO’s personal contribution to the business and his excellent start
atBurberry, the actions that the Company has taken to support our colleagues and the shareholder experience which has seen
the share price rise significantly during the course of the year.
Under the Directors’ Remuneration Policy, the Executive Directors are required to invest 50% of any net bonus earned into
Burberry shares until their shareholding guideline of 300% of salary is met. Jonathan Akeroyd had already met his shareholding
guideline and therefore this requirement does not apply to his bonus for FY 2022/23.
Julie Brown forfeited her entitlement to an annual bonus for FY 2022/23 on her departure from Burberry.
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Annual bonus for FY 2023/24
For FY 2023/24 the Executive Directors will be
eligible for a maximum bonus of 200% of salary.
The annual bonus for FY 2023/24 will be based 75%
on Group adjusted operating profit performance (at
FY 2022/23 CER) and 25% on strategic objectives.
The adjusted operating profit targets are considered
to be commercially sensitive and will be disclosed in
the Directors’ Remuneration Report FY 2023/24.
The strategic objectives for FY 2023/24 for the CEO
and the CFO will continue to be based on a combination
of strategic, operational and environmental and social
measures, with strategic and operational KPIs related
to strategy execution, growth in key product areas,
store productivity and growth in digital sales. The
environmental and social measures will be assessed
based on progress embedding sustainability across
the business, driving execution of climate positive
ambitions through decarbonisation interventions and
the delivery of key people goals based on talent
retention and Diversity, Equity and Inclusion.
For each strategic area, the Committee will determine
the payout in the round taking into account our
progress in the year against our long-term objectives
in these areas. Details of the progress achieved and
the Committee’s determination of bonus outcomes
will be provided in the Directors’ Remuneration
Report FY 2023/24.
Under the Directors’ Remuneration Policy, the
Executive Directors are required to invest 50% of
any net bonus earned into Burberry shares until their
shareholding guideline of 300% of salary is met.
Long-term incentive plan awards
The following section sets out details of:
• 2020 BSP awards vesting based on performance
to FY 2022/23
• 2022 BSP awards granted during FY 2022/23
• 2023 BSP awards to be granted during FY2023/24
2020 BSP awards vesting subject
to performance underpin to
FY 2022/23(audited)
Jonathan Akeroyd was not in role when the 2020
BSP awards were granted. Julie Brown’s 2020 BSP
award lapsed on 1 April 2023 when her employment
with Burberry ended.
2022 BSP awards granted during
FY2022/23 (audited)
The Committee granted a 2022 BSP award of
162.5% of salary on 27 July 2022 to Jonathan
Akeroyd and Julie Brown in line with the Directors’
Remuneration Policy approved by the shareholders
at the 2020 AGM.
Corporate Governance Statement | Directors’ Remuneration Report
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Corporate Governance Statement | Directors’ Remuneration Report
The table below summarises the BSP share awards granted to the Executive Directors during FY 2022/23.
Type of award Basis of award
Shares
awarded
Face value
at grant
(£’000)
Performance
underpinperiod
Jonathan Akeroyd BSP share award 162.5% of salary 104,131 £1,787
3, 4 and 5 financial years starting
from FY 2022/23
Julie Brown BSP share award 162.5% of salary 70,743 £1,214
3, 4 and 5 financial years starting
from FY 2022/23
Julie Brown’s 2022 BSP award lapsed on 1 April 2023 when her employment with Burberry ended.
Jonathan Akeroyd’s 2022 BSP award will vest one third after three years, one third after four years and one third after five years
from the grant date, subject to the performance underpins outlined below. Each tranche is subject to a holding period so that the
total time horizon before any sale of shares (except to cover any tax liabilities arising from the award) is five years for the entire
award. Awards are granted in the form of conditional share awards.
The face value of each award is calculated using the three-day average price prior to the date of grant (£17.1658), which was the
price used to determine the number of shares awarded.
BSP awards granted in 2022 are subject to the following underpins:
Performance underpin Details
Revenue The level of Total Revenue at CER for the financial year which precedes the year of
vesting being at least £2,800 million
ROIC The level of Group ROIC at reported exchange rates for the financial year which precedes
the year of vesting being at least 1% above the Group’s WACC in the year of vesting (the
Group’s WACC was c.9% at the time of award)
Brand and sustainability
strategies
Reasonable progress having been achieved over the vesting period in respect of our
strategy to elevate our brand and to build a more sustainable future:
• Brand: when assessing the brand underpin the Committee will consider performance
against a range of relevant brand KPIs. This may include full-price sales, outerwear
and leather goods sales and progress on brand elevation, but it may also include other
relevant metrics. These metrics are all considered to be aligned with our strategy of
elevating the brand to generate long-term value for shareholders
• Sustainability: when assessing the sustainability underpin the Committee will consider
whether reasonable progress has been delivered against our sustainability and carbon
reduction goals to reduce scope 3 emissions by 46% by 2030 and to become net zero
by2040
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If the Company does not meet one or more of the performance underpins outlined above for the year of vesting
then the Committee would consider whether it was appropriate to scale back the level of payout under the BSP
award. The intention of the performance underpins is to provide a “safeguard” to ensure that the BSP awards
do not pay out if the Company has under-performed and vesting is not justified; the Committee will take this
intention into account when assessing the underpins.
In addition to the underpins described above, the Committee also retains the discretion to adjust the vesting
outcome if it is not considered to be reflective of underlying financial or non-financial performance of the
business or the performance of the individual, where underpins are no longer considered appropriate or where
the vesting outcome is not considered appropriate in the context of the experience of shareholders or
otherstakeholders.
Corporate Governance Statement | Directors’ Remuneration Report
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Burberry 2022/23

2023 BSP awards to be granted in
FY 2023/24
The Committee intends to grant 2023 BSP awards
of 162.5% of salary to the CEO and 150% of salary to
the CFO. The current share price is higher than the
share price used to determine BSP awards last year
and therefore the Committee does not intend to
reduce the 2023 BSP award levels. Provided that
shareholders approve the 2023 Directors’
Remuneration Policy, the awards will vest in full after
three years following the date of grant, subject to the
performance underpins. The awards will be subject to
a two-year holding period so that the total time
horizon before any sale of shares (except to cover any
tax liabilities arising from the award) is five years for
the entire award.
Performance underpin Details
Revenue The level of Total Revenue at CER for the financial year which precedes the year of vesting being
at least £3,200 million
ROIC The level of Group ROIC at reported exchange rates for the financial year which precedes the
year of vesting being at least 1% above the Group’s WACC (currently c.10%) in the year
ofvesting
Brand and
sustainability
strategies
Reasonable progress having been achieved over the vesting period in respect of our strategy
to elevate our brand and to build a more sustainable future:
• Brand: when assessing the brand underpin the Committee will consider performance against
a range of relevant brand KPIs. This may include full-price sales, outerwear and leather goods
sales and progress on brand elevation, but it may also include other relevant metrics. These
metrics are all considered to be aligned with our strategy of elevating the brand to generate
long-term value for shareholders
• Sustainability: when assessing the sustainability underpin the Committee will consider whether
reasonable progress has been delivered against our sustainability and carbon reduction goals to
reduce scope 3 emissions by 46% by 2030 and to become Climate Positive by 2040 (as set out
on pages 50 to 67)
If the Company does not meet one or more of the
performance underpins outlined below then the
Committee would consider whether it was
appropriate to scale back the level of payout under
the BSP award. The Committee would retain
discretion to determine the appropriate level of
scale-back. The Committee has reviewed the
performance underpins and determined that the
underpins that applied to previous awards continue
to reflect a good overall balance of safeguarding
the financial stability of the business, delivery of
the strategy and elevation of the brand. Having
considered the forecasts that are applicable
and relevant to our sector, the Committee has
determined to increase the revenue underpin relative
to the 2022 BSP awards. The following performance
underpins will apply for the 2023awards:
Corporate Governance Statement | Directors’ Remuneration Report
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In addition to the underpins described on page 233, the Committee also retains the discretion to adjust the
vesting outcome if it is not considered to be reflective of underlying financial or non-financial performance of
the business or the performance of the individual, where underpins are no longer considered appropriate or
where the vesting outcome is not considered appropriate in the context of the experience of shareholders or
other stakeholders.
Corporate Governance Statement | Directors’ Remuneration Report
Payments to past Directors
There were no payments to past Directors above a de
minimis limit of £3,000 during theyear.
Leaving arrangements for Julie Brown
Julie Brown left Burberry on 1 April 2023. She was
paid salary, allowances and pension and received
contractual benefits up to that date. These are
shown in the single figure table on page 226.
Shedid not receive any bonus in respect of
FY 2022/23 and all unvested or unexercised share
awards lapsed on her departure from Burberry, with
the exception of 45 shares (net of tax) in respect of
her 2018 and 2019 awards under the all-employee
SIP, which she retained in line with the plan rules.
Julie will be provided with reasonable assistance to
prepare and file her tax return in respect of the
2022/2023 tax year.
In addition, in accordance with our policy for the
wider UK workforce, Julie received a payment of
£30,179 in respect of 10.5 days of untaken accrued
annual leave.
She will not receive any other payment(s) including
for loss of office or in lieu of outstanding notice.
As a former Executive Director, Julie is required
to comply with Burberry’s post-employment
shareholding guideline in respect of share awards
that vested on or after the date of the AGM in July
2020. Under this guideline she will be expected to
retain a shareholding of 10,319 Burberry shares until
1 April 2025. In addition she will be required to retain
the net number of 45 Burberry shares from her 2018
and 2019 SIP awards until 1 April 2025. Details of Julie’s
shareholding guideline compliance as at 1 April 2023
are set out on page 236.
Y1 Y2 Y3 Y4 Y5
Full award vests after three years
Two-year holding period
Underpins measured to year three
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Burberry 2022/23

Joining arrangements for Kate Ferry
Kate Ferry will join the Board as an Executive Director
and our CFO on 17 July 2023. Her remuneration
package has been set in line with the Directors’
Remuneration Policy and comprises an annual base
salary of £675,000, a cash allowance of £20,000
per annum and a pension cash allowance of 10% of
base salary. Kate is eligible to receive a maximum
discretionary annual cash bonus of 200% of her base
salary and will be required to invest 50% of any net
bonus payment into Burberry Group plc shares until
she has satisfied the shareholding guideline of 300%
of salary. Kate is also eligible for a maximum BSP
award of 150% of salary. In lieu of a direct buy-out
of Kate’s forfeited 2023 bonus and a long-term
incentive award, Kate will be able to participate in the
Burberry annual bonus for FY 2023/24 with no time
pro-rating and will receive a full-year BSP award.
Themaximum value of not time pro-rating these
awards is less than the maximum value of the awards
forfeited. In addition, Kate will receive other benefits
including private medical insurance, life assurance,
long-term disability insurance, an employee discount,
reasonable assistance with her tax returns and
participation in our all-employee share plans.
Buy-out awards
As set out in the announcement on 15 March 2023, in
order to secure Kate’s appointment, the Committee
agreed to buy out certain cash incentives that she will
forfeit on leaving her previous employer. In line with
the Directors’ Remuneration Policy, the Committee
took into account all relevant factors, including the
form of awards and the expected value and vesting
timeframes of the forfeited awards. The Committee
is satisfied that the buy-out awards represent a
like-for-like basis with the forfeited awards. The
following buy-out awards will be granted to Kate on
the commencement of her employment:
• A gross cash payment to compensate Kate for
her forfeited 2022 bonus up to a maximum of
£556,500. The forfeited award was due to be paid
in April 2023 and therefore the buy-out award will
be paid shortly after the commencement of Kate’s
employment. This award will be reported in the
single figure table for FY 2023/24
• A gross cash payment of £1 million will be paid
to Kate in May 2024 to compensate her for a
forfeited award of £1 million that would have been
payable in May 2024. This award will be reported in
the single figure table for FY 2023/24
Corporate Governance Statement | Directors’ Remuneration Report
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Corporate Governance Statement | Directors’ Remuneration Report
Share interests and shareholding guideline (audited)
Executive Directors are subject to a shareholding guideline of 300% of base salary. There is no specific timeline in which
shareholding guidelines must be achieved. However, there is an expectation that Executive Directors make annual progress
towards their guideline, regardless of any annual bonus paid or shares vesting. In line with the Investment Association best
practice guidance, our shareholding guideline permits any incentive shares that have vested but are unexercised or that have not
yet vested but are not subject to any further performance conditions/underpins to count towards the shareholding requirement
at 50% of their face value. Other members of the Executive Committee are also subject to a shareholding guideline.
The following table sets out the total beneficial interests of the Executive Directors (and their connected persons) in ordinary
shares of Burberry Group plc as at 1 April 2023, as well as their progress against the shareholding guidelines. The table also
summarises conditional interests in share or option awards, with further detail of the underlying awards in the subsequent table.
Based on the three-month average share price to 1 April 2023 (our standard approach to assessing the guideline), both Jonathan
Akeroyd and Julie Brown had met the guideline.
Beneficially held shares Share/option awards
Number of shares
beneficially owned
as at 1 April 2023
1
As % of
salary
2
Shareholding
guideline
(% of salary)
Guideline
met as at
1 April 2023
Vested but
unexercised
awards
Unvested
– subject to
performance
measures (ESP)
Unvested
– subject to
performance
underpins (BSP)
Unvested
– subject to
continued
employment
4
Jonathan Akeroyd 89,074 360% 300% Yes 0 0 104,131 155,190
Julie Brown
3
123,412 412% 300% Yes 0 0 194,177 10,536
1. There have been no changes in the period up to and including 17 May 2023.
2. Based on the three-month average share price as at 1 April 2023 of £23.91.
3. On 1 August 2022, Julie Brown exercised a nil-cost option over 2,788 shares granted to her on 31 July 2018 under the ESP and retained these shares (post tax liabilities).
On the same day she also exercised a nil-cost option over 10,458 shares granted to her on 31 July 2019 under the ESP and retained these shares (post tax liabilities).
Themarket value of Burberry shares on the date of exercise was £17.85. On 2 August 2022, Julie Brown transferred 30 shares from her 2017 SIP award to her nominee
account with no change to her beneficial ownership other than the sale of two shares to fund the fee arising from the transfer. On30 November 2022, Julie Brown sold
16,000 shares.
4. In line with the shareholding guideline, only 50% of the face value of these shares counts towards the Executive Director’s shareholding guideline calculation (other than
shares under the all-employee SIP, which are held beneficially and count towards the Executive Director’s shareholding guideline calculation). This also includes ShareSave
options (which do not count towards the Executive Director’s shareholding guideline calculation).
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As a former Executive Director, Marco Gobbetti is required to comply with Burberry’s post-employment shareholding guideline in
respect of share awards that vested on or after the date of the AGM in July 2020. Under this guideline he is expected to retain a
shareholding of 21,393 shares in Burberry Group plc until 31 December 2023. As at 1 April 2023, Marco complied with his obligation.
The following table provides further underlying detail on the unvested awards at 1 April 2023 included in the table on page 236.
Director Type of award Date of grant Maximum
number
ofshares/
options
Performance period Vesting date(s)
6
Jonathan
Akeroyd
1
Buy-out 15 March 2022 79,439 N/A 15 June 2023
Buy-out 15 March 2022 49,291 N/A 3 January 2024
Buy-out 15 March 2022 24,643 N/A 15 June 2024
2022 BSP
5
27 July 2022 104,131 3 years to 29 March 2025
4 years to 28 March 2026
5 years to 27 March 2027
1/3 on 27 July 2025
1/3 on 27 July 2026
1/3 on 27 July 2027
ShareSave
7
15 December 2022 1,794 N/A 1 February 2028
SIP 15 December 2022 23 N/A 15 December 2025
Julie
Brown
8
2019 ESP
2
31 July 2019 10,459 3 years to 2 April 2022 31 July 2023
2020 BSP
3
20 August 2020 71,323 3 years to 1 April 2023
4 years to 30 March 2024
5 years to 29 March 2025
1/3 on 20 August 2023
1/3 on 20 August 2024
1/3 on 20 August 2025
2021 BSP
4
27 July 2021 52,111 3 years to 30 March 2024
4 years to 29 March 2025
5 years to 28 March 2026
1/3 on 27 July 2024
1/3 on 27 July 2025
1/3 on 27 July 2026
2022 BSP
5
27 July 2022 70,743 3 years to 29 March 2025
4 years to 28 March 2026
5 years to 27 March 2027
1/3 on 27 July 2025
1/3 on 27 July 2026
1/3 on 27 July 2027
SIP 11 December 2020 27 N/A 11 December 2023
SIP 10 December 2021 27 N/A 10 December 2024
SIP 15 December 2022 23 N/A 15 December 2025
1. Further details in relation to the buy-out awards granted to Jonathan Akeroyd are set out on pages 202 to 203 of the FY 2021/22 Annual Report.
2. The performance conditions and final vesting outcome for the 2019 ESP award are set out on page 199 of the FY 2021/22 Annual Report. 50% of the award vested on
31 July 2022 and the remaining 50% was eligible to vest on 31 July 2023 but lapsed following Julie Brown’s departure on 1 April 2023.
3. The performance underpins for the 2020 BSP award are set out on page 193 of the FY 2020/21 Annual Report.
4. The performance underpins for the 2021 BSP award are set out on page 200 of the FY 2021/22 Annual Report.
5. The performance underpins for the 2022 BSP award are set out on page 231.
6. ESP awards are structured as nil-cost options and vested awards may be exercised in the period until 10 years from grant. Vested ESP and BSP awards may not normally
be sold until five years from the date of grant, other than to meet tax liabilities.
7. On 15 December 2022, Jonathan Akeroyd was granted a ShareSave option over 1,794 shares at an option price of £16.72 per share.
8. Julie Brown’s unvested and unexercised share awards lapsed following her departure from Burberry on 1 April 2023, other than 45 shares held for her under the
all-employee SIP.
Corporate Governance Statement | Directors’ Remuneration Report
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Corporate Governance Statement | Directors’ Remuneration Report
Director remuneration relative to employees
The table below summarises the change in each Director’s base salary/fee, benefits and bonus received for FY 2022/23,
FY2021/22 and FY 2020/21 compared to the prior year. The regulations require disclosure of the same data for employees
of the parent company. However, Burberry Group plc does not have any employees and therefore the table below includes data in
respect of the UK employee population for reference.
Year-on-year change (%)
FY 2020/21 FY 2021/22 FY 2022/23
Salary/fee
Allowances
and benefits Bonus Salary/fee
Allowances
and benefits Bonus Salary/fee
Allowances
and benefits Bonus
Executive Directors
Jonathan Akeroyd – – – N/A N/A N/A 0% 17.4% N/A
Julie Brown -4.6% -3.1% N/A 5.3% 14.6% 276% 1.9% 38.4% -100%
Non-Executive Directors
Gerry Murphy -5.0% -93.3% – 5.3% -21.4% – 0% -75.4% –
Fabiola Arredondo -5.0% -100% – 5.3% N/A – 0% N/A –
Sam Fischer -5.0% -100% – 5.3% N/A – 0% 1,453.6% –
Ron Frasch -5.0% -100% – 5.3% N/A – 0% 171.1% –
Danuta Gray – – – N/A N/A N/A 25.1% 1,267.2% –
Matthew Key -3.5% -100% – 3.6% N/A – 0% 133.3% –
Debra Lee -5.0% -100% – 5.3% N/A – 0% N/A –
Orna NíChionna -3.5% -66.3% – 3.6% -21.7% – -0.9% 96.2% –
Antoine de Saint-Affrique N/A N/A N/A 0% N/A – 0% 155.2% –
Alan Stewart – – – – – – N/A N/A N/A
UK Employees 0% 0% -7.7% 0% 0% 233.3% 4.0% 0% -48.0%
1. The comparator group includes all UK employees. As noted above, Burberry Group plc does not have any employees and therefore this group has been chosen to align
with the location of the Executive Directors and with the pay ratio reporting. For the comparator group of employees, the year-on-year salary changes include the
annual salary review in July but exclude any additional changes made in the year, for example on promotion. For FY 2021/22 benefits, the maximum employer pension
contribution available to the majority of the UK workforce was increased from 6% of salary to 10% of salary with effect from 1 January 2022. The change in the value of
benefits shown for the Executive Directors reflects the market cost of the same benefits.
2. In order to provide a meaningful comparison, the figures in the table above have been calculated on a full-year equivalent basis where Directors have served for part of the
year only.
3. Where a Director was appointed during a financial year, it is not possible to calculate a percentage change for them and they are shown as N/A.
4. The Executive Directors did not receive an annual bonus for FY 2019/20 and therefore it is not possible to calculate a percentage change on bonus in respect of
FY 2020/21. Jonathan Akeroyd did not receive an annual bonus for FY 2021/22 and therefore it is not possible to calculate a percentage change on bonus in respect
ofFY 2022/23.
5. The Directors in role at the time voluntarily agreed to waive 20% of their salary/base fee for a three-month period between April and June 2020. This is reflected in the
negative changes shown in respect of FY 2020/21 and the corresponding positive changes shown in respect of FY 2021/22.
6. The allowances and benefits figures for FY 2020/21 for Gerry Murphy and Orna NíChionna were low due to the impact of COVID-19. In order to provide a meaningful
comparison, the percentage change figure for FY 2021/22 was calculated relative to the allowances and benefits figure for FY 2019/20.
7. Allowances and benefits increased for Non-Executive Directors during FY 2022/23 due to the return of regular in-person meetings.
8. Orna NíChionna was appointed as Senior Independent Director with effect from 2 April 2022.
9. Danuta Gray replaced Orna NíChionna as Remuneration Committee Chair on 1 September 2022.
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CEO pay ratios
The ratios set out in the table below compare the total remuneration of the CEO (as included in the single figure table on
page226) to the remuneration of the median UK employee as well as the UK employees at the lower and upper quartiles.
Thedisclosure will build up over time to cover a rolling 10-year period.
Year Method
25
th
percentile pay
ratio
(P25)
Median pay ratio
(P50)
75
th
percentile pay
ratio
(P75)
FY 2022/23 Option A 153:1 116:1 73:1
FY 2021/22 Option A 225:1 167:1 105:1
FY 2020/21 Option A 92:1 71:1 44:1
FY 2019/20 Option A 68:1 48:1 31:1
FY 2018/19 Option A 170:1 127:1 82:1
Notes regarding calculation
The ratios are calculated using option A in the disclosure regulations. The employees at the lower quartile, median and upper
quartile (P25, P50 and P75, respectively) were determined based on total remuneration using a valuation methodology consistent
with that used for the CEO in the single figure table on page 226. The employees were identified based on all UK employees as at
year end. This option was selected on the basis that it provided the most accurate means of identifying the median, lower and
upper quartile employees.
The total remuneration in respect of FY 2022/23 for the employees identified at P25, P50 and P75 is £28k, £37k and £59k,
respectively. The base salary in respect of FY 2022/23 for the employees identified at P25, P50 and P75 is £23k, £30k and
£51k,respectively.
The Committee considers pay ratios as one of many reference points when considering remuneration. Throughout the Group, pay
is positioned to be fair and market-competitive in the context of the talent market for the relevant role, fairly reflecting local
market data and other relevant benchmarks (such as the UK Living Wage). The Committee notes the limited comparability of pay
ratios across companies and sectors, given the diverse range of business models and employee population profiles which exist
across the market.
A significant proportion of the CEO’s total remuneration is delivered in variable remuneration, and particularly via long-term share
incentives, historically under the ESP and since 2020 under the BSP. In order to drive alignment with investors, the value
ultimately received from ESP and BSP awards is linked to long-term share price movement. As a result, the pay ratio is likely to
be driven largely by the CEO’s incentive outcomes and may therefore fluctuate significantly on a year-to-year basis.
The pay ratio for FY 2022/23 has decreased compared to the ratio for FY 2021/22. This is primarily driven by the fact that
Jonathan Akeroyd’s single figure for FY 2021/22 included the majority of his buy-out awards which had a higher value than the
bonus and buy-out award values for FY 2022/23.
The Committee considers that the median pay ratio for FY2022/23 and the recent trends in the pay ratios are consistent with
Burberry’s remuneration framework and reflect the variable nature of the CEO’s total remuneration. The Committee believes the
pay ratio is consistent with our pay policies in theUK.
Corporate Governance Statement | Directors’ Remuneration Report
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Corporate Governance Statement | Directors’ Remuneration Report
Relative importance of spend on pay for FY 2022/23
The table below sets out the total payroll costs for all employees over FY 2022/23 compared to total dividends payable for the
year and amounts paid to buy back shares during the year. The average number of full-time equivalent employees is also shown
for context.
Relative importance of spend on pay FY 2022/23 FY 2021/22
Dividends paid during the year (total) £m 203 219
% change -7%
Amounts paid to buy back shares during the year £m 400 150
% change 167%
Payroll costs for all employees £m 575 547
% change 5%
Average number of full-time equivalent employees 8,868 8,979
% change -1%
Service agreements
The table below sets out information on service agreements for the current Executive Directors. Executive Directors are subject
to annual re-election by shareholders at each AGM of the Company.
Date of current
service agreement
Date employment
commenced
Notice period to and
from the Company
Jonathan Akeroyd 19 October 2021 15 March 2022 12 months
Kate Ferry entered into a service agreement on 14 March 2023 with a 12-month notice period.
The Non-Executive Directors serve under Letters of Appointment with the Company. Non-Executive Directors may continue to
serve subject to annual re-election by shareholders at each AGM of the Company, subject to six months’ notice by either party.
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Burberry 2022/23

Ten-year performance graph and Chief Executive Officer’s remuneration
The following graph shows the Total Shareholder Return (TSR) for Burberry Group plc compared to the FTSE 100 Index
assuming £100 was invested on 31 March 2013. The FTSE 100 Index has been selected as the comparator because Burberry is a
constituent of the index. Data is presented on a spot basis and sourced from Datastream. The table below shows the total
remuneration earned by the incumbent CEO over the same 10-year period, along with the percentage of maximum opportunity
earned in relation to each type of incentive. The total amounts are based on the same methodology as used for the single figure of
total remuneration for FY 2022/23 on page 226.
Corporate Governance Statement | Directors’ Remuneration Report
£243
(143% increase)
£174
(74% increase)
0
50
100
150
200
250
300
Burberry FTSE 100
2013 2014 2015 2016 2017 2018 2019 2020 2021 20232022
£
FY
1
2013/14
(AA)
2014/15
(AA)
2014/15
(CB)
2015/16
(CB)
2016/17
(CB)
2017/18
(CB)
2017/18
(MG)
2018/19
(MG)
2019/20
(MG)
2020/21
(MG)
2021/22
(MG)
2021/22
(JA)
2022/23
(JA)
Total remuneration
(£’000) 8,007 157 7,508 1,894 3,508 1,091 6,330 4,078 1,618 2,245 1,205 4,428 4,289
Bonus
(%ofmaximum) 70% – 81% 0% 0% 51% 51% 60% 0% 25% – – 59%
ESP (% of maximum) – – – – – 5% – 25% 0% 5.5% – – –
Legacy incentive plans (no longer in operation):
CIP
2
(% of maximum) 100% – 75% 0% 0% – – – – – – – –
RSP (% of maximum) – – – 0% 19.3% – – – – – – – –
Exceptional award
3
(% of maximum) – – – – 61.7% 59.9% – – – – – – –
1. Angela Ahrendts (AA, CEO to 30 April 2014), Christopher Bailey (CB, Chief Creative Officer and CEO from 1 May 2014 to 4 July 2017), Marco Gobbetti (MG, CEO from
5 July 2017 to 31 December 2021), Jonathan Akeroyd (JA, CEO from 15 March 2022).
2. The CIP was the Burberry Co-Investment Plan, a long-term incentive plan under which the final performance-based awards were granted in 2014. Details of this plan can
be found in the relevant Directors’ Remuneration Reports.
3. The Exceptional award for Christopher Bailey relates to vesting of his 2014 exceptional share award as previously disclosed.
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Corporate Governance Statement | Directors’ Remuneration Report
Non-Executive Director remuneration (audited)
The table below sets out the single figure of total remuneration received or receivable by the Non-Executive Directors in respect
of FY 2022/23 (and the prior financial year).
Year to 1 April 2023 Year to 2 April 2022
Fees
1
£’000
Benefits &
allowances
2
£’000
Total
£’000
Fees
1
£’000
Benefits &
allowances
2
£’000
Total
£’000
Gerry Murphy
3
423 1 424 425 4 429
Fabiola Arredondo 80 20 100 80 – 80
Sam Fischer 80 31 111 80 2 82
Ron Frasch 80 22 102 80 8 88
Danuta Gray
4
100 3 103 27 1 28
Matthew Key 115 3 118 115 2 117
Debra Lee 80 20 100 80 – 80
Orna NíChionna
5
114 3 117 115 1 116
Antoine de Saint-Affrique 80 19 99 80 7 87
Alan Stewart
6
47 2 49 – – –
1. Fees include the base fee and additional Committee fees in line with the existing Directors’ Remuneration Policy.
2. Allowances include an attendance allowance of £2,000 for each meeting attended outside a Non-Executive Director’s country or territory of residence and the
reimbursement of certain expenses incurred by the Non-Executive Directors in the performance of their duties, which are deemed by HM Revenue & Customs (HMRC) to
be subject to UK income tax. Any tax liabilities arising on the reimbursement of these costs will be settled by the Company. Amounts disclosed have been estimated and
have been grossed up at the appropriate tax rate, where necessary.
3. During FY 2021/22, following Marco Gobbetti’s departure from Burberry on 31 December 2021, Gerry Murphy chaired the Executive Committee until 14 March 2022.
Hedid not receive any additional remuneration in respect of this period.
4. Fees for Danuta Gray in relation to FY 2021/22 relate to the period from 1 December 2021 when she joined the Board and in relation to FY 2022/23 include the
Remuneration Committee Chair fee from 1 September 2022.
5. Fees for Orna NíChionna in relation to FY 2022/23 include the Remuneration Committee Chair fee for the period 2 April to 31 August 2022 and the Senior Independent
Director fee.
6. Fees for Alan Stewart relate to the period from 1 September 2022 when he joined the Board.
Summary of Non-Executive Director fees for FY 2023/24
Following a review, the Chair’s fee and the base fee for the Non-Executive Directors will both be increased by 3.5% for FY2023/24.
The fee structure for the Non-Executive Directors for FY 2023/24 is set out in the table below.
Fee level
£’000
Chair 440
Non-Executive Director 82.8
Senior Independent Director 20
Audit Committee Chair 35
Remuneration Committee Chair 35
Attendance allowance 2
1. The Chair is not eligible for Committee-related fees or attendance allowances.
2. Non-Executive Directors (other than the Chair) receive an attendance allowance for each meeting attended outside their country or territory of residence. AnyNon-Executive
Directors (other than the Chair) appointed after 11 May 2023 will receive an attendance allowance only in connection with inter-continental travel to meetings outside
their country or territory of residence.
3. Expenses incurred in the normal course of business are reimbursed and, as these are considered by HMRC to be taxable benefits, the tax due on these will also be met by
the Company.
242
Burberry 2022/23

Non-Executive Director shareholdings (audited)
The table below summarises the total interests of the Non-Executive Directors (and their connected persons) in ordinary shares
of Burberry Group plc as at 1 April 2023 (or as at the date of stepping down, if earlier).
The shareholding guideline for the Non-Executive Directors is to hold shares with a market value of £6,000 for each year of their
appointment. As at 1 April 2023 (or as at the date of stepping down, if earlier), all of the Non-Executive Directors who had served
more than one year since their appointment had fulfilled this guideline.
Total number of
shares owned
Gerry Murphy 10,000
Fabiola Arredondo 30,000
Sam Fischer 3,000
Ron Frasch 2,738
Danuta Gray 3,000
Matthew Key 9,040
Debra Lee 1,475
Orna NíChionna 3,067
Antoine de Saint-Affrique 1,100
Alan Stewart 0
There have been no changes in the period up to and including 17 May 2023.
Remuneration Committee in FY 2022/23
Committee membership
Danuta Gray, Orna NíChionna, Fabiola Arredondo, Sam Fischer, Ron Frasch and Matthew Key served as members of the
Committee throughout the year ended 1 April 2023. Danuta Gray succeeded Orna NíChionna as Chair of the Committee with
effect from 1 September 2022.
Committee remit
The Committee’s terms of reference are published on Burberryplc.com.
In addition to setting the remuneration of the Executive Directors, the Committee continues to directly oversee the remuneration
arrangements for the Executive Committee, the Company Secretary and other members of senior management within its remit
as determined from time to time.
Corporate Governance Statement | Directors’ Remuneration Report
243
Burberry 2022/23

Summary of meetings
The Committee typically meets four times a year. During FY 2022/23, the Committee held four scheduled meetings and one
additional meeting which was held at short notice. Other ad hoc discussions were held as required. Details of attendance at
Committee meetings are set out on page 201. If any Committee members are unable to attend a meeting, they are given the
opportunity to discuss any of the agenda items with the Committee Chair in advance of the meeting. The agenda items discussed
at the four scheduled meetings are summarised below. Other Committee matters, including the remuneration arrangements for
our new CFO and others within the Committee’s remit, such as Executive Committee members, and the Chief Creative Officer
transition, were determined by the Committee outside the scheduled meetings.
May 2022 • Update on external environment from independent advisors
• Shareholder engagement strategy
• FY 2021/22 incentive outcomes
• FY 2022/23 performance targets and incentive awards
• BSP 2022 awards, including underpins for Executive Directors
• FY 2022/23 senior executive remuneration
• Chair fees for FY 2022/23
• Approval of Directors’ Remuneration Report FY 2021/22
• Update on share plan dilution
• US operation of ShareSave
November 2022 • Update on external environment from independent advisors
• 2022 AGM season shareholder and proxy body feedback
• Initial review of Directors’ Remuneration Policy
• Incentives performance update
• Approach to cost-of-living challenges
• All-employee share plan awards 2022
• Actions following FY 2022 Committee Effectiveness review
• Committee annual planner
February 2023 • Update on external environment from independent advisors
• Directors’ Remuneration Policy update
• Incentives performance update
• Overview of broader employee reward and proposed engagement with the Global Workforce Advisory Forum
• Gender and Ethnicity Pay Gap Report for 2022/23 reporting year
• Update on Executive Committee members’ shareholding guideline compliance
March 2023 • Update on external environment from independent advisors
• Update on shareholder feedback on Directors’ Remuneration Policy
• Incentives performance update
• FY 2023/24 annual bonus plan proposals and 2023 BSP award underpins
• Sustainability metrics for the FY 2023/24 annual bonus plan for the wider workforce
• Approach to Directors’ Remuneration Report FY 2022/23
• Disclosure requirements for CO&FO’s departure
• Feedback from the March 2023 meeting of the Global Workforce Advisory Forum
• Review of Committee’s terms of reference
Corporate Governance Statement | Directors’ Remuneration Report
244
Burberry 2022/23

Regular attendees at Committee meetings include: the Chair of the Board; the CEO; the Company Secretary; the Chief People
Officer; the VP Head of Reward; and representatives of the Committee’s advisors. Other members of the senior management
team may attend Committee meetings from time to time. No one is present when their own remuneration is being discussed.
Advisors to the Committee
Deloitte was appointed as an independent advisor to the Committee in 2017 and reappointed in 2021 following a competitive
tender process. Deloitte is a founding member of the Remuneration Consultants’ Group (RCG), which is responsible for the
development and maintenance of the voluntary Code of Conduct that clearly sets out the role of executive remuneration
consultants and the professional standards by which they advise their clients. Fees are charged on a time and expenses basis and
totalled £125,400 (plus VAT) during FY 2022/23. During the year Deloitte also provided other consulting services (including
mergers and acquisitions and due diligence advice, technology implementation and analytics), tax compliance and advisory and
transfer pricing services. The Committee is satisfied that advice received from Deloitte during the year was objective and
independent and that all individuals who provided remuneration advice to the Committee had no connections with Burberry or its
Directors that may impair their independence. The Committee reviewed the potential for conflicts of interest and judged that
there were appropriate safeguards against such conflicts.
Linklaters LLP also provided advice to the Committee in relation to the operation of the Company’s share plans, employment law
considerations and compliance with legislation.
Remuneration voting results
The table below shows the results of the latest remuneration-related shareholder votes on the Directors’ Remuneration Report
(at the 2022 AGM) and the Directors’ Remuneration Policy (at the 2020 AGM).
We have continued to engage with and listen to our shareholders during FY 2022/23 as we have developed our remuneration
proposals. The Committee and I would like to thank all of you who have invested time with us, as it has helped to inform our
thoughts on executive remuneration at Burberry. Going forward, as part of our commitment to build on the constructive dialogue
we have established, we look forward to continuing to engage with you.
AGM voting results Votes for Votes against Votes withheld
To approve the Directors’ Remuneration Report for the year ended
2 April2022 – 2022 AGM
304,409,889
(93.81%)
20,097,041
(6.19%)
2,779,770
To approve the Directors’ Remuneration Policy – 2020 AGM 305,504,279
(94.91%)
16,370,393
(5.09%)
7,360,521
Approval
This report has been approved by the Board and signed on its behalf by:
Danuta Gray
Chair, Remuneration Committee
17 May 2023
Corporate Governance Statement | Directors’ Remuneration Report
245
Burberry 2022/23

The Directors present their Annual Report and the
audited consolidated Financial Statements of the
Company for the year ended 1 April 2023. For the
purposes of the Companies Act 2006, the following
are incorporated by reference and shall be deemed to
form part of this Directors’ Report:
• Strategic Report on pages 3 to 151
• Corporate Governance Statement, which includes
the Board of Directors, the Corporate Governance
Report and the Directors’ Remuneration Report,
onpages 155 to 245
• Global GHG emissions disclosure on page 60
The Directors consider that the Annual Report and
Accounts, taken as a whole, provide a fair, balanced
and understandable assessment of the Group’s
business necessary for shareholders and wider
stakeholders to assess:
• development and performance during the year
• its position at the end of the financial year
• strategy
• likely developments
• any principal risks and uncertainties
For the purposes of compliance with the Disclosure
Guidance and Transparency Rules 4.1.5R(2) and
4.1.8R, the required content of the management
report can be found in the Strategic Report together
with sections of the Annual Report incorporated
byreference.
Share capital
Details of the issued share capital, together with
details of movement in the issued share capital of the
Company during the year, are shown in note 25 to the
Financial Statements. This is incorporated by
reference and deemed to be part of this report.
TheCompany has one class of ordinary share, which
carries no right to fixed income. Each share carries
the right to one vote at general meetings of the
Company. The ordinary shares are listed on the
Official List and traded on the London Stock
Exchange. No person has any special rights of control
over the Company’s share capital and all issued
shares are fully paid.
Corporate Governance Statement | Directors’ Report
Directors’ Report
As at 1 April 2023, the Company had 384,267,928
ordinary shares in issue including 6,052,720 ordinary
shares held in treasury. At the AGM in 2022,
shareholders approved resolutions to allot shares
up to an aggregate nominal value of £66,117, and to
allot shares for cash other than pro rata to existing
shareholders. In order to retain maximum flexibility,
resolutions will be proposed at this year’s AGM to
renew these authorities.
Substantial shareholdings
As at 1 April 2023, the Company had been notified
under Rule 5 of the Disclosure Guidance and
Transparency Rules of the following major interests
in its issued ordinary share capital:
Number of
ordinary
shares
% of total
voting
rights
1
BlackRock Inc. 27,729,908 6.62
Lindsell Train Limited 21,928,267 5.00
Massachusetts Financial
Services Company 20,668,065 5.10
Schroders plc 19,361,546 5.10
1. As at the date of notification to the Company.
Since 1 April 2023, the Company has received no further notifications
of major interests in its issued ordinary share capital.
Interests in own shares
Details of the Group’s interests in its own shares are
set out in note 25 to the Financial Statements.
246
Burberry 2022/23

Share buyback
In line with our capital allocation priorities and the
authority granted by the shareholders at the AGM in
2022, we launched a £400 million share buyback
programme in June, which we completed in two
tranches: June 2022 to November 2022 and
November 2022 to March 2023. In total, 21,075,496
shares with a nominal value of 0.05p each were
purchased and cancelled. Further details of the share
buyback can be found in note 25 to the Financial
Statements. The authority granted by shareholders
at the 2022 AGM will remain in place until 12 October
2023 or until a new authority is granted by shareholders
at the 2023 AGM. No further purchases of shares by
the Company have been made since the programme
described above was completed and the date of
thisreport.
Transfer of shares
There are no specific restrictions on the size of
holding or on the transfer of shares. The Directors
are not aware of any agreements between holders of
the Company’s shares that may result in restrictions
on the transfer of securities or voting rights. The
Directors have no current plans to issue shares other
than in connection with employee share plans.
Voting
Each ordinary share of the Company carries one vote
at general meetings of the Company. Any ordinary
shares held in treasury have no voting rights. A
shareholder entitled to attend, speak and vote at a
general meeting may exercise their right to vote in
person, by proxy, or, in relation to corporate
members, by corporate representatives. To be valid,
notification of the appointment of a proxy must be
received not less than 48 hours before the relevant
general meeting at which the person named in the
Form of Proxy proposes to vote. The Directors may
in their discretion determine that, in calculating the
48-hour period, no account be taken of any part of a
day which is not a working day. Employees who
participate in the Share Incentive Plan (SIP) whose
shares remain in the Burberry Group plc SIP Trust
(SIP Trust) may give directions to the trustees to
vote on their behalf by way of a Form of Direction.
Dividend
The Directors recommend that a final dividend of
44.5p per ordinary share (FY 2021/22: 35.4p) in
respect of the year ended 1 April 2023 be paid on
4 August 2023 to those persons on the Register of
Members as at 30 June 2023.
An interim dividend of 16.5p per ordinary share
was paid to shareholders on 27 January 2023
(FY2021/22: 11.6p). This will make a total dividend of
61.0p per ordinary share in respect of the financial
year to 1 April 2023. The aggregate dividends paid
and recommended in respect of the year to 1 April
2023 total £230 million (FY 2021/22: £187 million).
The Burberry Group plc ESOP Trust has waived all
dividends payable by the Company in respect of the
ordinary shares it holds. In addition, the SIP Trust
has waived all dividends payable by the Company in
respect of unappropriated ordinary shares it holds.
Revenue and profit
Revenue from continuing business during the year
amounted to £3,094 million (FY 2021/22: £2,826 million).
The adjusted operating profit for the year was
£634 million (FY2021/22: £523 million).
The profit for the year attributable to equity holders
of the Company was £490 million (FY 2021/22:
£396 million) up 24% with the year-on-year increase
predominantly related to the increase in operating
profit due to the 10% increase in revenue and cost
management in the year.
Financial instruments and risks
The Group’s financial risk management objectives
and policies are set out within note 27 of the
Financial Statements. Note 27 also details the
Group’s exposure to foreign exchange, share price,
interest, credit, capital and liquidity risks. This note
isincorporated by reference and deemed to form
partof this report.
Corporate Governance Statement | Directors’ Report
247
Burberry 2022/23

Going concern and viability
The going concern statements for the Group and the
Company are set out on pages 271 and 325 of the
Financial Statements and are incorporated by
reference and shall be deemed to be part of this
report. The Directors’ assessment of the prospects
and viability of the Group over the next three years is
set out in the Strategic Report on pages 149 to 151.
The Risk and Viability Report can be found on
pages118 to 151.
Significant contracts – change of control
Pursuant to the Companies Act 2006, the Directors
disclose that, in the event of a change of control,
theCompany’s borrowings under the Group’s
currently undrawn £300 million Revolving Credit
Facility, dated 26 July 2021, could becomerepayable.
On 3 April 2017, Burberry entered into an exclusive
licensing agreement with Coty pursuant to which
Coty develops, manufactures, markets, distributes
and sells Burberry Beauty products. The agreement
took effect in October 2017, from which time ongoing
royalty payments have been payable to Burberry.
Pursuant to the Companies Act 2006, the Directors
disclose that a change in control of Burberry will, in
limited circumstances, result in Coty having a right of
termination of the licence agreement.
A small number of leases contain certain rights that
may entitle landlords to terminate or approve
continuation of the leases in the event that a
Burberry subsidiary is transferred out of the Group
or there is a change of control of Burberry Group plc;
none of these is considered to be significant in terms
of the potential impact on the business as a whole.
There are no arrangements between the Company
and its Directors or employees providing for
compensation for loss of office or employment that
occurs specifically because of a takeover, merger or
amalgamation. There are provisions in the Company’s
share plans, which could result in options or awards
vesting or becoming exercisable on a change of
control. For further information on the change of
control provisions in the Company’s share plans refer
to the proposed new Directors’ Remuneration Policy
on page 212, which will be submitted to shareholders
for approval at the 2023 AGM.
Independent auditor
In accordance with section 418(2) of the Companies
Act 2006, each of the Company’s Directors in office
at the date of this report confirms that:
• so far as the Director is aware, there is no relevant
audit information of which the Company’s external
auditor is unaware
• the Director has taken all appropriate steps to
ensure they are aware of any relevant audit
information, and to establish that the Company’s
external auditor is aware of that information
The Group’s current external auditor is EY and
note 7 of the Financial Statements states their
fees both for audit and non-audit work. EY was
appointed as the external auditor of the Company at
the 2020 AGM following an independent audit tender.
Aresolution to re-appoint EY as external auditor to
the Company for FY 2023/24 will be proposed at the
2023 AGM. The Independent Auditor’s Report
starting on page 253 sets out the information
contained in the Annual Report which has been
audited by the external auditor.
Corporate Governance Statement | Directors’ Report
248
Burberry 2022/23

Employee share schemes and
shareownership
The Company is committed to employee share
ownership with two all-employee share plans
available to employees at all levels of the
organisation. Further details of these share plans
are set out in the Directors’ Remuneration Report
on page 209. The Group intends to operate these
all-employee share plans during FY 2023/24 to grant
awards of free shares (or equivalent cash-based
awards as appropriate) to all eligible employees
globally and to invite eligible employees where
possible to participate in the ShareSave Scheme.
TheDirectors review the operation of these plans
to ensure that they effectively support the Group’s
strategy and encourage alignment by employees
with the Group’s performance. Details of employee
share plans are set out in note 28 to the
FinancialStatements.
Employee engagement
Burberry is an open, inclusive and caring employer
that strives to open spaces for our people so they can
express their creativity and grow both personally and
professionally. Our colleagues represent 140
nationalities across 34 countries and territories and
we are proud of the diversity of our people and the
rich variety of skills and experiences they bring to
our brand from the many cultures and backgrounds
they represent. We continue to focus on evolving
strategies for attracting and retaining diverse top
talent within the business that promote our cultural
values and ensure diverse representation across
thebusiness.
Further details about our people and our commitment
to diversity, equity and inclusion can be found on
pages 68 to 81.
Stakeholder engagement
Reflecting the importance of our stakeholders, an
explanation of the steps taken by the Directors to
foster business relationships with partners, including
suppliers, customers and other stakeholders, is set
out on pages 112 to 115.
Global GHG emissions
The Directors understand they have a responsibility
to consider the impact on the environment and the
likely consequences of any business decisions in
the long term. Disclosure is in line with the FCA’s
requirements for climate-related financial disclosures
and consistent with the TCFD recommendations as
set out on pages 94 to 110.
Health and safety
The Company has a global Health and Safety
Policy approved by the CEO on behalf of the Board.
Asafety-first approach is firmly embedded in all
operational activities at Burberry and this approach
was strongly reinforced as we navigated through the
COVID-19 global pandemic. Governance of our Health
and Safety strategy is maintained through a Global
Health and Safety Committee, which is chaired by the
General Counsel. Health and safety issues are also
considered by the Risk Committee and Audit
Committee. Each region has a local committee, which
reports to the regional president. These committees
assist with the implementation of our Health and
Safety strategy and help to ensure all local regulatory
and Burberry standards are achieved and maintained.
Strategic direction on health and safety matters is
provided by the Director of Health and Safety, who is
supported by a global team. In line with industry best
practice, our health and safety goals and objectives
are set each year to continually analyse our
performance and support a process for
continuousimprovement.
Our unannounced global assurance audit programme
continues to measure health and safety performance
within our managed operations at a set frequency
and tracks improvement actions and risk reduction
strategies through to closure.
Corporate Governance Statement | Directors’ Report
249
Burberry 2022/23

Political donations
The Company did not make any political donations
during the year in line with its policy (FY2021/22: £nil).
In keeping with the Group’s approach in prior years,
shareholder approval is being sought at the forthcoming
AGM, as a precautionary measure, for the Company
and its subsidiaries to make donations and/or incur
expenditure, which may be construed as political by
the wide definition of that term included in the
relevant legislation. Furtherdetails are provided in
the Notice of Meeting (theNotice).
Directors
The names and biographical details of the Directors
as at the date of this report are set out on pages 157
to 162 and are incorporated by reference into this
report. With regard to the appointment and resignation
of Directors, the Company follows the Code, and is
governed by its Articles of Association, the Companies
Act 2006 and related legislation. At the 2023 AGM,
with the exception of Matthew Key, all Directors will
stand for election or re-election as appropriate. The
Notice sets out the contributions and reasons for the
election or re-election of each Director. The service
agreements of the Executive Directors and the letters
of appointment of the Non-Executive Directors are
available for inspection at the Company’s registered
office on request. Brief details of these are also included
on page 240 of the Directors’ Remuneration Report.
For information on the Directors’ professional
development, see page 178.
Directors’ share interests
The interests of the Directors holding office as at
1 April 2023 in the shares of the Company are shown
within the Directors’ Remuneration Report on
pages 200 to 245. There were no changes to the
beneficial interests of the Directors between the
period 1 April 2023 and 17 May 2023.
Directors’ powers and responsibilities
Subject to the Company’s Articles of Association,
theCompanies Act 2006 and any directions given by
special resolution, the business of the Group will be
managed by the Board, which may exercise all the
powers of the Group, including powers relating to the
issue and/or buying back of shares by the Group
(subject to any statutory restrictions or restrictions
imposed by shareholders at the AGM).
Directors’ insurance and indemnities
The Company maintains Directors’ and Officers’
liability insurance, which gives cover for legal
actions brought against its Directors and Officers.
Inaccordance with section 236 of the Companies Act
2006, qualifying third-party indemnity provisions are
in place for the Directors in respect of liabilities
incurred as a result of their office, to the extent
permitted by law. Both the insurance and indemnities
applied throughout the financial year ended 1 April
2023 and through to the date of this report.
Branches
In accordance with the Companies Act 2006, the
Group discloses below the subsidiary companies that
have branches outside the UK:
• Burberry Limited: Hong Kong S.A.R., China and
Republic of Korea
• Burberry Brasil Comércio de Artigos de Vestuário e
Acessórios Ltda: Brazil
• Burberry Saudi Company Limited: Kingdom of
Saudi Arabia
• Burberry Qatar W.L.L.: Qatar
• Sandringham Bahrain W.L.L.: Bahrain
• Burberry (Spain) Retail S.L.: Portugal
• Burberry (Shanghai) Trading Co., Ltd:
MainlandChina
Annual General Meeting (AGM)
The AGM of the Company will be held on Wednesday,
12 July 2023 at Conrad London St. James, 22-28
Broadway, London, SW1H 0BH at 11:00 am.
TheNotice of this year’s AGM is available to view
on the Company’s website at Burberryplc.com.
The Directors consider that each of the proposed
resolutions to be considered at the AGM is in the
best interests of the Company and its shareholders,
and are most likely to promote the success of the
Company for the benefit of its shareholders as a
whole. The Directors unanimously recommend that
shareholders vote in favour of each of the proposed
resolutions, as the Directors intend to do in respect
of their own shareholdings.
Corporate Governance Statement | Directors’ Report
250
Burberry 2022/23

Amendments to Articles of Association
The Company’s Articles of Association were adopted at the 2021 AGM. No changes to the Articles of Association are being
proposed at this year’s AGM.
Disclosures pursuant to Listing Rule 9.8.4
Listing Rule Description of Listing Rule Reference
9.8.4(12) Waivers of dividends See Dividends paragraph on page 247
The Strategic Report from pages 3 to 151 and Directors’ Report from pages 246 to 251 have been approved by the Board on
17 May 2023 in accordance with the Companies Act 2006.
By order of the Board
Gemma Parsons
Company Secretary
17 May 2023
Burberry Group plc
Registered Office: Horseferry House, Horseferry Road, London SW1P 2AW
Registered in England and Wales
Registered number: 03458224
Corporate Governance Statement | Directors’ Report
251
Burberry 2022/23

Burberry 2022/23
Financial Statements | Statement of Directors’ Responsibilities
Statement of Directors’ Responsibilities
252
The Directors are responsible for preparing the Annual Report, the Directors’ Remuneration Report and the financial statements
in accordance with applicable laws and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have
prepared the Group consolidated financial statements in accordance with the UK-adopted International Accounting Standards and
the Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards, comprising FRS 101 ‘Reduced Disclosure Framework’ and applicable law). Under company law the Directors
must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the
Group and the Company and of the profit or loss of the Group for that year. In preparing these financial statements the Directors
are required to:
• select suitable accounting policies and then apply them consistently
;
• s
tate whether applicable UK-adopted International Accounting Standards have been followed for the Group financial statements
and United Kingdom Accounting Standards, comprising FRS 101, have been followed for the Company financial statements, subject
to any material departures disclosed and explained in the Group and parent Company financial statements respectively;
• make judgements and accounting estimates that are reasonable and prudent;
• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable
information; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Compan
y
will continue in business.
Th
e Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and
Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company
and enable them to ensure that the financial statements and the Directors’ Remuneration Report comply with the Companies
Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the Company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Directors consider that the Annual Report, taken as a whole, is fair, balanced and understandable and provides the
information necessary for shareholders to assess the Group and the Company’s position and performance, business model
and strategy.
Each of the Directors, whose names and functions are listed on pages 157 to 162 confirm that, to the best of their knowledge:
• the Company financial statements, which have been prepared in accordance with United Kingdom Generally Accepted
A
ccounting Practice (United Kingdom Accounting Standards, comprising FRS 101 ‘Reduced Disclosure Framework’, and
applicable law), give a true and fair view of the assets, liabilities, financial position and profit of the Company;
• the Group financial statements, which have been prepared in accordance with the UK-adopted International Accounting
S
tandards, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and
• the Strategic Report includes a fair review of the development and performance of the business and the position of the Group
and the Company, together with a description of the principal risks and uncertainties that it faces.
Th
ese statements were approved by the Board on 17 May 2023 and signed on its behalf by:
Jonathan Akeroyd
Chief Executive Officer
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Independent Auditor’s Report to the
Members of Burberry Group plc
253
Opinion
In our opinion:
• Burberry Group plc’s Group financial statements and Company financial statements (the “financial statements”) give a true and
fair view of the state of the Group’s and of the Company’s affairs as at 1 April 2023 and of the Group’s profit for the 52-week
period then ended;
• the Group financial statements have been properly prepared in accordance with UK-adopted International Accounting Standards;
• the Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Burberry Group plc (the ‘Company’) and its subsidiaries (the ‘Group’) for the 52-week
period ended 1 April 2023 which comprise:
Group Company
Balance sheet as at 1 April 2023 Balance sheet as at 1 April 2023
Income statement for the 52-week period then ended Statement of changes in equity for the 52-week period
then ended
Statement of comprehensive income for the 52-week period
then ended
Related notes A to M to the financial statements including a
summary of significant accounting policies
Statement of changes in equity for the 52-week period then ended
Statement of cash flows for the 52-week period then ended
Related notes 1 to 31 to the financial statements, including a
summary of significant accounting policies
The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law and
UK-adopted International Accounting Standards. The financial reporting framework that has been applied in the preparation of
the Company financial statements is applicable law and United Kingdom Accounting Standards, including FRS 101 “Reduced
Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or the Company and we remain
independent of the Group and the Company in conducting the audit.
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Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Group and Company’s
ability to continue to adopt the going concern basis of accounting included:
• We assessed the risk around going concern at the planning and year end phases of the audit
• I
n conjunction with our walkthrough of the Group’s financial statement close process, we confirmed our understanding of
management’s going concern assessment process and engaged with management early to understand and assess the ke
y
assumptions made in their assessment.
• We checked the logic and arithmetical integrity of management’s going concern model that includes the cash forecasts for the
going concern assessment period covering the period up to 28 September 2024.
• We considered the appropriateness of the assumptions used to calculate the cash forecasts under base and plausible downside
case scenario and that the downside scenario utilised was sufficiently severe for the going concern assessment.
• We reviewed the Group’s debt agreements to check the covenant requirements and tested to check that no covenants have
been breached and there is no forecasted covenant breach in either the base or plausible downside case scenarios during th
e
g
oing concern assessment period
.
• W
e agreed the 1 April 2023 cash and cash equivalent balances included in the going concern assessment to the Group’s year en
d
ca
sh and cash equivalent balances.
• We assessed the reasonableness of the cashflow forecasts included in the going concern assessment by analysing
ma
nagement’s historical forecasting accuracy and understanding the potential impact of principal risks such as macroeconomi
c
a
nd political instability, global consumer demand and the impact of climate change have been reflected in the forecasts.
• We evaluated the key assumptions by searching for contrary evidence to challenge these assumptions, including third party
sector forecasts and analyst expectations. Further, we tested these assumptions for consistency with the budget approved
by
th
e Board
.
• We also challenged the measurement and completeness of the downside scenario modelled by management, whether the risks
c
onsidered are sufficiently severe, and how these compare with the principal risks and uncertainties of the Grou
p.
• W
e considered the mitigating factors included in the severe but plausible downside scenario that are within control of the Grou
p.
This includes review of the Group’s non-operating cash outflows and evaluating the Group’s ability to control these outflows
as mitigating actions if required
.
• W
e considered whether the Group’s forecasts in the going concern assessment were consistent with other forecasts used
by
the Group in its accounting estimates, including goodwill impairment, retail store impairment and deferred tax asset recognition.
• We performed reverse stress testing to identify the magnitude of decline in revenue that would lead to the Group utilising al
l
liq
uidity during the going concern assessment period and we have considered the likelihood of such a decline.
• We reviewed the Group’s going concern disclosures included in the Annual Report to assess that they were accurate, sufficiently
detailed and in conformity with the reporting standards.
We observe that in management’s base case and severe but plausible downside scenario, there is significant headroom without
taking the benefit of any identified mitigations.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group and Company’s ability to continue as a going concern for a
period up to 28 September 2024.
In relation to the Group and Company’s reporting on how they have applied the UK Corporate Governance Code, we have nothing
material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the
Directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of
this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the
Group and Company’s ability to continue as a going concern.
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Overview of our audit approach
Audit scope • We performed an audit of the complete financial information of seven components and audit procedures on
specific balances for a further one component.
• The components where we performed full or specific audit procedures accounted for 91% of profit before
tax (on an absolute basis), 78% of revenue and 80% of total assets.
Key audit matters • Valuation of finished goods inventory provision.
• Impairment and impairment reversals of retail store right-of-use assets and property, plant and equipment.
• Provision for uncertain tax positions.
Materialit
y
• Overall Group materiality of £30m which represents 4.7% of profit before tax.
An overview of the scope of the Company and Group audits
Tailoring the scope
Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our audit scope
for each company within the Group. Taken together, this enables us to form an opinion on the consolidated financial statements.
We take into account size, risk profile, the organisation of the Group and effectiveness of Group-wide controls, changes in the
business environment and other factors such as recent Internal Audit results when assessing the level of work to be performed at
each component.
In assessing the risk of material misstatement to the Group financial statements, and to ensure we had adequate quantitative
coverage of significant accounts in the financial statements, we selected eight components covering entities within the United
Kingdom, Mainland China, Japan, Korea, the United States and Hong Kong S.A.R., China, which represent the principal business
units within the Group.
Of the eight components selected, we performed an audit of the complete financial information of seven components (“full scope
components”) which were selected based on their size or risk characteristics or to ensure that, at an overall Group level, we
reduced and appropriately covered the residual risk of error. For one component (“the specific scope component”), we performed
audit procedures on specific accounts within that component that we considered had the potential for the greatest impact on the
significant accounts in the financial statements either because of the size of these accounts or their risk profile.
The reporting components where we performed audit procedures accounted for 91% of the Group’s profit before tax (on an
absolute basis) (2022: 94% of adjusted profit before tax on an absolute basis), 78% (2022: 83%) of the Group’s revenue and 80%
(2022: 82%) of the Group’s total assets. For the current year, the full scope components contributed 91% of the Group’s profit
before tax (on an absolute basis) (2022: 94% of adjusted profit before tax on an absolute basis), 74% (2022: 79%) of the Group’s
revenue and 77% (2022: 78%) of the Group’s total assets. The specific scope component contributed 4% (2022: 4%) of the
Group’s revenue and 3% (2022: 4%) of the Group’s total assets. The audit scope of this component may not have included testing
of all significant accounts of the component but will have contributed to the coverage of significant accounts tested for the Group.
Of the remaining components that together represent 9% of the Group’s profit before tax (on an absolute basis) (2022: 6% of
adjusted profit before tax on an absolute basis), none are individually greater than 5% (2022: 5%) of the Group’s profit before tax
(on an absolute basis). For these components, we performed other procedures, including analytical review, testing of consolidation
journals and intercompany eliminations and foreign currency translation recalculations to respond to any potential risks of material
misstatement to the Group financial statements.
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The charts below illustrate the coverage obtained from the work performed by our audit teams.
Changes from the prior year
We have not changed the full scope or specific scope components from the prior year as these components remain the most
significant to the Group, by size and risk, and the coverage remains consistent with the prior year.
Involvement with component teams
In establishing our overall approach to the Group audit, we determined the type of work that needed to be undertaken at each of
the components by us, as the Group audit engagement team, or by component auditors from other EY global network firms
operating under our instruction. Of the seven full scope components, audit procedures were performed on four of these directly by
the Group audit team. For the three full scope components not audited by the Group audit team and for the specific scope
component (where the work was performed by component auditors), we determined the appropriate level of involvement to enable
us to determine that sufficient audit evidence had been obtained as a basis for our opinion on the Group as a whole.
The Group audit team continued to follow a programme of planned virtual visits to the component teams in Mainland China, Korea,
Japan and Hong Kong S.A.R., China. These visits have been designed to ensure that the Senior Statutory Auditor virtually visited
all those full and specific scope audit locations not audited by the Group audit team at least once during the year. These visits
involved video calls with local management, including members of finance, marketing and property teams depending on the
component and with the local EY component teams. During the visits we held discussions on the audit approach and understood
any issues arising from their work and were responsible for the scope and direction of the audit process. We reviewed the
component team’s working papers remotely to validate that the required procedures had been performed to the appropriate
quality. We also virtually attended year end closing meetings at all components and interacted regularly with the component teams
throughout the year.
As the Group audit team, we performed the audit for the components in the United Kingdom and the United States. We also met
in person where possible, or virtually, with local management for these components. This, together with the additional procedures
performed at Group level, gave us appropriate evidence for our opinion on the Group financial statements.
Full scope components Specific scope components Other procedures
Profit before tax
(on an absolute basis)
91% 0% 9% 74% 4% 22% 77% 3% 20%
Revenue Total assets
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Climate change
Stakeholders are increasingly interested in how climate change will impact the Group. The Group has determined that the most
significant future impacts from climate change on their operations are expected to be from climate transition risks, specifically
market risks associated with changing consumer preferences in a lower carbon economy. These are explained on pages 94 to 111 in
the required Task Force for Climate related Financial Disclosures and on pages 128 to 130 in the principal risks and uncertainties.
They have also explained their climate commitments on pages 30 to 33. All of these disclosures form part of the “Other information,”
rather than the audited financial statements. Our procedures on these unaudited disclosures therefore consisted solely of
considering whether they are materially inconsistent with the financial statements or our knowledge obtained in the course
of the audit or otherwise appear to be materially misstated, in line with our responsibilities on “Other information”.
In planning and performing our audit, we assessed the potential impacts of climate change on the Group’s business and any
consequential material impact on its financial statements.
The Group has explained in their Basis of Preparation note how they have reflected the impact of climate change in their financial
statements including how this aligns with their commitments in their sustainability strategy. There are no significant judgements
and estimates relating to climate change.
Our audit effort in considering the impact of climate change on the financial statements was focused on evaluating management’s
assessment of the impact of climate risk and their climate commitments, specifically on the finished goods inventory provision,
impairment of retail store right-of-use assets and property, plant and equipment and going concern. We have assessed whether
these risks have been appropriately reflected in asset values where values are determined through modelling future cash flows,
this primarily being impairment assessments following the requirements of UK-adopted International Accounting Standards.
As part of this evaluation, we performed our own risk assessment, supported by our climate change internal specialists and
senior members of the audit team. This included meetings with the Group’s Sustainability and Group Financial Reporting teams,
a specific climate change risk workshop and a review of peer disclosures and sector guidance on climate change to determine the
risks of material misstatement in the financial statements from climate change which needed to be considered in our audit.
We also challenged the Directors’ considerations of climate change risks in their assessment of going concern and viability and
associated disclosures. Where considerations of climate change were relevant to our assessment of going concern, these are
described above.
Based on our work we have not identified the impact of climate change on the financial statements to be a key audit matter or to
impact a key audit matter.
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Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not
due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the
allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the
context of our audit of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion
on these matters.
Risk Our response to the risk
Key observations
communicated to the
Audit Committee
Valuation of finished goods
inventory provision
As described in the Audit Committee
Report (page 193); Accounting
Policies (page 277); and Note 17 of
the Consolidated Financial Statements
(page 297) management raises a
finished goods inventory provision to
reflect where the expected net
realisable value is lower than the
carrying value of finished goods
inventory at the balance sheet date.
The Group has £57m of inventory
provisions, representing 11.3% of the
gross value of inventory of £504m as
at 1 April 2023. Of the net inventory
of £447m, £431m relates to
finished goods.
The Group determines the inventory
provision considering the aging of
inventory by season, identifying
problem inventory and considering
historical loss rates and future sales
forecasts and the expected channel
by which the inventory will be exited.
This process is inherently judgmental
and there is therefore potential for
management bias in relation to its
allocation of inventory to certain
sales channels as well as in relation
to future sales forecasts.
In the current year we no longer
identify the reversal of the COVID-19
related provision as being part of
this risk due to this aspect of the
provision now being immaterial.
The Group audit team, full scope components teams and specific
scope component team performed the audit procedures over the
Group’s inventory valuation. The principal procedures performed
are described below.
We performed a walkthrough of the inventory provisioning
process and identified and understood the design of key controls.
We evaluated the appropriateness of the Group’s inventory
provisioning policy. We assessed the inventory provisioning
model for each component for consistency with the Group’s
accounting policy.
We tested the integrity and accuracy of the provisioning model
and inputs (such as loss rates, seasonality and categorisation
of inventory), considering the source of information being used
by management.
We considered the completeness of the inventory provision by
considering sell-through data.
We understood the planned sales channels and exit routes for
problem stock and challenged whether these were consistent
with prior periods, the overall sales profile of the Group and the
Board approved forecasts used elsewhere across the Group.
We considered whether there was any evidence of management
bias in the exit routes and future sales forecasts used.
We performed analytical procedures around key assumptions and
corroborated to our work performed across other accounts to
identify and consider if any contrary evidence existed.
We used data analytics to corroborate explanations from
management and to identify any contrary evidence related
to the assumptions used by management in identifying
slow-moving inventory.
We performed sensitivity analysis to assess the significance and
risk of changed assumptions on the provision. This included
considering the potential impact climate change may have on
inventory provisioning.
We reviewed disclosures in the financial statements
for appropriateness.
We are satisfied the
finished goods
inventory provisions are
appropriate and the
Group’s disclosures are
appropriate.
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Key audit matters continued
Risk Our response to the risk
Key observations
communicated to the
Audit Committee
Impairment and impairment
reversals of retail store right-of-
use assets and property, plant
and equipment
As described in the Audit Committee
Report (page 193); Accounting Policies
(page 277); and Note 13 of the
Consolidated Financial Statements
(page 294) management assess the
retail store right-of-use assets and
property, plant and equipment for
impairment charges and reversals
of previous impairment charges.
The Group has £950m of right-of-use
assets and £376m of property, plant
and equipment as at 1 April 2023.
The Group recognised an impairment
charge of £157m for impairment of
retail store right-of-use assets and
property, plant and equipment due to
the impact of COVID-19 during the
52 weeks to 28 March 2020.
In the 52 weeks to 27 March 2021
there was a net impairment reversal
of £47m. In the 53 weeks to 02 April
2022, there was a net impairment
reversal of £8m.
As described in notes 13 and 14,
during the 52 weeks to 1 April 2023,
the Group recorded a net impairment
reversal of £1m on retail store right-
of-use assets and a net impairment
charge of £2m on property, plant
and equipment.
There is judgement and estimation
uncertainty involved in determining the
store forecast cash flows to measure
impairment charges and reversals, in
particular, the revenue growth and profit
margin assumptions.
Additionally, we have determined
there is also a risk that any reversal
of the COVID-19 related impairment
provision is inappropriately recorded
through underlying trading rather
than as adjusting items.
Our procedures on the carrying value of retail store right-of-use
assets and property, plant and equipment were performed
centrally by the Group team.
Our procedures included, among others, performing a
walkthrough of the retail store impairment process and
evaluating the design of controls.
We reviewed and challenged the appropriateness of the Group’s
impairment policy.
We also reviewed board minutes for evidence of any contrary
evidence in relation to the future plans for stores.
Management considered whether indicators of impairment
charges or reversals were present for the Group’s retail store
portfolio based on the Group’s latest forecast. We assessed the
completeness of the factors considered and assessed the
accuracy of the forecast information in conjunction with our
testing of the Group’s forecasts further outlined below.
For the stores identified with indicators of impairment charge or
reversal, the Group prepared value-in-use impairment models.
Our procedures over the value-in-use calculations included:
• Assessing the methodology against the requirements of IAS 36
Impairment of Assets;
• Testing the integrity of the model and data inputs used back to
source data, for example agreeing store right-of-use asset and
property plant and equipment values back to accounting records;
• Involving our valuations specialists to conclude on the
appropriateness of the discount rate used;
• Challenging assumptions used in cash flow forecasts such as
revenue growth and profit margins assumptions against
historical results and third-party luxury sector forecasts; and
• Performing sensitivity analysis on key assumptions and stress
test on the most material assets.
We challenged whether cash flow forecasts adequately factored
in known costs associated with physical and transition climate-
related risks and any cash flows required to meet Burberry’s
publicly stated climate commitments.
We assessed the disclosures to the financial statements,
including the requirement to disclose sensitivities where a
reasonably possible change in a key assumption would result in a
material change to the impairment charge or reversal recorded.
We tested management’s sensitivity analysis and re-calculated
the sensitivities disclosed as a result of changing revenue
assumptions.
We reviewed disclosures in the financial statements for
appropriateness, including the presentation of any COVID-19
related impairment releases in the financial statements.
We are satisfied that
the consideration
of indicators of
impairment, value-in-
use impairment model
methodology, significant
underlying assumptions
and judgements applied
are reasonable and
support management’s
conclusion to recognise
a net impairment charge
totalling £1m against
the retail store right-of-
use assets and property,
plant and equipment.
We are also satisfied
with the disclosure and
classification of the
impairment charges
and reversals.
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Key audit matters continued
Risk Our response to the risk
Key observations
communicated to the
Audit Committee
Provision for uncertain
tax positions
As described in the Audit Committee
Report (page 194); Accounting
Policies (page 278); and Note 9
of the Consolidated Financial
Statements (page 289) the Group is
subject to tax regulation in multiple
j
urisdictions and the centralised
operating structure of the Group
requires management to exercise
j
udgement in making determinations
as to the amount of tax that
is payable.
The Group is subject to tax authority
audits and has a number of open tax
enquiries in multiple jurisdictions at
any point in time.
As a result, the Group has recognised
a number of provisions against
uncertain tax positions, the valuation
of which requires significant
assumptions and judgement.
We focused on this area due to
the complexity, subjectivity,
quantification of the provision and
the judgement around the trigger for
recognition or release impacting the
provision and the effective tax rate.
Our procedures on the uncertain tax position provisions were
performed centrally by the Group team supported by subject
matter specialists (UK transfer pricing team) and supported
by overseas teams with expertise in local tax regulations
where appropriate.
Our procedures included:
• Performing a walkthrough of the tax provisioning proces
s
an
d identifying key controls. We also evaluated th
e
appropriateness of the Group’s transfer pricing and
u
ncertain tax provisioning policies.
• Meeting with tax management to understand the Group
cross-border transactions, status of all significant matters,
including those provided for, and any changes to management’s
judgements in the year.
• Reading correspondence with tax authorities and external
adv
isors to inform our assessment of recorded estima
tes
an
d evaluate the completeness of the provisions recorded,
directly engaging with external advisors where appropriate.
For the most material case, we met external advisors
to
understand the key judgements in the case and utilised relevant
i
nternal specialists.
• Independently assessing management’s significan
t
assumptions and judgements to record or release provisions
fo
llowing tax audits, settlements and the expiry of st
atute
o
f limitation
s.
• Testing the accuracy of the calculation of the year end
p
rovisions by inspecting underlying documentation and
supporting schedules.
• Evaluating the adequacy of tax disclosures.
We are satisfied
that management’s
j
udgements in relation
to the extent of
provisions for uncertain
tax positions are
appropriate. We are
also satisfied that the
tax disclosures are
appropriate.
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Our application of materiality
We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on
the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the
economic decisions of the users of the financial statements. Materiality provides a basis for determining the nature and extent of
our audit procedures.
We determined materiality for the Group to be £30 million (2022: £24 million), which is 4.7% of profit before tax (2022: 4.9% of
adjusted profit before tax). We have changed to profit before tax as the basis of materiality in line with the default basis used
before COVID-19. As the previous basis of materiality (adjusted profit before tax) was considered an exception for COVID-19,
we have made the decision to change to profit before tax given the significantly reduced value of adjusting items. Profit before
tax provides us with the most relevant performance measure to the stakeholders of the Group, hence it has been selected as
the benchmark.
We determined materiality for the Company to be £21.5 million (2022: £21.5 million), which is 1% (2022: 1%) of total assets.
For any Company balances that are consolidated into the Group financial statements, an allocation of Group performance
materiality was used.
Basis • Profit before tax – £634m
Materiality • Materiality of £30m (4.7% of Profit before tax)
During the course of our audit, we reassessed initial materiality based on forecasts provided by management. Our final
assessment reflected the actual reported performance for the period.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level
the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, our judgement
was that performance materiality for the Group should be 75% (2022: 75%) of our planning materiality, namely £22.5m (2022:
£18m). We have set performance materiality at this percentage due to our assessment of the Group’s overall control environment
and the likelihood of undetected misstatements.
Audit work at component locations for the purpose of obtaining audit coverage over significant financial statement accounts is
undertaken based on a percentage of total performance materiality. The performance materiality set for each component is based
on the relative scale and risk of the component to the Group as a whole and our assessment of the risk of misstatement at that
component. In the current year, the range of performance materiality allocated to components was £4m to £20m (2022: £3.3m
to £14.8m).
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of £1.5m (2022:
£1.2m), which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted
reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of
other relevant qualitative considerations in forming our opinion.
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Other information
The other information comprises the information included in the Annual Report as set out on pages 2 to 251, including the
Strategic Report and Corporate Governance Statement, other than the financial statements and our auditor’s report thereon.
The Directors are responsible for the other information contained within the Annual Report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated
in this report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be
materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we
have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements
are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Company and its environment obtained in the course of the
audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report
to you if, in our opinion:
• adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from
branches not visited by us; or
• the Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with
the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit
Corporate Governance Statement
We have reviewed the Directors’ Statement in relation to going concern, longer-term viability and that part of the Corporate
Governance Statement relating to the Group and Company’s compliance with the provisions of the UK Corporate Governance
Code specified for our review by the Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit:
• Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material
uncertainties identified set out on page 248;
• Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment covers and why the period
is appropriate set out on page 149;
• Director’s statement on whether it has a reasonable expectation that the Group will be able to continue in operation and meets
its liabilities set out on page 151;
• Directors’ statement on fair, balanced and understandable set out on page 252;
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 197;
• The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems
set out on page 197; and
• The section describing the work of the Audit Committee set out on page 191 to 192.
262

Financial Statements | Independent Auditor’s Report to the Members of Burberry Group plc
263
Responsibilities of Directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 252, the Directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as
the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group and Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors
either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to
fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for
example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of
detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of
the Company and management. Our approach was as follows:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the
most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate
to the reporting framework (UK adopted International Accounting Standards, UK GAAP, the Companies Act 2006 and the UK
Corporate Governance Code) and the relevant tax laws and regulations in the jurisdictions in which the Group operates. In
addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of
the amounts and disclosures in the financial statements being the Listing Rules of the UK Listing Authority, and those laws and
regulations relating to health and safety, employees, environmental and bribery and corruption practices.
• We understood how the Group is complying with those frameworks by making enquiries of management, including internal audit,
those responsible for legal and compliance procedures and the company secretary. We corroborated our enquiries through our
review of Board minutes and papers provided to the Audit Committee and observation in Audit Committee meetings, as well as
consideration of the results of our audit procedures across the Group.
• We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur
and met with finance and operational management from various parts of the business to understand where it considered there
was susceptibility to fraud. We also considered performance targets and their potential to influence management to manage
earnings or influence the perceptions of analysts. We have determined there is a risk of fraud associated to inventory provisions
and a risk of management override in manual revenue journals that do not follow the expected process. We considered the
policies, processes and controls that the Group has established to address the risks identified, including the design of controls
over inventory provisions and each significant revenue stream. We also considered the controls that the Group has that
otherwise prevent, deter and detect fraud, and how senior management monitors these controls. We performed audit
procedures to address each identified fraud risk. These procedures were designed to provide reasonable assurance that the
financial statements as a whole are free from material misstatement, due to fraud or error.
• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations
including providing specific instructions to full scope and specific scope component teams and where necessary, using our
forensic and other relevant specialists. Our procedures included journal entry testing, with a focus on manual journal entries,
consolidation journals and journal entries indicating large or unusual transactions using data analytics. We based this testing on
our understanding of the business, enquiries of management, including internal audit, legal and other advisors, the company
secretary and reading relevant reports. We performed specific searches derived from forensic investigations experience and
leveraged our data analytics platform in performing our testing. We have also reviewed the whistleblowing reports issued during
the year. Any instances of non-compliance with laws and regulations identified that might have an impact on components were
communicated to the component audit teams and considered in our audit approach, if applicable.
263

Financial Statements | Independent Auditor’s Report to the Members of Burberry Group plc
264
• In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with
all
applicable requiremen
ts.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s
website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matters we are required to address
• Following the recommendation from the Audit Committee we were appointed by the Company at its annual general meeting
on 15 July 2020 to audit the financial statements for the Company for the period ending 27 March 2021 and subseque
nt
fi
nancial pe
riods.
• The period of total uninterrupted engagement including previous renewals and reappointments is three years, covering the
periods
from our appointment through to the period ending 1 April 2023
.
The audit opinion is consistent with the additional report to the Audit Committee.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act
2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to
state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for
the opinions we have formed.
Michael Rudberg (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
17 May 2023
264

Burberry 2022/23
Financial Statements | Group Income Statement
Group Income Statement
265
Note
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Revenue 3 3,094 2,826
Cost of sales (911) (815)
Gross profit 2,183 2,011
Operating expenses (1,572) (1,498)
Other operating income 46 30
Net operating expenses 4 (1,526) (1 ,468)
Operating profit 657 543
Fin
ancing
Finance income 21 3
Finance expense (42) (34)
Other financing charge (2) (1)
Net finance expense 8 (23) (32)
Profit before taxation 5 634 511
Taxation 9 (142) (114)
Profit for the year 492 397
Attributable to:
Owners of the Company 490 396
Non-controlling interest 2 1
Profit for the year 492 397
Earnings per share
Basic 10 126.9p 98 .2p
Diluted 10 126.3p 97.7p
£m £m
Reconciliation of adjusted profit before taxation:
Profit before taxation 634 511
Adjusting operating items:
Cost of sales (income) 5 (1) (16)
Net operating expenses (income) 5 (22) (4)
Adjusting financing items 5 2 1
Adjusted profit before taxation – non-GAAP measure 613 492
Adjusted earnings per share – non-GAAP measure
Basic 10 123.1p 94. 5p
Diluted 10 122.5p 94. 0p
Dividends per share
Interim 11 16.5p 11.6p
Proposed final (not recognised as a liability at 1 April/2 April) 11 44.5p 35.4p
265
Burberry 2022/23

Burberry 2022/23
Financial Statements | Group Statement of Comprehensive Income
Group Statement of Comprehensive Income
266
Note
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Profit for the year 492 397
Other comprehensive income
1
:
Cash flow hedges 25 1 (1)
Foreign currency translation differences 14 22
Tax on other comprehensive income (1) –
Other comprehensive income for the year, net of tax 14 21
Total comprehensive income for the year 506 418
Total comprehensive income attributable to:
Owners of the Company 504 417
Non-controlling interest 2 1
506 418
1. All items included in other comprehensive income may subsequently be reclassified to profit and loss in a future period.
266
Burberry 2022/23

Burberry 2022/23
Financial Statements | Group Balance Sheet
Group Balance Sheet
267
Note
As at
1 April
2023
£m
As at
2 April
2022
£m
ASSETS
Non-current assets
Intan
g
ible assets 12 248 240
Property, plant and equipment 13 376 322
Ri
g
ht-of-use assets 14 950 880
Deferred tax assets 15 197 175
Trade and other receivables 16 52 45
1,823
1,662
Current assets
Inventories 17 447 426
Trade and other receivables 16 307 283
Derivative financial assets 18 7 5
Income tax receivables 9 76 86
Cash and cash equivalents 19
1,026
1,222
Assets held for sale 13 – 13
1,863
2,035
Total assets
3,686 3,697
LIABILITIES
Non-current liabilities
Trade and other payables 20 (76) (91)
Lease liabilities 21 (902) (849)
Borrowin
g
s 24 (2 98) (298)
Deferred tax liabilities 15 (1) (1)
Retirement benefit obli
g
ations (1) (1)
Provisions for other liabilities and char
g
es 22 (40) (36)
(1,318)
(1,276)
Current liabilities
Trade and other payables 20 (477) (481)
Bank overdrafts 23 (65) (45)
Lease liabilities 21 (221) (2 09)
Derivative financial liabilities 18 (1) (2)
Income tax liabilities (43) (39)
Provisions for other liabilities and char
g
es 22 (22) (2 8)
(829) (804)
Total liabilities
(2,147) (2,080)
Net assets
1,539 1,617
EQUITY
Capital and reserves attributable to owners of the Company
Ordinary share capital 25 – –
Share premium account 230 227
Capital reserve 25 41 41
Hed
g
in
g
reserve 25 4 4
Forei
g
n currency translation reserve 25 23 2 218
Retained earnin
g
s
1,026 1,123
E
q
uit
y
attributable to owners of the Com
p
an
y
1,533 1,613
Non-controllin
g
interest in equity 6 4
Total e
q
uit
y
1,539 1,617
The consolidated financial statements of Burberry Group plc (registered number 03458224) on pages 252 to 318 were approved
and authorised for issue by the Board on 17 May 2023 and signed on its behalf by:
Jonathan Akeroyd
Chief Executive Officer
267
Burberry 2022/23

Burberry 2022/23
Financial Statements | Group Statement of Changes in Equity
Group Statement of Changes in Equity
268
Attributable to owners
of the Company
Note
Ordinary
share
capital
£m
Share
premium
account
£m
Other
reserves
£m
Retained
earnings
£m
Total
£m
Non-
controlling
interest
£m
Total
equity
£m
Balance as at 27 March 2021 – 223 242 1,092 1,557 3 1,560
Profit for the year – – – 396 3 96 1 397
Other comprehensive income:
Cash flow hedges – – (1) – (1) – (1)
Foreign currency translation differences 25 – – 22 – 22 – 22
Total comprehensive income for the year – – 21 396 41 7 1 41 8
Transactions with owners:
Employee share incentive schemes
Equity share awards – – – 16 1 6 – 16
Equity share awards transferred to liabilities – – – (1) (1) – (1)
Exercise of share options – 4 – – 4 – 4
Purchase of own shares
Share buyback – – – (1 53) (1 53) – (153)
Held by ESOP trusts – – –
(8) (8)
– (8)
Dividends paid in the year – – – (219) (2 19) – (219)
Balance as at 2 April 2022 – 227 263 1,12 3 1,613 4 1,617
Profit for the year – – – 4 90 490 2 492
Other comprehensive income:
Cash flow hedges – – 1 – 1 – 1
Foreign currency translation differences 25 – – 1 4 – 14 – 1 4
Tax on other comprehensive income – – (1) – (1) – (1)
Total comprehensive income for the year – – 14 4 90 504 2 506
Transactions with owners:
Employee share incentive schemes
Equity share awards – – – 19 19 – 19
Tax on share awards – – – 2 2 – 2
Exercise of share options – 3 – – 3 – 3
Purchase of own shares
Share buyback – – – (404) (404) – (404)
Held by ESOP trusts – – – (1) (1) – (1)
Dividends paid in the year – – – (2 03) (203) – (2 03)
Balance as at 1 April 2023 – 230 277 1,026 1,533 6 1,539
268
Burberry 2022/23

Burberry 2022/23
Financial Statements | Group Statement of Cash Flows
Group Statement of Cash Flows
269
Note
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Cash flows from o
p
eratin
g
activities
Profit before tax 634 511
Adjustments to reconcile profit before tax to net cash flows:
Amortisation of intan
g
ible assets 12 37 39
Depreciation of property, plant and equipment 13 95 86
Depreciation of ri
g
ht-of-use assets 14 212 188
COVID-19-related rent concessions (13) (18)
Net impairment char
g
e of property, plant and equipment 13 2 1
Net impairment char
g
e of ri
g
ht-of-use assets 14 2 7
Gain on disposal of property, plant and equipment (19) (3)
Gain on modification of ri
g
ht-of-use assets (2) –
Gain on derivative instruments (2) (4)
Char
g
e in respect of employee share incentive schemes 19 16
Net finance expense 23 32
Workin
g
capital chan
g
es:
Increase in inventories (10) (22)
Increase in receivables (17) (5)
(Decrease)/increase in payables and provisions (49) 81
Cash
g
enerated from o
p
eratin
g
activities 912 909
Interest received 18 2
Interest paid (40) (32)
Taxation paid (140) (18 0)
Net cash
g
enerated from o
p
eratin
g
activities 750 699
Cash flows from investin
g
activities
Purchase of property, plant and equipment (136) (124)
Purchase of intan
g
ible assets (43) (37)
Proceeds from sale of property, plant and equipment 32 8
Initial direct costs of ri
g
ht-of-use assets – (4)
Payment in respect of acquisition of subsidiar
y
– (7)
Net cash outflow from investin
g
activities (147) (164)
Cash flows
from financin
g
activities
Dividends paid in the year 11 (203) (21 9)
Payment of deferred consideration for acquisition of non-controllin
g
interest 20 (6) (3)
Payment of lease principal 21 (210) (202)
Issue of ordinary share capital 3 4
Purchase of own shares throu
g
h share buyback 25 (400) (150)
Purchase of own shares throu
g
h share buyback – stamp duty and fees 25 (4) (3)
Purchase of own shares by ESOP trusts (1) (8)
Net cash outflow from financin
g
activities (821) (58 1)
Net decrease in cash net of overdrafts (218) (4 6)
Effect of exchan
g
e rate chan
g
es 2 7
Cash net of overdrafts at be
g
innin
g
of year
1,177
1,216
Cash net of overdrafts
961 1,177
Note
As at
1 April
2023
£m
As at
2 April
2022
£m
Cash and cash equivalents 19 1,026 1,222
Bank overdrafts 23 (65) (45)
Cash net of overdrafts
961
1,177
269
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Financial Statements | Notes to the Financial Statements
270
1. Basis of preparation
Burberry Group plc and its subsidiaries (the Group) is a global luxury goods manufacturer, retailer and wholesaler. The Group also
licenses third parties to manufacture and distribute products using the ‘Burberry’ trademarks. All of the companies which
comprise the Group are controlled by Burberry Group plc (the Company) directly or indirectly.
The consolidated financial statements of the Group have been prepared in accordance with the requirements of the Companies
Act 2006 and UK-adopted International Accounting Standards (IFRS). These consolidated financial statements have been
prepared under the historical cost convention, except as modified by the revaluation of certain financial assets and financial
liabilities at fair value through profit or loss.
The consolidated financial statements are presented in £m. Financial ratios are calculated using unrounded numbers. The Group Income
Statement for the current and prior period has been updated to provide separate disclosure on amounts of other operating income
and operating expenses that make up total net operating expenses. The Group Statement of Cash Flows for the current and prior
period has also been updated to start the reconciliation of net operating cash flows from profit before tax rather than operating profit.
Consideration of climate-related matters
The Group has performed a climate-related scenario analysis as required by the Task Force on Climate-Related Financial
Disclosures. This scenario analysis takes into consideration different climate-related scenarios, including a 2°C or lower scenario.
Based on this scenario analysis, consideration has been given to the impact of climate-related risks on management’s judgements
and estimates, including inventory provisions and the impairment of property, plant and equipment and right-of-use assets.
The incurred costs and investments associated with our sustainability strategy are reflected in the Group’s financial statements,
including within inventories, property, plant and equipment, and operating profit.
The impact of climate-related risks on the consolidated financial statements for the 52 weeks to 1 April 2023 is not material.
The committed future financial investments associated with our sustainability strategy are included within our budget and
three-year forward-looking financial plans. These financial plans have been used to support our impairment reviews and going
concern and viability assessment. Future plans may incur additional investment on research and development and higher
expenditure on raw materials and other as yet unidentified costs.
Going concern
In considering the appropriateness of adopting the going concern basis in preparing the financial statements, the Directors have
assessed the potential cash generation of the Group and considered a range of downside scenarios. This assessment for any
indicators that the going concern basis of preparation is not appropriate covers the period from the date of signing the financial
statements up to 28 September 2024.
The scenarios considered by the Directors include a severe but plausible downside scenario reflecting the Group’s base plan
adjusted for severe but plausible impacts from the Group’s principal risks. These scenarios were informed by a comprehensive
review of the macroeconomic scenarios using third-party projections of macroeconomic data for the luxury fashion industry:
• The Group central planning scenario reflects a balanced projection with a continued focus on growing markets and maintaini
ng
mom
entum built as part of the strate
gy
• As
a sensitivity, this central planning scenario has been flexed to reflect a 16% downgrade to revenues in FY 2023/24 and 16%
over the period to 28 September 2024, as well as the associated consequences for EBITDA and cash. Management consid
er
this
represents a severe but plausible downside scenario appropriate for assessing going concer
n
Th
e severe but plausible downside scenario modelled the following risks occurring simultaneously:
• A more severe and prolonged reduction in the GDP growth assumptions in the Eurozone and Americas compared to the central
planning
scenar
io
• A
significant reduction to our global consumer demand arising from a change in consumer preference
• A significant reputational incident such as negative sentiment propagated through social media
• The impact of a business interruption event over three months and consequent two-week interruption in one of our geographie s
arising
from the supply chain impact
• The impact of a one-month interruption to one of our channels following a technology vulnerability
• The occurrence of a one-time physical risk relating to climate change in FY 2023/24 and the materialisation of a severe but
plausible ongoing market risk relating to climate change in line with a scenario reflecting a 2°C global temperature increase
compared to pre-industrial levels
• The payment of a settlement arising from a regulatory or compliance-related matte
r
• A short-term impact of a 10% weakening in a key non-sterling currency for the Group before it is recovered through price adjustment
270
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Burberry 2022/23
Financial Statements | Notes to the Financial Statements
271
1. Basis of preparation continued
Going concern continued
Further mitigating actions within management control would be taken under each scenario, including working capital reduction
measures and limiting capital expenditure, but these were not incorporated into the downside modelling.
The Directors have also considered the Group’s current liquidity and available facilities. As at 1 April 2023, the Group Balance
Sheet reflects cash net of overdrafts of £961 million. In addition, the Group has access to a £300 million revolving credit facility,
which is currently undrawn and not relied upon for the purpose of this going concern assessment. The Group is in compliance with
the covenants for the revolving credit facility and the borrowings raised via the sustainability bond are not subject to covenants.
Details of cash, overdrafts, borrowings and facilities are set out in notes 19, 23 and 24 respectively of these financial statements.
In all the scenarios assessed, taking into account current liquidity and available resources and before the inclusion of any
mitigating actions within management control, the Group was able to maintain sufficient liquidity to continue trading. On the basis
of the assessment performed, the Directors consider it is appropriate to continue to adopt the going concern basis in preparing
the consolidated financial statements for the 52 weeks ended 1 April 2023.
New standards, amendments and interpretations adopted in the period
There have been no new standards or interpretations issued and made effective for the financial period commencing 3 April 2022
that have had a material impact on the financial statements of the Group.
Standards not yet adopted
Certain new accounting standards and interpretations have been published that are not mandatory for the 52 weeks to 1 April
2023 and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in
the current or future reporting periods and on foreseeable future transactions.
Basis of consolidation
The Group’s annual financial statements comprise those of Burberry Group plc (the Company) and its subsidiaries, presented as a
single economic entity. The results of the subsidiaries are prepared for the same reporting year as the Company, using consistent
accounting policies across the Group.
The financial year is the 52 weeks ended 1 April 2023 (last year: 53 weeks ended 2 April 2022).
Subsidiaries are all entities (including special purpose entities) over which the Group has control. The Group controls an entity
when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Where there is a loss of
control of a subsidiary, the consolidated financial statements include the results for the portion of the reporting period during
which the Group had control. Intra-group transactions, balances and unrealised profits on transactions between Group companies
are eliminated in preparing the Group financial statements. The Group treats transactions with non-controlling interests as
transactions with equity owners of the Group. For acquisitions of additional interests in subsidiaries from non-controlling
interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the
subsidiary is recorded in equity. Gains or losses on disposals of interests in subsidiaries to non-controlling interests are also
recorded in equity.
Key sources of estimation uncertainty
Preparation of the consolidated financial statements in conformity with IFRS requires that management make certain estimates
and assumptions that affect the measurement of reported revenues, expenses, assets and liabilities and the disclosure of
contingent liabilities.
If in the future such estimates and assumptions, which are based on management’s best estimates at the date of the financial
statements, deviate from actual circumstances, the original estimates and assumptions will be updated as appropriate in the
period in which the circumstances change.
Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances. The key areas where the estimates and assumptions applied
have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year
are discussed below. Further details of the Group’s accounting policies in relation to these areas are provided in note 2.
271
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Burberry 2022/23
Financial Statements | Notes to the Financial Statements
272
1. Basis of preparation continued
Key sources of estimation uncertainty continued
Impairment, or reversals of impairment, of property, plant and equipment and right-of-use assets
Property, plant and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate
that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount of an asset
or a cash generating unit is determined based on value-in-use calculations prepared using management’s best estimates and
assumptions at the time. Refer to notes 13 and 14 for further details of retail property, plant and equipment, right-of-use assets
and impairment reviews carried out in the period and for sensitivities relating to this key source of estimation uncertainty.
Inventory provisioning
The Group manufactures and sells luxury goods and is subject to changing consumer demands and fashion trends. The recoverability
of the cost of inventories is assessed every reporting period, by considering the expected net realisable value of inventory compared to
its carrying value. Where the net realisable value is lower than the carrying value, a provision is recorded. When calculating inventory
provisions, management considers the nature and condition of the inventory, as well as applying assumptions in respect of anticipated
saleability of finished goods and future usage of raw materials. Refer to note 17 for further details of the carrying value of inventory
and inventory provisions and for sensitivities relating to this key source of estimation uncertainty.
Uncertain tax positions
In common with many multinational companies, the Group faces tax audits in jurisdictions around the world in relation to
transfer pricing of goods and services between associated entities within the Group. These tax audits are often subject to
inter-government negotiations. The matters under discussion are often complex and can take many years to resolve.
Tax liabilities are recorded based on management’s estimate of either the most likely amount or the expected value amount
depending on which method is expected to better reflect the resolution of the uncertainty. Given the inherent uncertainty in
assessing tax outcomes, the Group could, in future periods, experience adjustments to these tax liabilities that have a material
positive or negative effect on the Group’s results for a particular period.
Refer to note 9 for further details of management estimates surrounding the outcome of all matters under dispute or negotiation
between governments in relation to current tax liabilities recognised at 1 April 2023, and for sensitivities relating to this key source
of estimation uncertainty.
Key judgements in applying the Group’s accounting policies
Judgements are those decisions made when applying accounting policies which have a significant impact on the amounts recognised
in the Group financial statements. Further details of the Group’s accounting policies are provided in note 2. Key judgements that
have a significant impact on the amounts recognised in the Group financial statements for the 52 weeks to 1 April 2023 and the
53 weeks to 2 April 2022 are as follows:
Where the Group is a lessee, judgement is required in determining the lease term at initial recognition, and throughout the lease
term, where extension or termination options exist. In such instances, all facts and circumstances that may create an economic
incentive to exercise an extension option, or not exercise a termination option, have been considered to determine the lease term.
Considerations include, but are not limited to, the period assessed by management when approving initial investment, together
with costs associated with any termination options or extension options. Extension periods (or periods after termination options)
are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Where the lease term has
been extended by assuming an extension option will be recognised, this will result in the initial right-of-use assets and lease
liabilities at inception of the lease being greater than if the option was not assumed to be exercised. Likewise, assuming a break
option will be exercised will reduce the initial right-of-use assets and lease liabilities.
Refer to note 21 for further details surrounding the judgements regarding the impact of breaks and options on lease liabilities.
272
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Burberry 2022/23
Financial Statements | Notes to the Financial Statements
273
2. Accounting policies
The principal accounting policies of the Group are:
a) Revenue
The Group obtains revenue from contracts relating to sales of luxury goods to retail and wholesale customers. Retail purchases
are paid at time of purchase while wholesale and licensing purchases are paid on short-term credit terms. The Group also obtains
revenue through licences issued to third parties to produce and sell goods carrying ‘Burberry’ trademarks. Revenue is stated
excluding Value Added Tax and other sales-related taxes.
Retail and wholesale revenue
For retail and wholesale revenue, the primary performance obligation is the transfer of luxury goods to the customer. For retail
revenue this is considered to occur when control of the goods passes to the customer. For in-store retail revenue, control
transfers when the customer takes possession of the goods in store and pays for the goods. For digital retail revenue, control is
considered to transfer when the goods are delivered to the customer. The timing of transfer of control of the goods in wholesale
transactions depends upon the terms of trade in the contract. Principally for wholesale revenue, revenue is recognised either when
goods are collected by the customer from the Group’s premises, or when the Group has delivered the goods to the location
specified in the contract. Provision for returns and other allowances are reflected in revenue when revenue from the customer is
first recognised. A sales return liability and a corresponding return asset within gross inventory are recognised. Retail customers
typically have the right to return product within a limited time frame while wholesale customers typically have the right to return
damaged and, under agreement, certain current season products. Returns are initially estimated based on historical levels and
adjusted subsequently as returns are incurred.
Some wholesale contracts may require the Group to make payments to the wholesale customer for services directly relating to the
sale of the Group’s goods, such as the cost of staff handling the Group’s goods at the wholesaler. Payments to the customer
directly relating to the sale of goods to the customer are recognised as a reduction in revenue, unless in exchange for a distinct
good or service. These charges are recognised in revenue at the later of when the sale of the related goods to the customer is
recognised or when the customer is paid, or promised to be paid, for the service. Payments to the customer relating to a service
which is distinct from the sale of goods to the customer are recognised in operating costs.
The Group sells gift cards and similar products to customers, which can be redeemed for goods, up to the value of the card,
at a future date. Revenue relating to gift cards is recognised when the card is redeemed, up to the value of the redemption.
Unredeemed amounts on gift cards are classified as contract liabilities. Typically, the Group does not expect to have significant
unredeemed amounts arising on its gift cards.
Licensing revenue
The Group’s licences entitle the licensee to access the Group’s trademarks over the term of the licence. Hence revenue from
licensing is recognised over the term of access to the licence. Royalties receivable under licence agreements are usually based on
production or sales volumes and are accrued in revenue as the subsequent production or sale occurs. Any amounts received which
have not been recognised in revenue are classified as contract liabilities.
b) Segment reporting
As required by IFRS 8 Operating Segments, the segmental information presented in the financial statements is reported in a
manner consistent with the internal reporting provided to the Chief Operating Decision Maker. The Chief Operating Decision
Maker, who is responsible for allocating resources and assessing performance, has been identified as the Board of Directors.
The Group has centralised activities for designing, making and sourcing, which ensure a global product offering is sold through
retail and wholesale channels worldwide. Resource allocation and performance is assessed across the whole of the retail/wholesale
channel globally. Hence the retail/wholesale channel has been determined to be an operating segment.
Licensed products are manufactured and sold by third-party licensees. As a result, this channel is assessed discretely by the
Chief Operating Decision Maker and has been determined to be an operating segment .
The Group presents an analysis of its revenue by channel, by product division and by geographical destination.
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2. Accounting policies continued
c) Business combinations
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition
i
s measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of
exchange. Contingent payments are remeasured at fair value through the Income Statement. All transaction costs are expensed
to the Income Statement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination
are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest.
Non-controlling interests in subsidiaries are identified separately from the Group’s equity, and are initially measured either at
fa
ir value or at a value equal to the non-controlling interests’ share of the identifiable net assets acquired. The choice of the basi
s
o
f measurement is an accounting policy choice for each individual business combination. The excess of the cost of acquisit
ion
to
gether with the value of any non-controlling interest over the fair value of the identifiable net assets acquired is recorded
as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is
recognised directly in the Income Statement.
d) Share schemes
The Group operates a number of equity-settled share-based compensation schemes, under which services are received from
empl
oyees (including Executive Directors) as consideration for equity instruments of the Company. The cost of the share-based
incentives is measured with reference to the fair value of the equity instruments awarded at the date of grant, including share
awards and options. Appropriate option pricing models, including Black-Scholes, are used to determine the fair value of the option
awards made. The fair value takes into account the impact of any market performance conditions, but the impact of non-mark
et
performance conditions is not considered in determining the fair value on the date of grant. Vesting conditions which relate to
non-market conditions are allowed for in the assumptions used for the number of share awards or options expected to vest.
The estimate of the number of share awards or options expected to vest is revised at each balance sheet date.
In some circumstances, employees may provide services in advance of the grant date. The grant date fair value is estimated for
the purposes of recognising the expense during the period between the service commencement period and the grant date.
The cost of the share-based incentives is recognised as an expense over the vesting period of the share awards, or options,
with a corresponding increase in equity.
When share awards or options are exercised, they are settled either via issue of new shares in the Company, or through shares
held in an Employee Share Option Plan (ESOP) trust, depending on the terms and conditions of the relevant scheme. For new
shares issued, the proceeds received from the exercises of share options, net of any directly attributable transaction costs,
are credited to share capital and share premium accounts. When ESOP shares are used, any difference between the exercise
price and their cost are recognised in retained earnings.
e) Leases
The Group is both a lessee and lessor of property, plant and equipment. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration. An identified asset may be
specifically or implicitly specified. Control exists when the lessee has both the right to direct the use of the identified asset and the
right to obtain substantially all of the economic benefits from that use.
Lessee accounting
The Group’s principal lease arrangements where the Group acts as the lessee are for property, most notably the lease of
retail stores, corporate offices and warehouses. Other leases are for office equipment, vehicles, and supply chain equipment.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.
The Group recognises all lease liabilities and the corresponding right-of-use assets on the Balance Sheet, with the exception of
certain short-term leases (12 months or less) and leases of low value assets, which are expensed as incurred. Leases and the
corresponding right-of-use assets are initially recognised when the Group obtains control of the underlying asset. Leases for new
assets are presented as additions to lease liabilities and right-of-use assets.
Lease liabilities are initially measured on a present value basis. Lease liabilities include the net present value of the following
lease payments:
• Fixed payments, less any incentives
• V
ariable lease payments that are based on a future index or rate
• Amounts expected to be payable by the lessee under residual value guarantees an
d
• Th
e cost of exercising a purchase option if the lessee is reasonably certain to exercise that option
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2. Accounting policies continued
e) Leases continued
Lessee accounting continued
Where the lease contains an extension option or a termination option which is exercisable by the Group, as lessee, an assessment
is made as to whether the Group is reasonably certain to exercise the extension option, or not exercise the termination option,
considering all relevant facts and circumstances that create an economic incentive. Considerations may include the contractual
terms and conditions for the optional periods compared to market rates, costs associated with the termination of the lease and
the importance of the underlying asset to the Group’s operations.
Variable lease payments dependent upon a future index or rate are measured using the amounts payable at the commencement
date until the index or rate is known. Variable lease payments not dependent on an index or rate, including lease payments based
on a percentage of turnover, are excluded from the calculation of lease liabilities.
Payments are discounted at the incremental borrowing rate of the lessee, unless the interest rate implicit in the lease can be
readily determined.
Right-of-use assets are classified as property or non-property. The Group has elected not to apply the short-term exemption to
the property class of right-of-use assets. Where the exemption is applied to the non-property class of right-of-use assets, lease
payments are expensed as incurred. The low value asset exemption has been applied to both the property and non-property class
of assets on a lease-by-lease basis where applicable.
In circumstances where the Group is in possession of a property but there is no executed agreement or other binding obligation in
relation to the property, rent is expensed until such time the obligation becomes binding, at which point, a right-of-use asset and lease
liability will be recognised prospectively. These lease costs are disclosed as lease in holdover expenses. Refer to notes 5 and 21.
Right-of-use assets are measured at cost comprising the following:
• The amount of the initial measurement of the lease liability
• Any lease payments made at or before the commencement date less any lease incentives received and
• Any initial direct costs incurred in entering into the lease
The Group recognises depreciation of right-of-use assets and interest on lease liabilities in the Income Statement over the lease
term. Repayments of lease liabilities are classified separately in the Statement of Cash Flows where the cash payments for the
principal portion of the lease liability are presented within financing activities, and cash payments for the interest portion are
presented within operating activities. Payments in relation to variable lease payments based on turnover, short-term leases and
leases of low value assets which are not included on the Balance Sheet are included within operating expenses.
Modifications to lease agreements, extensions to existing lease agreements and changes to future lease payments relating to
existing terms in the contract, including market rent reassessments and index-based changes, are presented as remeasurements
of the lease liabilities. The related right-of-use asset is also remeasured. If the modification results in a reduction in scope of the
lease, either through shortening the lease term or through disposing of part of the underlying asset, a gain or loss on disposal may
arise relating to the difference between the lease liabilities and the right-of-use asset applicable to the reduction in scope.
Right-of-use assets are included in the review for impairment of property, plant and equipment and intangible assets with finite
economic lives, if there is an indication that the carrying amount of the cash generating unit may not be recoverable.
COVID-19-Related Rent Concessions
The COVID-19-Related Rent Concessions amendment to IFRS 16 Leases was adopted by the IASB on 28 May 2020. The amendment
was applied until 30 June 2022. The amendment allowed for a simplified approach to accounting for rent concessions occurring as a
direct result of COVID-19 and for which the following criteria are met:
• The revised consideration is substantially the same, or less than, the consideration prior to the change
• The concessions affect only payments originally due on or before 30 June 2022 and
• There is no substantive change to other terms and conditions of the lease
From 1 July 2022, the Group has applied the principles of IFRS 9 Financial Instruments and continues to account for eligible rent
forgiveness as negative variable lease payments where:
• The rent concessions are occurring as a direct result of COVID-19
• The revised consideration is substantially the same, or less than, the consideration prior to the change and
• There is no substantive change to other terms and conditions of the lease
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2. Accounting policies continued
e) Leases continued
COVID-19-Related Rent Concessions continued
Lessees are not required to assess whether eligible rent concessions are lease modifications, allowing the lessee to account for
eligible rent concessions as if they were not lease modifications. The Group may agree rent concessions both in the form of rent
forgiveness in which the landlord has agreed to forgive all or a portion of rents due with no obligation to be repaid in the future,
and rent deferrals in which the landlord has agreed to forego rents in one period with a proportional increase in rents due in a
future period.
The Group has chosen to account for eligible rent forgiveness as negative variable lease payments. Rent concessions are
recognised once a legally binding agreement is made between both parties, by derecognising the portion of the lease liability that
has been forgiven and recognising the benefit in the Income Statement. As a result, the Group has recognised £13 million (last
year: £18 million) in COVID-19-related rent concessions in the Income Statement within other operating income in the current
period. This has been presented as an adjusting item (refer to note 6). In the Statement of Cash Flows, the forgiveness results in
lower payments of lease principal. The negative variable lease payments in the Income Statement comprise a non-cash item which
is adjusted for to calculate cash generated from operating activities.
Rent deferrals do not change the total consideration due over the life of the lease. Deferred rent payments are recognised as a
payable until the period the original rent payment is due. Payments relating to rent deferrals are recognised as payments of lease
principal when the payment is made.
f) Dividend distributions
Dividend distributions to Burberry Group plc’s shareholders are recognised as a liability in the period in which the dividend
becomes a committed obligation. Final dividends are recognised when they are approved by the shareholders. Interim dividends are
recognised when paid.
g) Pension costs
Eligible employees participate in defined contribution pension schemes, the principal one being in the UK with its assets held in an
independently administered fund. The cost of providing these benefits to participating employees is recognised in the Income
Statement as they fall due and comprises the amount of contributions to the schemes.
h) Intangible assets
Goodwill
Goodwill is the excess of the cost of acquisition together with the value of any non-controlling interest, over the fair value of
identifiable net assets acquired. Goodwill on acquisition is recorded as an intangible asset. Fair values are attributed to the
identifiable assets, liabilities and contingent liabilities that existed at the date of acquisition, reflecting their condition at that
date. Adjustments are also made to align the accounting policies of acquired businesses with those of the Group.
Goodwill is assigned an indefinite useful life. Impairment reviews are performed annually, or more frequently if events or changes in
circumstances indicate that the carrying value may not be recoverable. Impairment losses recognised on goodwill are not reversed
in future periods.
Trademarks, licences and other intangible assets
The cost of securing and renewing trademarks and licences, and the cost of acquiring other intangible assets, is capitalised at
purchase price and amortised by equal annual instalments over the period in which benefits are expected to accrue, typically ten
years for trademarks, or the term of the licence. The useful life of trademarks and other intangible assets is determined on a case-
by-case basis, in accordance with the terms of the underlying agreement and the nature of the asset.
Computer software
Computer software costs are capitalised during the development phase at the point at which there is sufficient certainty that the
software will deliver future economic benefits to the Group. The cost of acquiring computer software (including licences and
separately identifiable development costs) is capitalised as an intangible asset at purchase price, plus any directly attributable cost
of preparing that asset for its intended use. Software costs are amortised on a straight-line basis over their estimated useful lives,
which may be up to seven years.
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2. Accounting policies continued
i) Property, plant and equipment
Property, plant and equipment, with the exception of assets in the course of construction, is stated at cost or deemed cost, based
on historical revalued amounts prior to the adoption of IFRS, less accumulated depreciation and provision to reflect any
impairment in value. Assets in the course of construction are stated at cost less any provision for impairment and transferred to
completed assets when substantially all of the activities necessary for the asset to be ready for use have occurred. Cost includes
the original purchase price of the asset and costs attributable to bringing the asset to its working condition for its intended use.
Depreciation
Depreciation of property, plant and equipment is calculated to write off the cost or deemed cost, less residual value, of the assets
in equal annual instalments over their estimated useful lives at the following rates:
Type of asset Category of property, plant and equipment Useful life
Land Freehold land and buildings Not depreciated
Freehold buildings Freehold land and buildings Up to 50 years
Long life leasehold improvements Leasehold improvements Over the unexpired term of the lease
Short life leasehold improvements Leasehold improvements Up to 10 years
Plant and machiner
y
Fixtures, fittings and equipment Up to 15 years
Retail fixtures and fittings Fixtures, fittings and equipment Up to 5 years
Office fixtures and fittings Fixtures, fittings and equipment Up to 5 years
Computer equipment Fixtures, fittings and equipment Up to 7 years
Assets in the course of construction Assets in the course of construction Not depreciated
Profit/loss on disposal of property, plant and equipment and intangible assets
Profits and losses on the disposal of property, plant and equipment and intangible assets represent the difference between the net
proceeds and net book value at the date of sale. Disposals are accounted for when the relevant transaction becomes unconditional.
j) Assets held for sale
Non-current assets are classified as held for sale when their carrying amount is to be recovered principally through a sale
transaction rather than through continued use, and a sale within the next 12 months is considered to be highly probable.
Assets classified as held for sale cease to be depreciated and they are stated at the lower of carrying amount and fair value less
cost to sell.
k) Impairment of non-financial assets
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets under
construction are also tested annually. Assets that are subject to amortisation or depreciation are reviewed for impairment
whenever events or changes in circumstance indicate that the carrying value may not be recoverable. An impairment loss is
recognised for the amount by which the carrying value exceeds its recoverable amount. The recoverable amount is the higher of an
asset’s fair value less costs to sell and value-in-use. For the purposes of assessing impairment, retail assets are grouped at the
lowest levels for which there are separately identifiable cash flows, being individual stores (cash generating units), and goodwill
assets are considered at the lowest level being monitored by management. Non-financial assets, other than goodwill, for which an
impairment has been previously recognised are reviewed for possible reversal of impairment at each reporting date.
l) Inventories
Inventories are stated at the lower of cost and net realisable value. Cost consists of all costs of purchase, costs of conversion,
design costs and other costs incurred in bringing the inventories to their first point of sale location and condition. The cost of
inventories is determined using a weighted average cost method, taking account of the fashion seasons for which the inventory
was offered. Where necessary, provision is made to reduce cost to no more than net realisable value having regard to the nature
and condition of inventory, as well as its anticipated utilisation and saleability.
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2. Accounting policies continued
m) Taxation
Tax expense represents the sum of the current tax expense and deferred tax charge.
Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Income Statement
because it excludes items of income or expense which are taxable or deductible in other years and it further excludes items which
are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates which have been enacted or
substantively enacted at the balance sheet date.
Deferred tax is recognised, using the liabilities method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the consolidated financial statements. However, if the temporary difference arises from
initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss, no deferred tax will be recognised. Deferred tax is determined using tax rates
(and laws) that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related
deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the
temporary differences can be utilised.
Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal
of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the
foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current
tax liabilities and when deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the
same taxable entities or different taxable entities where there is an intention to settle the balances on a net basis.
n) Provisions
Provisions are recognised when there is a present legal or constructive obligation as a result of past events, for which it is probable
that an outflow of economic benefits will be required to settle the obligation, and where the amount of the obligation can be reliably
estimated. When the effect of the time value of money is material, provision amounts are calculated based on the present value of the
expenditures expected to be required to settle the obligation. The present value is calculated using forward market interest rates as
measured at the balance sheet reporting date, which have been adjusted for risks specific to the future obligation.
Property obligations
A provision for the present value of future property reinstatement costs is recognised where there is an obligation to return the
leased property to its original condition at the end of a lease term. The reinstatement cost at the end of a lease usually arises due to
leasehold improvements and modifications carried out by the Group in order to customise the property during tenure of the lease. As
a result, the cost of the reinstatement provision is recognised as a component of the cost of the leasehold improvements in property,
plant and equipment when these are installed and amortised to the income statement over the expected life of the lease.
o) Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from the proceeds.
Where any Group company purchases the Company’s equity share capital (treasury shares), the consideration paid, including any
directly attributable incremental costs, is deducted from equity attributable to owners of the Company until the shares are
cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any
directly attributable incremental transaction costs and the related income tax effects, is credited to share capital and share
premium accounts included in equity attributable to owners of the Company.
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2. Accounting policies continued
p) Financial instruments
Financial instruments are initially recognised at fair value plus directly attributable transaction costs on the Balance Sheet when
the entity becomes a party to the contractual provisions of the instrument. A financial asset is derecognised when the contractual
rights to the cash flow expire or substantially all risks and rewards of the asset are transferred. A financial liability is derecognised
when the obligation specified in the contract is discharged, cancelled or expired.
At initial recognition, all financial liabilities are stated at fair value. Subsequent to initial recognition, all financial liabilities are
stated at amortised cost using the effective interest rate method except for derivatives which are held at fair value and which are
classified as fair value through profit and loss, except where they qualify for hedge accounting. Financial assets are classified as
either amortised cost or fair value through profit and loss depending on their cash flow characteristics. Assets with cash flows
that represent solely payments of principal and interest are measured at amortised cost. The fair value of the Group’s financial
assets and liabilities held at amortised cost mostly approximate their carrying amount due to the short maturity of these
instruments. Where the fair value of any financial asset or liability held at amortised cost is materially different to the book value,
the fair value is disclosed.
The Group classifies its instruments in the following categories:
Financial instrument category Note Classification Measurement
Fair value
measurement
hierarchy
2
Cash and cash equivalents 19 Amortised cost Amortised cost N/A
Cash and cash equivalents 19 Fair value through profit and loss Fair value through profit and loss 2
Trade and other receivables 16 Amortised cost Amortised cost N/A
Trade and other receivables 16 Fair value through profit and loss Fair value through profit and loss 2
Trade and other payables 20 Other financial liabilities Amortised cost N/A
Borrowings 24 Other financial liabilities Amortised cost N/A
Leases 21 Lease liabilities Amortised cost N/A
Deferred consideration 20 Fair value through profit and loss Fair value through profit and loss 3
Forward foreign exchange contracts 18 Fair value through profit and loss Fair value through profit and loss 2
Forward foreign exchange contracts
used for hedging
1
18 Fair value – hedging instrument Fair value – hedging instrument
3
2
Equity swap contracts 18 Fair value through profit and loss Fair value through profit and loss 2
1. Cash flow hedge and net investment hedge accounting is applied to the extent it is achievable.
2. The fair value measurement hierarchy is only applicable for financial instruments measured at fair value.
3. Forward foreign exchange contracts used for hedging are classified as Fair value – hedging instruments under IFRS 9, however IAS 39 hedge accounting has been applied.
The measurements for financial instruments carried at fair value are categorised into different levels in the fair value hierarchy
based on the inputs to the valuation technique used. The different levels are defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the
measurement date.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly.
Level 3: includes unobservable inputs for the asset or liability.
Observable inputs are those which are developed using market data, such as publicly available information about actual events or
transactions. The Group has an established framework with respect to measurement of fair values, including Level 3 fair values.
The Group regularly reviews any significant inputs which are not derived from observable market data and considers, where
available, relevant third-party information, to support the conclusion that such valuations meet the requirements of IFRS.
The classification level in the fair value hierarchy is also considered periodically.
The fair value of those cash and cash equivalents measured at fair value through profit and loss, principally money market funds,
is derived from their net asset value which is based on the value of the portfolio investment holdings at the balance sheet date.
This is considered to be a Level 2 measurement.
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2. Accounting policies continued
p) Financial instruments continued
The fair value of forward foreign exchange contracts, equity swap contracts and trade and other receivables, principally cash
settled equity swaps, is based on a comparison of the contractual and market rates and, in the case of forward foreign exchange
contracts, after discounting using the appropriate yield curve as at the balance sheet date. All Level 2 fair value measurements are
calculated using inputs which are based on observable market data.
The fair value of the contingent payment component of deferred consideration is considered to be a Level 3 measurement and is
derived using a present value calculation, incorporating observable and non-observable inputs. This valuation technique has been
adopted as it most closely mirrors the contractual arrangement.
The Group’s primary categories of financial instruments are listed below:
Cash and cash equivalents
Cash and short-term deposits on the Balance Sheet comprise cash at banks and on hand and short-term highly liquid deposits
with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk
of changes in value. In the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts, which are recorded
under current liabilities on the Balance Sheet.
While cash at bank and in hand is classified as amortised cost, some short-term deposits are classified as fair value through profit
and loss.
Cash and cash equivalents held at amortised cost are subject to impairment testing at each period end.
Trade and other receivables
Trade and other receivables are included in current assets, except for maturities greater than 12 months after the balance sheet
date. Most receivables are held with the objective to collect the contractual cash flows and are therefore recognised initially at
fair value and subsequently measured at amortised cost using the effective interest rate method, less provision for impairment.
A provision for the expected credit losses on trade receivables is established at inception. Expected credit loss rates are calculated
by reviewing lifetime expected credit losses using historic and forward-looking data. The amount of the movement in the provision
is recognised in the Income Statement.
Trade and other payables
Trade and other payables are included in current liabilities, except for maturities greater than 12 months after the balance
sheet date. Payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
rate method.
Borrowings
Borrowings are recognised initially at fair value, inclusive of transaction costs incurred. Borrowings are subsequently stated at
amortised cost and the difference between the proceeds (net of transaction costs) and the redemption value is recognised in the
Income Statement over the period of the borrowings using the effective interest rate method. Borrowings are classified as current
liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance
sheet date.
Deferred consideration
Deferred consideration is initially recognised at the present value of the expected future payments. It is subsequently remeasured
at fair value at each reporting period with the change in fair value relating to changes in expected future payments recorded in the
Income Statement as an operating expense or income. Changes in fair value relating to unwinding of discounting to present value
are recorded as a financing expense.
Derivative instruments
The Group uses derivative financial instruments to hedge its exposure to fluctuations in foreign exchange rates arising on certain
trading transactions. The principal derivative instruments used are forward foreign exchange contracts taken out to hedge highly
probable cash flows in relation to future sales, and product purchases. The Group also may designate forward foreign exchange
contracts or foreign currency borrowings as a net investment hedge of the assets of overseas subsidiaries.
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2. Accounting policies continued
p) Financial instruments continued
Derivative instruments continued
When hedge accounting is applied, the Group documents at the inception of the transaction the relationship between the spot
element of the hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking
various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of
whether the hedging instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or
cash flows of hedged items.
Derivatives are initially recognised at fair value at the trade date and are subsequently remeasured at their fair value. The method
of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the
nature of the item being hedged. The Group designates certain derivatives as either: (1) hedges of the fair value of recognised
assets and liabilities or a firm commitment (fair value hedges); (2) hedges of highly probable forecast transactions (cash flow
hedges); (3) hedges of net investment of the assets of overseas subsidiaries (net investment hedges); or (4) classified as fair value
through profit and loss.
The forward elements of the hedging instrument are recognised in operating expenses.
Changes in the fair value relating to the spot element of derivatives that are designated and qualify as fair value hedges are
recorded in the Income Statement immediately, together with any changes in the fair value of the hedged item that is attributable
to the hedged risk.
The effective portion of changes in the fair value relating to the spot element of derivatives that are designated and qualify as
cash flow hedges is deferred in other comprehensive income. The gain or loss relating to the ineffective portion of the gain or loss
is recognised immediately in the Income Statement. Amounts deferred in other comprehensive income are recycled through the
Income Statement in the periods when the hedged item affects the Income Statement. When a hedging instrument expires or is
sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at the time
remains in equity and is recognised when the forecast transaction is ultimately recognised in the Income Statement. When a
forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately
transferred to the Income Statement within ‘net exchange gain/(loss) on derivatives – fair value through profit and loss’. If a
derivative instrument is not designated as a hedge, the subsequent change to the fair value is recognised in the Income Statement
within operating expenses or interest depending upon the nature of the instrument.
Where the Group hedges net investments in foreign operations through derivative instruments or foreign currency borrowings, the
gains or losses on the effective portion of the change in fair value of derivatives that are designated and qualify as a hedge of a net
investment, or the gains or losses on the retranslation of the borrowings are recognised in other comprehensive income and are
reclassified to the Income Statement when the foreign operation that is hedged is disposed of.
Cash settled equity swaps are classified as fair value through profit and loss.
q) Government grants
Government grants related to assets are recognised as deferred income when there is reasonable certainty that any conditions
attached to the grant will be met and the grant will be received. They are amortised to operating income over the useful life of the
asset. Government grants related to income are presented as operating income when it is reasonably certain that any conditions
attached will be met and that the grant will be received.
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2. Accounting policies continued
r) Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented
in sterling which is the Company’s functional and the Group’s presentation currency.
Transactions in foreign currencies
Transactions denominated in foreign currencies within each entity in the Group are translated into the functional currency at the
exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies, which
are held at the year end, are translated into the functional currency at the exchange rate ruling at the balance sheet date (closing
rate). Exchange differences on monetary items are recognised in the Income Statement in the period in which they arise, except
where these exchange differences form part of a net investment in overseas subsidiaries of the Group, in which case such
differences are recognised in other comprehensive income.
Translation of the results of overseas businesses
The results of overseas subsidiaries are translated into the Group’s presentation currency of sterling each month at the average
exchange rate for the month, weighted according to the phasing of the Group’s trading results. The average exchange rate is used,
as it is considered to approximate the actual exchange rates on the date of the transactions. The assets and liabilities of such
undertakings are translated at the closing rates. Differences arising on the retranslation of the opening net investment in
subsidiary companies, and on the translation of their results, are recognised in other comprehensive income.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the
foreign operation and translated at the closing rate.
The principal exchange rates used were as follows:
Average rate Closing rate
52 weeks to
1 April
2023
53 weeks to
2 April
2022
As at
1 April
2023
As at
2 April
2022
Euro 1.16 1.18 1.14 1.19
US Dollar 1.20 1.36 1.24 1.31
Chinese Yuan Renminbi 8.27 8.73 8.51 8.34
Hong Kong Dollar 9.43 10.63 9.73 10.26
Korean Won 1,577 1,596 1,613 1,592
s) Adjusted profit before taxation
In order to provide additional understanding of the underlying performance of the Group’s ongoing business, the Group’s results
include a presentation of Adjusted operating profit and Adjusted profit before taxation (adjusted PBT). Adjusted PBT is defined as
profit before taxation and before adjusting items. Adjusting items are those items which, in the opinion of the Directors, should be
excluded in order to provide a consistent and comparable view of the performance of the Group’s ongoing business. Generally,
this will include those items that are largely one-off and/or material in nature as well as income or expenses relating to
acquisitions or disposals of businesses or other transactions of a similar nature, including the impact of changes in fair value of
expected future payments or receipts relating to these transactions. Adjusting items are identified and presented on a consistent
basis each year and a reconciliation of adjusted PBT to profit before tax is included in the financial statements. Adjusting items
and their related tax impacts, as well as adjusting taxation items, are added back to/deducted from profit attributable to owners
of the Company to arrive at adjusted earnings per share. Refer to note 6 for further details of adjusting items.
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3. Segmental analysis
The Chief Operating Decision Maker has been identified as the Board of Directors. The Board reviews the Group’s internal
reporting in order to assess performance and allocate resources. Management has determined the operating segments based on
the reports used by the Board. The Board considers the Group’s business through its two channels to market, being
retail/wholesale and licensing.
Retail/wholesale revenues are generated by the sale of luxury goods through Burberry mainline stores, concessions, outlets and
digital commerce as well as Burberry franchisees, prestige department stores globally and multi-brand speciality accounts. The
flow of global product between retail and wholesale channels and across our regions is monitored and optimised at a corporate
level and implemented via the Group’s inventory hubs and principal distribution centres situated in Europe, the US, Mainland China
and Hong Kong S.A.R. China.
Licensing revenues are generated through the receipt of royalties from global licensees of beauty products, eyewear and from
licences relating to the use of non-Burberry trademarks in Japan.
The Board assesses channel performance based on a measure of adjusted operating profit. This measurement basis excludes the
effects of adjusting items. The measure of earnings for each operating segment that is reviewed by the Board includes an
allocation of corporate and central costs. Interest income and charges are not included in the result for each operating segment
that is reviewed by the Board.
Retail/Wholesale Licensing Total
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Retail 2,501 2,273 – – 2,501 2,273
Wholesale 543 512 – – 543 512
Licensing – – 51 42 51 42
Total segment revenue 3,044 2,785 51 42 3,095 2,827
Inter-segment revenue
1
– – (1) (1) (1) (1)
Revenue from external customers 3,044 2,785 50 41 3,094 2,826
Depreciation and amortisation
2
(341) (313) – – (341) (313)
Net impairment charge of property,
plant and equipment
3
(2) (2) – – (2) (2)
Net impairment charge of right-of-use
assets
4
(5) (1)
–
– (5) (1)
Other non-cash items:
Share-based payments (19) (16) – – (19) (16)
Adjusted operating profit 587 486 47 37 634 523
Adjusting items
5
21 19
Finance income 21 3
Finance expense (42) (34)
Profit before taxation 634 511
1. Inter-segment transfers or transactions are entered into under the normal commercial terms and conditions that would be available to unrelated third parties.
2. Depreciation and amortisation for the 52 weeks to 1 April 2023 is presented excluding £3 million (last year: £nil) arising as a result of the Group’s restructuring programme,
which has been presented as an adjusting item (refer to note 6).
3. Net impairment charge of property, plant and equipment for the 53 weeks to 2 April 2022 was presented excluding a net reversal of £1 million relating to charges as a result
of the impact of COVID-19, which was presented as an adjusting item (refer to note 6).
4. Net impairment charge of right-of-use assets for the 52 weeks to 1 April 2023 is presented excluding a reversal of £6 million (last year: charge of £6 million) relating to
charges as a result of the impact of COVID-19 and a net charge of £3 million (last year: charge of £nil) arising as a result of the Group’s restructuring programmes, which
have been presented as adjusting items (refer to note 6).
5. Adjusting items relate to the Retail and Wholesale segment. Refer to note 6 for details of adjusting items.
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3. Segmental analysis continued
Retail/Wholesale Licensing Total
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Additions to non-current assets 350 400 – – 350 400
Total segment assets 2,273 2,099 5 6 2,278 2,105
Goodwill 109 109
Cash and cash equivalents 1,026 1,222
Taxation 273 261
Total assets per Balance Sheet 3,686 3,697
Additional revenue analysis
All revenue is derived from contracts with customers. The Group derives retail and wholesale revenue from contracts with
customers from the transfer of goods and related services at a point in time. Licensing revenue is derived over the period the
licence agreement gives the customer access to the Group’s trademarks.
Revenue by product division
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Accessories 1,125 1,017
Women’s 867 784
Men’s 868 807
Children’s/Other 184 177
Retail/Wholesale 3,044 2,785
Licensing 50 41
Total 3,094 2,826
Revenue by destination
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Asia Pacific 1,297 1,276
EMEIA
1
1,004 813
Americas 743 696
Retail/Wholesale 3,044 2,785
Licensing 50 41
Total 3,094 2,826
1. EMEIA comprises Europe, Middle East, India and Africa.
Entity-wide disclosures
Revenue derived from external customers in the UK totalled £257 million for the 52 weeks to 1 April 2023 (last year: £210 million).
Revenue derived from external customers in foreign countries totalled £2,837 million for the 52 weeks to 1 April 2023 (last year:
£2,616 million). This amount includes £661 million of external revenues derived from customers in the USA (last year: £626 million)
and £683 million of external revenues derived from customers in Mainland China (last year: £765 million).
The total of non-current assets, other than financial instruments, and deferred tax assets located in the UK is £485 million (last
year: £439 million). The remaining £1,094 million of non-current assets are located in other countries (last year: £1,005 million),
with £318 million located in the US (last year: £263 million) and £235 million located in Mainland China (last year: £214 million).
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4. Net operating expenses
Note
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
1
£m
Other operating income (12) (10)
Selling and distribution costs 1,207 1,115
Administrative expenses 353 367
1,548 1,472
Adjusting operating income 6 (34) (20)
Adjusting operating expenses 6 12 16
(22) (4)
Net operating expenses 1,526 1,468
1. Balances for the 53 weeks to 2 April 2022 have been restated to align with the current year allocation of other operating income. Other operating income has been
decreased by £8 million with an offsetting increase of £2 million in selling and distribution costs and decrease of £10 million in administrative expenses. This is largely to
present gains on foreign exchange, which were previously presented as other operating income, net within expenses. There is no impact on total net operating expenses.
5. Profit before taxation
Note
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Adjusted profit before taxation is stated after charging/(crediting):
Depreciation of property, plant and equipment
Within cost of sales 2 2
Within selling and distribution costs 76 68
Within administrative expenses 17 16
Depreciation of right-of-use assets
Within selling and distribution costs 191 171
Within administrative expenses
1
18 17
Amortisation of intangible assets
Within selling and distribution costs 1 2
Within administrative expenses 36 37
Gain on disposal of property, plant and equipment
2
– (3)
Gain on modification of right-of-use assets (2) –
Net impairment charge of property, plant and equipment
3
13 2 2
Net impairment charge of right-of-use assets
4
14 5 1
Employee costs
5
28 565 537
Other lease expense
Property lease variable lease expense 21 125 122
Property lease in holdover expense 21 20 17
Non-property short-term lease expense 21 11 5
Net exchange loss/(gain) on revaluation of monetary assets and liabilities 10 (10)
Net (gain)/loss on derivatives – fair value through profit and loss (9) 9
Receivables net impairment charge
6
2 1
1. Depreciation of right-of-use assets within administrative expenses for the 52 weeks to 1 April 2023 is presented excluding £3 million (last year: £nil) arising as a result of
the Group’s restructuring programme, which has been presented as an adjusting item (refer to note 6).
2. Gain on disposal of property, plant and equipment for the 52 weeks to 1 April 2023 is presented excluding £19 million relating to the gain on sale of a property in the US,
which has been presented as an adjusting item (refer to note 6).
3. Net impairment charge of property, plant and equipment for the 53 weeks to 2 April 2022 was presented excluding a net reversal of £1 million relating to charges as a result
of the impact of COVID-19, which was presented as an adjusting item (refer to note 6).
4. Net impairment charge of right-of-use assets for the 52 weeks to 1 April 2023 is presented excluding a reversal of £6 million (last year: charge of £6 million) relating to
charges as a result of the impact of COVID-19 and a net charge of £3 million (last year: charge of £nil) arising as a result of the Group’s restructuring programme, which
have been presented as adjusting items (refer to note 6).
5. Employee costs for the 52 weeks to 1 April 2023 are presented excluding a charge of £10 million (last year: £10 million) arising as a result of the Group’s restructuring
programme, which has been presented as an adjusting item (refer to note 6).
6. Receivables net impairment charge for the 53 weeks to 2 April 2022 is presented excluding a reversal of £1 million relating to charges as a result of the impact of COVID-19,
which was presented as an adjusting item (refer to note 6).
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5. Profit before taxation continued
Note
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Adjusting items
Adjusting operating items
Impact of COVID-19:
Impairment (reversal)/charge relating to retail cash generating units 6 (6) 5
Impairment reversal relating to inventory 6 (1) (16)
Impairment reversal relating to receivables 6 – (1)
COVID-19-related rent concessions 6 (13) (18)
COVID-19-related government grant income 6 (2) (2)
Other adjusting items:
Gain on disposal of property 6 (19) –
Restructuring costs 6 16 11
Revaluation of deferred consideration liabilit
y
6 2 1
Total adjusting operating items (23) (20)
Adjusting financing items
Finance charge on adjusting items 6 2 1
Total adjusting financing items 2 1
Note
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Analysis of adjusting operating items:
Included in Cost of sales (Impairment reversal relating to inventory) (1) (16)
Included in Operating expenses 4 12 16
Included in Other operating income 4 (34) (20)
Total (23) (20)
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6. Adjusting items
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Total adjusting operating items (pre-tax) (23) (20)
Total adjusting financing items (pre-tax) 2 1
Tax charge on adjusting operating items 6 5
Total adjusting operating items (post-tax) (15) (14)
Impact of COVID-19
At 1 April 2023, impairments and provisions recorded as adjusting items in prior periods as a result of the impact of COVID-19
have been reviewed and the assumptions updated where appropriate, to reflect management’s latest expectations. The impact of
changes in assumptions has been presented as an update to the adjusting item charge. Further details regarding the approach
applied to measure these updates are set out below for each of the specific adjusting items.
Impairment of retail cash generating units
During the 52 weeks to 1 April 2023, the impairment provisions remaining have been reassessed, using management’s latest
expectations, with a reversal of £6 million recorded (last year: charge of £5 million). A related tax charge of £1 million (last year:
credit of £1 million) has also been recognised in the year. Any charges or reversals which did not arise from the reassessment of
the original impairment adjusting item, had they arisen, would not have been included in this adjusting item. Refer to notes 13 and
14 for details of impairment of retail cash generating units.
Impairment of inventory
During the 52 weeks to 1 April 2023, reversals of inventory provisions, relating to inventory which had been provided for as an
adjusting item at the previous year end and has either been sold, or is now expected to be sold, at a higher net realisable value than
had been assumed when the provision had been initially estimated, of £1 million (last year: £16 million) have been recorded and
presented as an adjusting item. No related tax charge (last year: £4 million) has been recognised in the year. All other charges and
reversals relating to inventory provisions have been recorded in adjusted operating profit. Refer to note 17 for details of inventory
provisions.
Impairment of receivables
During the 53 weeks to 2 April 2022, a reversal of £1 million was recorded as an adjusting item relating to the one-off impact of
COVID-19 on expected credit losses. No amounts were recorded during the 52 weeks to 1 April 2023. Refer to note 27 for details
of impairment of receivables.
COVID-19-related rent concessions
Eligible rent forgiveness amounts have been treated as negative variable lease payments, resulting in a credit of £13 million (last
year: £18 million) for the 52 weeks to 1 April 2023 being recorded within other operating income. This income has continued to be
presented as an adjusting item given that it is explicitly related to COVID-19. The amendment to IFRS 16 expired on 30 June
2022; however the Group continues to apply the same accounting treatment applying the principles of IFRS 9. A related tax
charge of £3 million (last year: £4 million) has also been recognised in the current year.
COVID-19-related grant income
The Group has recorded grant income of £2 million (last year: £2 million) within other operating income for the 52 weeks to 1 April
2023, relating to government support to alleviate the impact of COVID-19. This income has been presented as an adjusting item
as it is explicitly related to COVID-19, and the arrangements are expected to last for a limited period of time. A related tax charge
of £1 million (last year: £1 million) has also been recognised in the current year.
Other adjusting items
Gain on disposal of property
During the 52 weeks to 1 April 2023, the Group completed the sale of an owned property in the US for cash proceeds of £22
million resulting in a net gain on disposal of £19 million, recorded within other operating income. The net gain on disposal was
recognised as an adjusting item, in accordance with the Group’s accounting policy, as it is considered to be material and one-off in
nature. A related tax charge of £5 million was also recognised in the year.
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6. Adjusting items continued
Other adjusting items continued
Restructuring costs
Restructuring costs of £16 million (last year: £11 million) were incurred in the current year, arising primarily as a result of the
organisational efficiency programme announced in July 2020, and completed in the current year, that included the creation of
three new business units to enhance product focus, increase agility and elevate quality, and to further streamline office-based
functions and facilities. The costs for the 52 weeks to 1 April 2023 principally relate to impairment charges on non-retail assets
and redundancies and are recorded in operating expenses. They are presented as an adjusting item, in accordance with the Group’s
accounting policy, as the anticipated cost of the restructuring programme is considered material and discrete in nature. A related
tax credit of £4 million (last year: £3 million) has also been recognised in the current year.
Items relating to the deferred consideration liability
On 22 April 2016, the Group entered into an agreement to transfer the economic right of the non-controlling interest in Burberry
Middle East LLC to the Group in exchange for consideration of contingent payments to be made to the minority shareholder over
the period to 2023.
A charge of £2 million in relation to the revaluation of this balance has been recognised in operating expenses for the 52 weeks to 1
April 2023 (last year: £1 million). This movement is unrealised. No tax has been recognised on this item, as the future payments
are not considered to be deductible for tax purposes. This item is presented as an adjusting item in accordance with the Group’s
accounting policy, as it arises from changes in the value of the liability for expected future payments relating to the purchase of a
non-controlling interest in the Group and acquisition of a subsidiary respectively.
7. Auditor remuneration
Fees incurred during the year in relation to audit and non-audit services are analysed below:
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Audit services in respect of the financial statements of the Company and consolidation 0.5 0.5
Audit services in respect of the financial statements of subsidiary companies 2.7 2.3
Audit-related assurance services 0.2 0.2
Other non-audit-related services 0.1 0.1
Total 3.5 3.1
8. Financing
Note
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Finance income – amortised cost 3 1
Bank interest income – fair value through profit and loss 18 2
Finance income 21 3
Interest expense on lease liabilities
1
21 (31) (27)
Interest expense on overdrafts (2) –
Interest expense on borrowings (4) (4)
Bank charges (1) (2)
Other finance expense (4) (1)
Finance expense (42) (34)
Finance charge on adjusting items 6 (2) (1)
Net finance expense (23) (32)
1. Interest expense on lease liabilities of £31 million excludes £2 million arising as a result of the Group’s restructuring programme, which has been presented as an adjusting
item (refer to note 6).
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9. Taxation
Analysis of charge for the year recognised in the Group Income Statement:
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Current tax
UK corporation tax
Current tax on income for the 52 weeks to 1 April 2023 at 19% (last year: 19%) 116 114
Double taxation relief (5) (7)
Adjustments in respect of prior years
1
12 25
123 132
Foreign tax
Current tax on income for the year 34 28
Adjustments in respect of prior years
1
3 (15)
37 13
Total current tax 160 145
Deferred tax
UK deferred tax
Origination and reversal of temporary differences 4 (3)
Impact of changes to tax rates – (4)
Adjustments in respect of prior years
1
– 1
4 (6)
Foreign deferred tax
Origination and reversal of temporary differences (26) (27)
Adjustments in respect of prior years
1
4 2
(22) (25)
Total deferred tax (18) (31)
Total tax charge on profit 142 114
1. Adjustments in respect of prior years relate mainly to adjustments to estimates of prior period tax liabilities and a net increase in provisions for uncertain tax positions and
tax accruals.
Analysis of charge for the year recognised in other comprehensive income and directly in equity:
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Current tax
Recognised in other comprehensive income:
Current tax charge on exchange differences on loans (foreign currency translation reserve) 1 –
Current tax charge on net investment hedges deferred in equity (hedging reserve) – 1
Total current tax recognised in other comprehensive income 1 1
Deferred tax
Recognised in other comprehensive income:
Deferred tax credit on net investment hedges deferred in equity (hedging reserve) – (1)
Total deferred tax recognised in other comprehensive income – (1)
Recognised in equity:
Deferred tax credit on share options (retained earnings) (2) –
Total deferred tax recognised directly in equity (2) –
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9. Taxation continued
The tax rate applicable on profit varied from the standard rate of corporation tax in the UK due to the following factors:
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Profit before taxation 634 511
Tax at 19% (last year: 19%) on profit before taxation 120 97
Rate adjustments relating to overseas profits 1 3
Permanent differences 4 6
Tax on dividends not creditable – 2
Prior year temporary differences and tax losses recognised (3) (3)
Adjustments in respect of prior years 19 13
Adjustments to deferred tax relating to changes in tax rates 1 (4)
Total taxation charge 142 114
Total taxation recognised in the Group Income Statement arises on the following items:
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Tax on adjusted profit before taxation 136 109
Tax on adjusting items 6 5
Total taxation charge 142 114
Factors affecting future tax charges
Uncertain tax positions
The Group operates in numerous tax jurisdictions around the world and is subject to factors that may affect future tax charges
including transfer pricing, tax rate changes, tax legislation changes, tax authority interpretation, expiry of statutes of limitation,
tax litigation, and resolution of tax audits and disputes.
At any given time, the Group has open years outstanding in various countries and is involved in tax audits and disputes, some of
which may take several years to resolve. Provisions are based on best estimates and management’s judgements concerning the
likely ultimate outcome of any audit or dispute. Management considers the specific circumstances of each tax position and takes
external advice, where appropriate, to assess the range of potential outcomes and estimate additional tax that may be due.
At 1 April 2023 the Group had recognised provisions of £86 million in respect of uncertain tax positions (increasing from
£64 million in 2022), being provisions of £103 million net of expected reimbursements of £17 million (last year: £69 million
net of expected reimbursements of £5 million). The majority of these provisions relate to the tax impact of intra-group
transactions between the UK and the various jurisdictions in which the Group operates, as would be expected for a Group
operating internationally.
The Group believes that it has made adequate provision in respect of additional tax liabilities that may arise from open years, tax
audits and disputes. However, the actual liability for any particular issue may be higher or lower than the amount provided,
resulting in a negative or positive effect on the tax charge in any given year. A reduction in the tax charge may also arise for other
reasons such as an expiry of the relevant statute of limitations. Depending on the final outcome of tax audits which are currently in
progress, statute of limitations expiry, and other factors, an impact on the tax charge could arise. The tax impact of intra-group
transactions is a complex area and resolution of matters can take many years. Given the inherent uncertainty, it is difficult to
predict the timing of when these matters will be resolved and the quantum of the ultimate resolution. Management estimate that
the outcome across all matters under dispute or in negotiation between governments could be in the range of a decrease of
£32 million, to an increase of £27 million, in the uncertain tax position over the next 12 months.
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9. Taxation continued
Legislative changes
The UK corporation tax rate increased from 19% to 25% on 1 April 2023; consequently we expect an increase in the Group’s
effective tax rate to around 27% for FY 2023/24.
The OECD Pillar Two GloBE Rules introduce a global minimum corporate tax rate of 15% applicable to multinational enterprise
groups with global revenue over €750 million. All participating OECD members are required to incorporate these rules into
national legislation. The Group will be subject to the Pillar Two Model Rules from FY 2024/25 but does not meet the threshold for
application of the Pillar One transfer pricing rules. It is not expected that there will be a material impact on the effective tax rate
for the Group.
10. Earnings per share
The calculation of basic earnings per share is based on profit or loss attributable to owners of the Company for the year divided by
the weighted average number of ordinary shares in issue during the year. Basic and diluted earnings per share based on adjusted
profit before taxation are also disclosed to indicate the underlying profitability of the Group.
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Attributable profit for the year before adjusting items
1
475 382
Effect of adjusting items
1
(after taxation) 15 14
Attributable profit for the year 490 396
1. Refer to note 6 for details of adjusting items.
The weighted average number of ordinary shares represents the weighted average number of Burberry Group plc ordinary shares
in issue throughout the year, excluding ordinary shares held in the Group’s ESOP trusts and treasury shares held by the Company
or its subsidiaries. This includes the effect of the cancellation of 21.1 million shares during the period as a result of the share
buyback programmes. Refer to note 25 for additional information on the share buybacks.
Diluted earnings per share is based on the weighted average number of ordinary shares in issue during the year. In addition,
account is taken of any options and awards made under the employee share incentive schemes, which will have a dilutive effect
when exercised. Refer to note 28 for additional information on the terms and conditions of the employee share incentive schemes.
52 weeks to
1 April
2023
Millions
53 weeks to
2 April
2022
Millions
Weighted average number of ordinary shares in issue during the year 386.1 402.5
Dilutive effect of the employee share incentive schemes 1.9 2.3
Diluted weighted average number of ordinary shares in issue during the year 388.0 404.8
11. Dividends paid to owners of the Company
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Prior year final dividend paid 35.4p per share (last year: 42.5p) 140 172
Interim dividend paid 16.5p per share (last year: 11.6p) 63 47
Total 203 219
A final dividend in respect of the 52 weeks to 1 April 2023 of 44.5p (last year: 35.4p) per share, amounting to £167 million, has
been proposed for approval by the shareholders at the Annual General Meeting subsequent to the balance sheet date. The final
dividend has not been recognised as a liability at the year end and will be paid on 4 August 2023 to the shareholders on the
register at the close of business on 30 June 2023. The ex-dividend date is 29 June 2023 and the final day for dividend
reinvestment plan (DRIP) elections is 14 July 2023.
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12. Intangible assets
Cost
Goodwill
£m
Trademarks,
licences and other
intangible
assets
£m
Computer
software
£m
Intangible assets
in the course of
construction
£m
Total
£m
As at 27 March 2021 111 14 237 45 407
Effect of foreign exchange rate changes 4 – 1 – 5
Additions – – 12 25 37
Disposals – (1) (7) – (8)
Reclassifications from assets in the course of construction – – 15 (15) –
As at 2 April 2022 115 13 258 55 441
Effect of foreign exchange rate changes – – 1 – 1
Additions – 1 13 32 46
Disposals – – (42) – (42)
Reclassifications from assets in the course of construction – – 18 (18) –
As at 1 April 2023 115 14 248 69 446
Accumulated amortisation and impairment
As at 27 March 2021 6 7 137 20 170
Effect of foreign exchange rate changes – – 1 (1) –
Charge for the year – 1 38 – 39
Disposals – (1) (7) – (8)
As at 2 April 2022 6 7 169 19 201
Effect of foreign exchange rate changes – – 2 – 2
Charge for the year – 1 36 – 37
Disposals – – (42) – (42)
As at 1 April 2023 6 8 165 19 198
Net book value
As at 1 April 2023 109 6 83 50 248
As at 2 April 2022 109 6 89 36 240
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12. Intangible assets continued
Impairment testing of goodwill
The carrying value of the goodwill allocated to cash generating units:
As at
1 April
2023
£m
As at
2 April
2022
£m
Mainland China 50 50
Korea 26 26
Retail and Wholesale se
g
ment
1
19 19
Other 14 14
Total 109 109
1. Goodwill which arose on acquisition of Burberry Manifattura S.R.L. has been allocated to the group of cash generating units which make up the Group’s Retail and Wholesale
operating segment cash generating unit. This reflects the lowest level at which the goodwill is being monitored by management.
The Group tests goodwill for impairment annually or when there is an indication that goodwill might be impaired. The recoverable
amount of all cash generating units has been determined on a value-in-use basis. Value-in-use calculations for each cash
generating unit are based on projected pre-tax discounted cash flows together with a discounted terminal value. The cash flows
have been discounted at pre-tax rates reflecting the Group’s weighted average cost of capital adjusted for country-specific tax
rates and risks. Where the cash generating unit has a non-controlling interest which was recognised at a value equal to its
proportionate interest in the net identifiable assets of the acquired subsidiary at the acquisition date, the carrying amount of the
goodwill has been grossed up, to include the goodwill attributable to the non-controlling interest, for the purpose of impairment
testing the goodwill attributable to the cash generating unit. The key assumptions contained in the value-in-use calculations
include the future revenues, the operating profit margins achieved and the discount rates applied.
The value-in-use calculations have been prepared using management’s cost and revenue projections for the next three years to
28 March 2026 and a longer-term growth rate of 5% to 1 April 2028. A terminal value has been included in the value-in-use calculation
based on the cash flows for the year ending 1 April 2028, incorporating the assumption that growth beyond 1 April 2028 is
equivalent to nominal inflation rates, assumed to be 2%, which are not significant to the assessment.
The value-in-use estimates indicated that the recoverable amount of the cash generating unit exceeded the carrying value for
each of the cash generating units. As a result, no impairment has been recognised in respect of the carrying value of goodwill in
the year.
For the material goodwill balances of Mainland China, Korea and the Retail and Wholesale segment, management has considered
the potential impact of reasonably possible changes in assumptions on the recoverable amount of goodwill. The sensitivities
include applying a 10% reduction in revenue and gross profit and the associated impact on operating profit margin from
management’s base cash flow projections, considering the macroeconomic and political uncertainty risk on the Group’s retail
operations and on the global economy. Under this scenario, the estimated recoverable amount of goodwill in Mainland China,
Korea and the Retail and Wholesale segment still exceeded the carrying value.
The pre-tax discount rates for Mainland China, Korea and the Retail and Wholesale segment were 12%, 12% and 12% respectively
(last year: Mainland China 13%, Korea 12%, and the Retail and Wholesale segment 10%). No reasonably possible change in these
pre-tax discount rates would result in the carrying value to exceed the estimated recoverable amount of goodwill.
The other goodwill balance of £14 million (last year: £14 million) consists of amounts relating to seven cash generating units,
none of which have goodwill balances individually exceeding £7 million as at 1 April 2023 (last year: £7 million).
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13. Property, plant and equipment
Fixtures, Assets in the
Freehold land Leasehold fittings and course of
and buildings improvements equipment construction Total
Cost £m £m £m £m £m
As at 27 March 2021 129 493 329 17 968
Effect of foreign exchange rate changes 6 17 9 1 33
Additions – 68 23 45 136
Disposals – (37) (18) (2) (57)
Reclassifications from assets in the course of construction – 9 5 (14) –
Reclassifications to assets held for sale (19) – – – (19)
As at 2 April 2022 116 550 348 47 1,061
Effect of foreign exchange rate changes 6 6 9 1 22
Additions – 56 25 66 147
Disposals (1) (53) (27) (1) (82)
Reclassifications from assets in the course of construction – 26 11 (37) –
As at 1 April 2023 121 585 366 76 1,148
Accumulated depreciation and impairment
As at 27 March 2021 56 353 278 1 688
Effect of foreign exchange rate changes 3 14 8 – 25
Charge for the year 3 58 25 – 86
Disposals – (37) (18) – (55)
Impairment charge on assets – 1 1 – 2
Impairment reversal on assets – (1) – – (1)
Reclassifications to assets held for sale (6) – – – (6)
As at 2 April 2022 56 388 294 1 739
Effect of foreign exchange rate changes 4 6 8 – 18
Charge for the year 3 64 28 – 95
Disposals (1) (53) (27) (1) (82)
Impairment charge on assets – 2 – – 2
As at 1 April 2023 62 407 303 – 772
Net book value
As at 1 April 2023 59 178 63 76 376
As at 2 April 2022 60 162 54 46 322
During the 52 weeks to 1 April 2023, management carried out a review of retail cash generating units for any indication of
impairment or reversal of impairments previously recorded. Where indications of impairment charges or reversals were identified,
the impairment review compared the value-in-use of the cash generating units to their net book values at 1 April 2023. The pre-tax
cash flow projections used for this review were based on financial plans of expected revenues and costs of each retail cash
generating unit, approved by management, reflecting their latest plans over the next three years to 28 March 2026, followed by
longer-term growth rates of mid-single digits and inflation rates appropriate to each store’s location. The pre-tax discount rates
used in these calculations were between 11.1% and 13.7% (last year: between 9.9% and 18.4%) based on the Group’s weighte d
average cost of capital adjusted for country-specific borrowing costs, tax rates and risks for those countries in which a charge or
reversal was incurred. Where indicators of impairment have been identified and the value-in-use was less than the carrying value
of the cash generating unit, an impairment of property, plant and equipment and right-of-use asset was recorded. Where the
value-in-use was greater than the net book value, and the cash generating unit had been previously impaired, the impairment was
reversed, to the extent that could be supported by the value-in use and allowing for any depreciation that would have been
incurred during the period since the impairment was recorded. A review for any other indicators of impairment charges or
reversals across the retail portfolio was also carried out.
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13. Property, plant and equipment continued
During the 52 weeks to 1 April 2023, impairments previously charged as an adjusting item related to the impact of COVID-19 were
reassessed. This resulted in an impairment reversal of £6 million (last year: net charge of £5 million), which has been presented as
an adjusting item in the current year. The reversal is recorded against right-of-use assets (last year: net reversal of £1 million
recorded against property, plant and equipment and a net charge of £6 million recorded against right-of-use assets). Refer to
note 14 for further details of right-of-use assets. Refer to note 6 for details of adjusting items.
A net charge of £7 million (last year: £3 million) was recorded within net operating expenses as a result of the annual review of
impairment for all other retail store assets. A charge of £2 million (last year: £2 million) was recorded against property, plant and
equipment and a net charge of £5 million (last year: charge of £1 million) was recorded against right-of-use assets.
The net impairment charge recorded in property, plant and equipment related to two retail cash generating units (last year: 13
retail cash generating units) for which the total recoverable amount at the balance sheet date is £1 million (last year: £7 million).
Management has considered the potential impact of changes in assumptions on the impairment recorded against the Group’s
retail assets. Given the macroeconomic and political uncertainty risk on the Group’s retail operations and on the global economy,
management has considered sensitivities to the impairment charge as a result of changes to the estimate of future revenues
achieved by the retail stores. The sensitivities applied are an increase or decrease in revenue of 10% from the estimate used to
determine the impairment charge or reversal. We have also considered retail cash generating units with no indicators of
impairment but with a significant asset balance. It is estimated that a 10% decrease/increase in revenue assumptions for the 52
weeks to 30 March 2024 , with no change to subsequent forecast revenue growth rate assumptions, would result in a less than
£10 million increase/less than £10 million decrease in the impairment charge of retail store assets in the 52 weeks to 1 April 2023.
At 2 April 2022 the Group had three freehold properties that met the criteria to be classified as held for sale. The sale of these
properties was completed during the 52 weeks to 1 April 2023 resulting in a net gain on disposal of £19 million.
14. Right-of-use assets
Net book value
Property right-
of-use assets
£m
As at 27 March 2021 818
Effect of foreign exchange rate changes 9
Additions 227
Remeasurements
1
21
Depreciation for the year (188)
Impairment charge on right-of-use assets (10)
Impairment reversal on right-of-use assets 3
As at 2 April 2022 880
Effect of foreign exchange rate changes 14
Additions 157
Remeasurements 113
Depreciation for the year (212)
Impairment charge on right-of-use assets (10)
Impairment reversal on right-of-use assets 8
As at 1 April 2023 950
As a result of the assessment of retail cash generating units for impairment, a net impairment reversal of £1 million (last year:
£7 million) was recorded for impairment of right-of-use assets. Refer to note 13 for further details of impairment assessment of
retail cash generating units. This net impairment reversal comprises a £6 million reversal arising from the change in assumption
due to the impact of COVID-19 on the value-in-use of retail cash generating units (last year: charge of £6 million) and an
impairment charge of £5 million relating to other trading impacts which was recognised during the year (last year: £1 million).
The reversal relating to COVID-19 has been presented as an adjusting item (refer to note 6).
The net impairment reversal recorded in right-of-use assets relates to three retail cash generating units (last year: 12 retail cash
generating units) for which the total recoverable amount at the balance sheet date is £17 million (last year: £26 million).
A net impairment charge of £3 million (last year: £nil) was recognised in relation to non-retail right-of-use assets arising as a
result of the Group’s restructuring programmes and has been presented as an adjusting item (refer to note 6).
As a result, the net impairment charge for right-of-use assets was, in total, £2 million (last year: £7 million).
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15. Deferred taxation
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current
tax liabilities and there is an intention to settle on a net basis, and to the same fiscal authority. The assets and liabilities presented
in the Balance Sheet, after offset, are shown in the table below:
As at
1 April
2023
£m
As at
2 April
2022
£m
Deferred tax assets 197 175
Deferred tax liabilities (1) (1)
Net amount 196 174
The movement in the deferred tax account is as follows:
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
At start of year 174 136
Effect of foreign exchange rate changes 2 6
Credited to the Income Statement 18 31
Credited to Other Comprehensive Income – 1
Credited to Equity 2 –
At end of year 196 174
The movement in the net deferred tax balances during the year is as follows:
Deferred tax balances
Capital
allowances
£m
Unrealised
inventory
profit and
other
inventory
provisions
£m
Share
schemes
£m
Derivative
instruments
£m
Unused tax
losses
£m
Leases
£m
Other
1
£m
Total
£m
As at 27 March 2021 17 62 4 (1) 1 35 18 136
Effect of foreign exchange rate changes – 4 – – – 1 1 6
Credited/(charged) to the Income Statement 2 31 1 – 2 (4) (1) 31
Credited to Other Comprehensive Income – – – 1 – – – 1
As at 2 April 2022 19 97 5 – 3 32 18 174
Effect of foreign exchange rate changes 1 1 – – – – – 2
Credited/(charged) to the Income Statement (6) 10 1 – 11 (1) 3 18
Credited to Equity – – 2 – – – – 2
As at 1 April 2023 14 108 8 – 14 31 21 196
1. Deferred balances within Other category in the analysis above include temporary differences arising on other provisions and accruals of £21 million (last year: £18 million).
Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related benefit through
future taxable profits is probable. The Group did not recognise deferred tax assets of £46 million (last year: £47 million) in respect
of losses and temporary timing differences amounting to £181 million (last year: £185 million) that can be set off against future
taxable income. There is a time limit for the recovery of £6 million of these potential assets (last year: £6 million) which ranges
from one to seven years (last year: one to seven years).
Included within other temporary differences above is a deferred tax liability of £1 million (last year: £1 million) relating to
unremitted overseas earnings. No deferred tax liability is provided in respect of any future remittance of earnings of foreign
subsidiaries where the Group is able to control the remittance of earnings and it is probable that such earnings will not be remitted
in the foreseeable future, or where no liability would arise on the remittance. The aggregate amount of temporary differences in
respect of unremitted earnings is £281 million (last year: £287 million).
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16. Trade and other receivables
As at
1 April
2023
£m
As at
2 April
2022
£m
Non-current
Other financial receivables
1
45 42
Other non-financial receivables
2
2 1
Prepayments
5 2
Total non-current trade and other receivables 52 45
Current
Trade receivables 184 151
Provision for expected credit losses (7) (7)
Net trade receivables 177 144
Other financial receivables
1
25 36
Other non-financial receivables
2
59 63
Prepayments 32 32
Accrued income 14 8
Total current trade and other receivables 307 283
Total trade and other receivables 359 328
1. Other financial receivables include rental deposits and other sundry debtors.
2. Other non-financial receivables relates primarily to indirect taxes and other taxes and duties.
Included in total trade and other receivables are non-financial assets of £98 million (last year: £98 million).
The Group’s impairment policies and the calculation of any allowances for credit losses are detailed in note 27 in the credit
risk section.
17. Inventories
As at
1 April
2023
£m
As at
2 April
2022
£m
Raw materials 15 12
Work in progress 1 1
Finished goods 431 413
Total inventories 447 426
As at
1 April
2023
£m
As at
2 April
2022
£m
Total inventories, gross 504 509
Provisions (57) (83)
Total inventories, net 447 426
Inventory provisions of £57 million (last year: £83 million) are recorded, representing 11.4% (last year: 16.3%) of the gross value of
inventory. The provisions reflect management’s best estimate of the net realisable value of inventory, where this is considered to
be lower than the cost of the inventory.
The cost of inventories recognised as an expense and included in cost of sales amounted to £874 million (last year: £786 million).
During the 52 weeks to 1 April 2023, £1 million (last year: £16 million) has been released upon re-assessment of the provision
related to the impact of COVID-19 where inventory previously provided for has been sold, or is now expected to be sold, for a
higher net realisable value than had been estimated last year as performance during the current year has exceeded, and is
expected to continue to exceed, the assumptions made at last year end. This reversal is presented as an adjusting item. Refer to
note 6 for details of adjusting items. All other charges and reversals relating to inventory provisions have been included in adjusted
operating profit.
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17. Inventories continued
Taking into account factors impacting the inventory provisioning including trading assumptions being higher or lower than
expected, management considers that a reasonable potential range of outcomes could result in an increase or decrease in
inventory provisions of £9 million in the next 12 months. This would result in a potential range of inventory provisions of 9.6% to
13.1% as a percentage of the gross value of inventory as at 1 April 2023.
The net movement in inventory provisions included in cost of sales for the 52 weeks to 1 April 2023 was a release of £1 million
(last year: release of £1 million). The total reversal of inventory provisions during the current year, which is included in the net
movement, was £22 million (last year: reversal of £43 million). Both these amounts include the reversal of £1 million (last year:
£16 million), referred to above, which has been presented as an adjusting item.
18. Derivative financial instruments
Master netting arrangements
The Group’s forward foreign exchange contracts are entered into under International Swaps and Derivatives Association (ISDA)
master netting arrangements. In general, under such agreements the amounts owed by each counterparty on a single day in
respect of all transactions outstanding in the same currency are aggregated into a single amount that is payable by one party to
the other. In certain circumstances, such as when a default occurs, all outstanding transactions under the agreement are
terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions. The ISDA
agreements do not meet the criteria for offsetting in the Balance Sheet as the Group’s right to offset is enforceable only on the
occurrence of future events such as default. The Group has amended the ISDA agreement with two banks to require it to net
settle its forward foreign exchange contracts. There were no derivatives subject to net settlement agreements and offset on the
Balance Sheet at 1 April 2023 (last year: nil). The Group’s Balance Sheet would not be materially different if it had offset its
forward foreign exchange contracts and equity swap contracts subject to the standard ISDA agreements.
Derivative financial assets
As at
1 April
2023
£m
As at
2 April
2022
£m
Forward foreign exchange contracts – fair value hedging instrument: cash flow hedges – –
Forward foreign exchange contracts – fair value through profit and loss
1
4 5
Equity swap contracts – fair value through profit and loss 3 –
Total position 7 5
Comprising:
Total current position 7 5
1. Forward foreign exchange contracts classified as fair value through profit and loss are used for cash management and hedging monetary assets and liabilities. At 1 April 2023,
all such contracts had maturities of no greater than three months from the balance sheet date (last year: three months from the balance sheet date).
Derivative financial liabilities
As at
1 April
2023
£m
As at
2 April
2022
£m
Forward foreign exchange contracts – fair value hedging instrument: cash flow hedges (1) (1)
Forward foreign exchange contracts – fair value through profit and loss
1
– –
Equity swap contracts – fair value through profit and loss – (1)
Total position (1) (2)
Comprising:
Total current position (1) (2)
1. Forward foreign exchange contracts classified as fair value through profit and loss are used for cash management and hedging monetary assets and liabilities. At 1 April 2023,
all such contracts had maturities of no greater than two months from the balance sheet date (last year: one month from the balance sheet date).
Net derivative financial instruments
The notional principal amounts of the outstanding forward foreign exchange and equity swap contracts at year end are:
As at
1 April
2023
£m
As at
2 April
2022
£m
Forward foreign exchange contracts – fair value hedging instrument: cash flow hedges 155 65
Forward foreign exchange contracts – fair value through profit and loss 332 307
Equity swap contracts – fair value through profit and loss 7 5
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18. Derivative financial instruments continued
Effect of hedge accounting on the financial position and performance
The effects of the foreign currency cash flow hedging instruments on the Group’s financial position and performance are
as follows:
As at
1 April
2023
As at
2 April
2022
Foreign currency forwards
Carrying amount (assets)
– –
Notional amount £18m £15m
Maturity date Jun 2023 –
Nov 2023
Dec 2022
Hedge ratio 1:1 1:1
Change in spot value of outstanding hedging instruments since start of year – –
Change in value of hedged item used to determine hedge effectiveness – –
Weighted average hedged rate of outstanding contracts (including forward points) – EUR 1.1369 1.1812
Carrying amount (liabilities) (£1m) (£1m)
Notional amount £137m £50m
Maturity date Jun 2023 –
May 2024
May 2022 –
Nov 2022
Hedge ratio 1:1 1:1
Change in spot value of outstanding hedging instruments since start of year £1m (£1m)
Change in value of hedged item used to determine hedge effectiveness (£1m) £1m
Weighted average hedged rate of outstanding contracts (including forward points) – EUR 1.1221 1.1552
The foreign currency forwards are denominated in the same currency as the highly probable future inventory purchases (EUR),
therefore the hedge ratio is 1:1.
The contractual maturity profile of non-current financial liabilities is shown in note 27. For further details of cash flow hedging,
refer to note 27 in the market risk section.
19. Cash and cash equivalents
As at
1 April
2023
£m
As at
2 April
2022
£m
Cash and cash equivalents held at amortised cost
Cash at bank and in hand 152 124
Short-term deposits 77 73
229 197
Cash and cash equivalents held at fair value through profit and loss
Short-term deposits 797 1,025
Total 1,026 1,222
Cash and cash equivalents classified as fair value through profit and loss relate to deposits held in low volatility net asset value
money market funds. The cash is available immediately and, since the funds are managed to achieve low volatility, no significant
change in value is anticipated. The funds are monitored to ensure there are no significant changes in value.
As at 1 April 2023 and 2 April 2022, no impairment losses were identified on cash and cash equivalents held at amortised cost.
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20. Trade and other payables
As at
1 April
2023
£m
As at
2 April
2022
£m
Non-current
Other payables
1
– 5
Deferred income and non-financial accruals
19 18
Contract liabilities 57 64
Deferred consideration
2
– 4
Total non-current trade and other payables 76 91
Current
Trade payables 186 181
Other taxes and social security costs 50 60
Other payables
1
10 6
Accruals 199 204
Deferred income and non-financial accruals
14 13
Contract liabilities 13 13
Deferred consideration
2
5 4
Total current trade and other payables 477 481
Total trade and other payables 553 572
1. Other payables comprise interest and employee-related liabilities.
2. Deferred consideration relates to acquisition of the economic right to the non-controlling interest in Burberry Middle East LLC on 22 April 2016. The change in the deferred
consideration liability in the period arises as a result of a financing cash outflow and non-cash movements. In the 52 weeks to 1 April 2023 payments of £6 million were made
in relation to Burberry Middle East LLC (last year: £3 million) and no payment was made to the previous owners of Burberry Manifattura S.R.L (last year: £9 million).
Included in total trade and other payables are non-financial liabilities of £153 million (last year: £168 million).
Contract liabilities
Retail contract liabilities relate to unredeemed balances on issued gift cards and similar products, and advanced payments
received for sales which have not yet been delivered to the customer. Licensing contract liabilities relate to deferred revenue
arising from the upfront payment for the Beauty licence which is being recognised in revenue over the term of the licence on a
straight-line basis, reflecting access to the trademark over the licence period to 2032.
As at
1 April
2023
£m
As at
2 April
2022
£m
Retail contract liabilities 6 7
Licensing contract liabilities 64 70
Total contract liabilities 70 77
The amount of revenue recognised in the year relating to contract liabilities at the start of the year is set out in the following table.
All revenue in the year relates to performance obligations satisfied in the year. All contract liabilities at the end of the year relate
to unsatisfied performance obligations.
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Retail revenue relating to contract liabilities 4 4
Deferred revenue from Beauty licence 6 7
Revenue recognised that was included in contract liabilities at the start of the year 10 11
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21. Lease liabilities
Property lease
liabilities
£m
Balance as at 27 March 2021
1,020
Effect of foreign exchange rate changes
16
Created during the year
222
Amounts paid
1
(229)
Discount unwind
27
Remeasurements
2
2
Balance as at 2 April 2022
1,058
Effect of foreign exchange rate changes
20
Created during the year
157
Amounts paid
1
(243)
Discount unwind
33
Remeasurements
2
98
Balance as at 1 April 2023 1,123
As at
1 April
2023
£m
As at
2 April
2022
£m
Analysis of total lease liabilities:
Non-current 902 849
Current 221 209
Total 1,123 1,058
1. The amount paid of £243 million (last year: £229 million) includes £210 million (last year: £202 million) arising as a result of a financing cash outflow and £33 million (last
year: £27 million) arising as a result of an operating cash outflow.
2. Remeasurements include COVID-19-related rent forgiveness of £13 million (last year: £18 million) and other remeasurements of £111 million (last year: £20 million). COVID-
19-related rent forgiveness has been recognised as a credit in the Income Statement at 1 April 2023. This credit is included as an adjusting item. Refer to note 6. Other
remeasurements relate largely to changes in the lease liabilities that arise as a result of management’s reassessment of the lease term based on existing break or extension
options in the contract, as well as those linked to an inflation index or rate review.
The Group enters into property leases for retail properties, including stores, concessions, warehouse and storage locations and
office property. The remaining lease terms for these properties range from a few months to 15 years (last year: few months to 16
years). Many of the leases include break options and/or extension options to provide operational flexibility. Some of the leases for
concessions have rolling lease terms or rolling break options. Management assess the lease term at inception based on the facts
and circumstances applicable to each property including the period over which the investment appraisal was initially considered.
Potential future undiscounted lease payments related to periods following the exercise date of an extension option not included in the lease
term, and therefore not included in lease liabilities are approximately £399 million (last year: £423 million) in relation to the next available
extension option and are assessed as not reasonably certain to be exercised. Potential future undiscounted lease payments related to
periods following the exercise date of a break option not included in the lease term, and therefore not included in lease liabilities, are
approximately £130 million (last year: £157 million) in relation to break options which are expected to be exercised. During the 52 weeks to
1 April 2023, significant judgements regarding breaks and options in relation to individually material leases resulted in approximately £38
million (last year: £35 million) in undiscounted future cash flows not being included in the initial right-of-use assets and lease liabilities.
Management reviews the retail lease portfolio on an ongoing basis, taking into account retail performance and future trading
expectations. Management may exercise extension options and negotiate lease extensions or modifications. In other instances,
management may exercise break options, negotiate lease reductions or decide not to negotiate a lease extension at the end of the
lease term. The most significant factor impacting future lease payments is changes management choose to make to the store portfolio.
Future increases and decreases in rent linked to an inflation index or rate review are not included in the lease liability until the change in
cash flows takes effect. Approximately 18% (last year: 20%) of the Group’s lease liabilities are subject to inflation linked reviews and 30%
(last year: 33%) are subject to rent reviews. Rental changes linked to inflation or rent reviews typically occur on an annual basis.
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21. Lease liabilities continued
Many of the retail property leases also incur payments based on a percentage of revenue achieved at the location. Changes in
future variable lease payments will typically reflect changes in the Group’s retail revenues, including the impact of regional mix.
The Group expects the relative proportions of fixed and variable lease payments to remain broadly consistent in future years.
The Group also enters into non-property leases for equipment, advertising fixtures and machinery. Generally, these leases do not
include break or extension options. The most significant impact to future cash flows relating to leased equipment, which are
primarily short-term leases, would be the Group’s usage of leased equipment to a greater or lesser extent.
The Group’s accounting policy for leases is set out in note 2. Details of income statement charges and income from leases are set
out in note 5. The right-of-use asset categories on which depreciation is incurred are presented in note 14. Interest expense
incurred on lease liabilities is presented in note 8. Commitments relating to off-balance sheet leases are presented in note 26.
The maturity of undiscounted future lease liabilities are set out in note 27.
Total cash outflows in relation to leases in the 52 weeks ended 1 April 2023 are £396 million (last year: £376 million). This relates
to payments of £210 million on lease principal (last year: £202 million), £33 million on lease interest (last year: £27 million),
£122 million on variable lease payments (last year: £124 million), and £31 million on other lease payments principally relating to
short-term leases and leases in holdover (last year: £23 million).
22. Provisions for other liabilities and charges
Property obligations
£m
Other
£m
Total
£m
Balance as at 27 March 2021 42 14 56
Effect of foreign exchange rate changes 1 – 1
Created during the year 9 8 17
Discount unwind 1 – 1
Utilised during the year (3) (2) (5)
Released during the year (1) (5) (6)
Balance as at 2 April 2022 49 15 64
Effect of foreign exchange rate changes – 2 2
Created during the year 7 5 12
Utilised during the year (3) (1) (4)
Released during the year (4) (8) (12)
Balance as at 1 April 2023 49 13 62
The net charge in the year for property obligations is £3 million (last year: £8 million), relating to additional property reinstatement
costs. The net credit in the year for other provisions of £3 million (last year: net charge of £3 million) includes charges of £5 million
(last year: £8 million) relating to expected future outflows for property disputes, employee matters and tax compliance, and
reversals of £8 million (last year: £5 million) relating to employee matters and other property matters.
As at
1 April
2023
£m
As at
2 April
2022
£m
Analysis of total provisions:
Non-current 40 36
Current 22 28
Total 62 64
The non-current provisions relate to property reinstatement costs which are expected to be utilised within 15 years (last year: 16 years).
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23. Bank overdrafts
Included within bank overdrafts is £65 million (last year: £45 million) representing balances on cash pooling arrangements in the Group.
The Group has a number of committed and uncommitted arrangements agreed with third parties. At 1 April 2023 and 2 April
2022, the Group held no bank overdrafts excluding balances on cash pooling arrangements.
The fair value of overdrafts approximates the carrying amount because of the short maturity of these instruments.
24. Borrowings
On 21 September 2020, Burberry Group plc issued medium term notes with a face value of £300 million and 1.125% coupon
maturing on 21 September 2025 (the sustainability bond). Proceeds from the sustainability bond will allow the Group to finance
projects which support the Group’s sustainability agenda. Refer to page 92 for the sustainability bond use of proceeds report.
There are no financial penalties for not using the proceeds as anticipated. Interest on the sustainability bond is payable semi-
annually. The carrying value of the bond at 1 April 2023 is £298 million (last year: £298 million); all movements on the bond are
non-cash. The fair value of the bond at 1 April 2023 is £273 million (last year: £285 million).
On 26 July 2021, the Group entered into a £300 million multi-currency sustainability-linked revolving credit facility (RCF) with a
syndicate of banks, maturing on 26 July 2026. There were no drawdowns or repayments of the RCF during the current or previous
year, and at 1 April 2023 there were no outstanding drawings.
The Group is in compliance with the financial and other covenants within the facilities above and has been in compliance
throughout the financial period.
25. Share capital and reserves
Allotted, called up and fully paid share capital Number £m
Ordinary shares of 0.05p (as at 2 April 2022: 0.05p) each
As at 27 March 2021 404,864,359 –
Allotted on exercise of options during the year 242,942 –
As at 2 April 2022 405,107,301 –
Allotted on exercise of options during the year 236,123 –
Cancellation of shares (21,075,496) –
As at 1 April 2023
384,267,928 –
The Company has a general authority from shareholders, renewed at each Annual General Meeting, to repurchase a maximum of
10% of its issued share capital. During the 52 weeks to 1 April 2023, the Company entered into agreements to purchase £400
million of its own shares, excluding stamp duty and fees, through two share buyback programmes of £200 million each (last year:
one share buyback programme of £150 million). Both programmes were completed during the year.
The cost of own shares purchased by the Company, as part of a share buyback programme, is offset against retained earnings, as
the amounts paid reduce the profits available for distribution by the Company. When shares are cancelled, a transfer is made from
retained earnings to the capital reserve, equivalent to the nominal value of the shares purchased and subsequently cancelled.
In the 52 weeks to 1 April 2023, 21.1 million shares were cancelled (last year: none).
As at 1 April 2023 the Company held 6.1 million treasury shares (last year: 8.4 million), with a market value of £157 million (last
year: £140 million) based on the share price at the reporting date. The treasury shares held by the Company are related to the
share buyback programme completed during the 53 weeks to 2 April 2022. During the 52 weeks to 1 April 2023, 2.3 million
treasury shares were transferred to ESOP trusts (last year: none). During the 52 weeks to 1 April 2023, no treasury shares were
cancelled (last year: none).
The cost of shares purchased by ESOP trusts are offset against retained earnings, as the amounts paid reduce the profits
available for distribution by the Company. As at 1 April 2023, the cost of own shares held by ESOP trusts and offset against
retained earnings is £42 million (last year: £11 million). As at 1 April 2023, the ESOP trusts held 2.3 million shares (last year: 0.6
million) in the Company, with a market value of £60 million (last year: £10 million). In the 52 weeks to 1 April 2023 the ESOP trusts
and the Company have waived their entitlement to dividends.
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25. Share capital and reserves continued
Other reserves in the Statement of Changes in Equity consist of the capital reserve, the foreign currency translation reserve, and
the hedging reserves. The hedging reserves consist of the cash flow hedge reserve and the net investment hedge reserve.
Capital
reserve
£m
Hedging reserves
Foreign currency
translation
reserve
£m
Total
£m
Cash flow
hedges
£m
Net investment
hedge
£m
Balance as at 27 March 2021 41 – 5 196 242
Other comprehensive income:
Cash flow hedges – losses deferred in equit
y
– (1) – – (1)
Foreign currency translation differences – – – 22 22
Total comprehensive income for the year – (1) – 22 21
Balance as at 2 April 2022 41 (1) 5 218 263
Other comprehensive income:
Cash flow hedges – gains deferred in equit
y
– 1 – – 1
Foreign currency translation differences – – – 14 14
Tax on other comprehensive income – (1) – – (1)
Total comprehensive income for the year – – – 14 14
Balance as at 1 April 2023 41 (1) 5 232 277
As at 1 April 2023 the amount held in the hedging reserve relating to matured net investment hedges is £5 million net of tax
(last year: £5 million).
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26. Commitments
Financial commitments
The Group leases various retail stores, offices, warehouses and equipment under non-cancellable lease arrangements. The liabilities
for these leases are recorded on the Group’s Balance Sheet when the Group obtains control of the underlying asset. The Group
has additional commitments relating to leases where the Group has entered into an obligation but does not yet have control of the
underlying asset. The future lease payments to which the Group is committed, over the expected lease term, which are not
recorded on the Group’s Balance Sheet are as follows:
As at
1 April
2023
£m
As at
2 April
2022
£m
Amounts falling due:
Within 1 year – 6
Between 2 and 5 years 14 31
After 5 years 9 30
Total 23 67
Capital commitments
Contracted capital commitments represent contracts entered into by the year end for future work in respect of major capital
expenditure projects relating to property, plant and equipment and intangible assets, which are not recorded on the Group’s
Balance Sheet and are as follows:
As at
1 April
2023
£m
As at
2 April
2022
£m
Capital commitments contracted but not provided for:
Property, plant and equipment 38 29
Intangible assets 3 2
Total 41 31
Other commitments
On 28 March 2023, Burberry announced it had entered into an agreement to acquire a business from Italian technical outerwear
supplier Pattern SpA for an agreed purchase price of €21 million (£18 million), subject to closing conditions and working capital
adjustments. The acquisition is expected to complete in FY 2023/24.
27. Financial risk management
The Group’s principal financial instruments comprise derivative instruments, cash and cash equivalents, borrowings (including
overdrafts), deferred consideration, trade and other receivables, and trade and other payables arising directly from operations.
The Group’s activities expose it to a variety of financial risks: market risks (including foreign exchange risk and interest rate risk),
credit risk, liquidity risk and capital risk.
Risk management is carried out by the Group treasury department (Group Treasury) based on forecast business requirements to
reduce financial risk and to ensure sufficient liquidity is available to meet foreseeable needs and to invest in cash and cash
equivalents safely and profitably. The Group uses derivative instruments to hedge certain risk exposures. Group Treasury does not
operate as a profit centre and transacts only in relation to the underlying business requirements. The policies of Group Treasury
are reviewed and approved by the Board of Directors.
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27. Financial risk management continued
Market risk
Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk arising from various non-sterling currencies.
The Group’s Income Statement is affected by transactions denominated in foreign currency. To reduce exposure to currency
fluctuations, the Group has a policy of hedging foreign currency denominated transactions by entering into forward foreign
exchange contracts (refer to note 18). These transactions are recorded as cash flow hedges. The Group’s foreign currency
transactions arise principally from purchases and sales of inventory.
The Group’s treasury risk management policy is to hedge, prior to market opening, 70-90% of its anticipated foreign currency
exposure by currency, by season and where the net currency exposure is greater than £20 million. Currently, the Group does
not hedge anticipated intercompany foreign currency transactions. The Group uses forward exchange contracts to hedge its
currency risk.
The Group designates the spot component of foreign currency forwards in hedge relationships and applies a ratio of 1:1. The
forward elements of the foreign currency forward are excluded from designation of the hedging instrument and are separately
accounted for as a cost of hedging and recognised in operating expenses on a discounted basis.
The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on
the currency, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each
hedging relationship is expected to be and has been effective in offsetting changes in cash flows of the hedged item using the
dollar offset method.
In these hedge relationships ineffectiveness may arise if the timing of the forecast transaction changes from what was originally
estimated, or if there are changes in the credit risk of the Group or the derivative counterparty. There was no ineffectiveness in
the 52 weeks ending 1 April 2023 (last year: no ineffectiveness).
The Group monitors the desirability of hedging the net assets of overseas subsidiaries when translated into sterling for reporting
purposes. The Group would use forward foreign exchange contracts to hedge net assets of overseas subsidiaries, relating to
surplus cash whose remittance is foreseeable. There were no outstanding net investment hedges as at 1 April 2023 (last year: no
outstanding net investment hedges).
At 1 April 2023, the Group has performed a sensitivity analysis to determine the effect of sterling strengthening/weakening by
10% (last year: 10%) against other currencies with all other variables held constant. The effect on translating foreign currency
denominated net cash, trade, intercompany and other financial receivables and payables and financial instruments at fair value
through profit or loss as at 1 April 2023 would have been to increase/decrease operating profit for the year by £4 million (last year:
increase/decrease £3 million) on a post-tax basis. The effect on translating forward foreign exchange contracts designated as
cash flow hedges as at 1 April 2023 would have been to decrease/increase equity by £12 million (last year: decrease/increase £5
million) on a post-tax basis.
The following table shows the extent to which the Group has monetary assets and liabilities at the year end in currencies other
than the local currency of operation, after accounting for the effect of any specific forward foreign exchange contracts used to
manage currency exposure. Monetary assets and liabilities refer to cash, deposits, overdrafts, borrowings and other amounts to be
received or paid in cash. Amounts exclude intercompany balances which eliminate on consolidation. Foreign exchange differences
on retranslation of these assets and liabilities are recognised in Net operating expenses.
As at 1 April 2023 As at 2 April 2022
Monetary
assets
£m
Monetary
liabilities
£m
Net
£m
Monetary
assets
£m
Monetary
liabilities
£m
Net
£m
Sterling – (2) (2) 1 (10) (9)
US Dollar 1 (18) (17) – (13) (13)
Euro 40 (59) (19) 15 (47) (32)
Chinese Yuan Renminbi 5 – 5 9 – 9
Other currencies 5 (34) (29) 5 (32) (27)
Total 51 (113) (62) 30 (102) (72)
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27. Financial risk management continued
Market risk continued
Interest rate risk
The Group’s exposure to market risk for changes in interest rates relates primarily to cash, borrowings, short-term deposits
and overdrafts.
The floating rate financial liabilities at 1 April 2023 are £65 million (last year: £45 million) due to cash pool overdrafts. The fixed
rate financial liabilities at 1 April 2023 are borrowings of £298 million (last year: £298 million). If interest rates on floating rate
financial liabilities had been 100 basis points higher/lower (last year: 100 basis points), excluding the impact on cash pool overdraft
balances and with all other variables held constant, post-tax profit for the year would have been £nil (last year: £nil) lower/higher,
as a result of higher/lower interest expense.
The floating rate financial assets as at 1 April 2023 comprise short-term deposits of £874 million (last year: £1,097 million),
interest bearing current accounts of £2 million (last year: £6 million) and cash pool asset balances of £67 million (last year:
£41 million). At 1 April 2023, if interest rates on floating rate financial assets had been 100 basis points higher/lower (last year:
100 basis points), excluding the impact on cash pool asset balances and with all other variables held constant, post-tax profit for
the year would have been £8 million (last year: £9 million) higher/lower, as a result of higher/lower interest income.
Credit risk
Trade receivables
The Group has no significant concentrations of credit risk. The trade receivables balance is spread across a large number of
different customers with no single debtor representing more than 5% of the total balance due (last year: 5%). The Group has
policies in place to ensure that wholesale sales are made to customers with an appropriate credit history. Sales to retail customers
are made in cash or via major credit cards. In some retail locations, where the Group’s store is contained within a department store
or mall, for example a concession, the sales proceeds may be initially held by the operator of the wider location, giving rise to retail
debtors. In addition, receivables balances are monitored on an ongoing basis with the result that the Group’s exposure to bad
debts is not significant and default rates have historically been very low.
The Group applies the simplified approach when measuring the trade receivable expected credit losses. The approach uses a
lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on segment,
geographical region and the days past due. The expected loss rates are reviewed annually, or when there is a significant change in
external factors potentially impacting credit risk, and are updated where management’s expectations of credit losses change.
No changes have been made to the expected loss rates during the 52 weeks to 1 April 2023.
The expected credit loss allowance for receivables was determined as follows:
As at 1 April 2023
Current
£m
Less than
1 month
overdue
£m
Less than
2 months
overdue
£m
Less than
3 months
overdue
£m
Over
3 months
overdue
£m
Total
£m
Trade receivables
Weighted average expected loss rate % 2% 4% 6% 27% 37%
Gross carrying amount of trade receivables 151 19 8 3 3 184
Loss allowance
1
(3) (1) – – (3) (7)
As at 2 April 2022
Trade receivables
Weighted average expected loss rate % 2% 5% 5% 5% 63%
Gross carrying amount of trade receivables 111 21 9 6 4 151
Loss allowance
1
(3) (1) (1) – (2) (7)
1. The loss allowance contains expected credit loss and specific loss provisions.
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27. Financial risk management continued
Credit risk continued
Trade receivables continued
The closing loss allowances for receivables reconcile as follows:
Receivables
£m
As at 27 March 2021 8
Effect of foreign exchange rate changes –
Impairment provision recognised in profit or loss during the year 1
Receivables written off during the year as uncollectable –
Unused amount reversed (2)
As at 2 April 2022 7
Effect of foreign exchange rate changes –
Impairment provision recognised in profit or loss during the year 3
Receivables written off during the year as uncollectable (1)
Unused amount reversed (2)
As at 1 April 2023 7
In aggregate, as at 1 April 2023 , the movement in the impairment provision on trade and other receivables and recorded in the
Income Statement was an increase of £1 million, of which £1 million relates to contracts with customers and £nil relates to other
receivables (last year: reversal of £1 million of which £1 million related to contracts with customers and £nil related to other
receivables). During the 53 weeks to 2 April 2022, a reversal of £1 million was presented as an adjusting item relating to the one-
off impact of COVID-19 on expected credit losses. Refer to note 6.
The maximum exposure to credit risk at the reporting date with respect to trade and other receivables is approximated by the
carrying amount on the Balance Sheet.
Receivables excluding trade receivables
The counterparty credit risk of other receivables is reviewed on a regular basis and the impairment is assessed as follows:
At inception the receivable is recorded net of expected 12-month credit losses. If a significant change in the credit risk occurs
during the life of the receivable, credit losses are recorded in the profit and loss account and the effective interest is calculated
using the gross carrying amount of the asset. If a loss event occurs, the effective interest is calculated using the amortised cost of
the asset net of any credit losses.
During the year ended 31 March 2013 the Group entered into a retail leasing arrangement in the Republic of Korea. As part of this
arrangement, a KRW 27 billion (£19 million) 15-year interest-free loan was provided to the landlord. The Group holds a registered
mortgage over the leased property for the equivalent value of the loan which acts as collateral. At 1 April 2023, the discounted fair
value of the loan is £14 million (last year: £14 million). The book value of the loan, recorded at amortised cost, is £14 million (last
year: £13 million). Other than this arrangement, the Group does not hold any other collateral as security. Management considers
that the security provided by the mortgage is sufficient risk mitigation and hence the credit loss relating to this receivable is
not significant.
Other financial assets
With respect to credit risk arising from other financial assets, which comprise cash and short-term deposits and certain derivative
instruments, the Group’s exposure to credit risk arises from the default of the counterparty with a maximum exposure equal to
the carrying value of these instruments. The Group has policies that limit the amount of credit exposure to any financial institution
and only deposits funds with independently rated financial institutions with a minimum rating of ‘A’ other than where required for
operational purposes. A total of £6 million (last year: £7 million) was held with institutions with a rating below ‘A’ at 1 April 2023.
These amounts are monitored on a weekly basis by the Treasury Committee.
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27. Financial risk management continued
Liquidity risk
The Group’s financial risk management policy aims to ensure that sufficient cash is maintained to meet foreseeable needs and
close out market positions. Due to the dynamic nature of the underlying business, Group Treasury aims to maintain flexibility in
funding by keeping committed credit lines available. For further details, refer to notes 23 and 24.
All short-term trade and other payables, accruals, and bank overdrafts mature within one year or less. The carrying value of all
financial liabilities due in less than one year is equal to their contractual undiscounted cash flows, with the exception of lease
liabilities. The undiscounted contractual cash flows for lease liabilities due in less than one year is £237 million (last year:
£218 million).
The maturity profile of the contractual undiscounted cash flows of the Group’s non-current financial liabilities, excluding
derivatives used for hedging, is as follows:
As at 1 April 2023 As at 2 April 2022
Lease
liabilities
£m
Other
£m
Total
£m
Lease
liabilities
£m
Other
£m
Total
£m
In more than 1 year, but not more than 2 years 227 – 227 169 10 179
In more than 2 years, but not more than 3 years 186 300 486 158 – 158
In more than 3 years, but not more than 4 years
142 – 142 136 300 436
In more than 4 years, but not more than 5 years
122 – 122 112 – 112
In more than 5 years
330 – 330 362 – 362
Total financial liabilities 1,007 300 1,307 937 310 1,247
As at 1 April 2023, other non-current financial liabilities relate to borrowings of £298 million (last year: borrowings of £298 million
and other payables of £9 million). Refer to note 24.
Capital risk
The Board reviews the Group’s capital allocation policy annually. The Group’s capital allocation framework defines its priorities
for uses of cash, underpinned by its principle to maintain a strong balance sheet with a solid investment grade credit rating.
The framework has four priorities for the use of cash generated from operations:
• re-investment in the business to drive organic growth
• maintaining a progressive dividend policy
• continuing to pursue selective inorganic strategic investment and
• to the extent that there is surplus capital to these needs, providing additional returns to shareholders
At 1 April 2023, the Group had net cash of £961 million (last year: £1,177 million), borrowings of £298 million (last year: £298 million)
and total equity excluding non-controlling interests of £1,533 million (last year: £1,613 million). The borrowings at 1 April 2023
relate to medium term notes with a face value of £300 million (last year: £300 million). For further details, refer to note 24.
Potential additional sources of funding available to the Group include undrawn and additional bank facilities, longer-term debt and
equity funding. The Group’s current capital resources, together with the potential additional sources of funding, are considered
sufficient to address the Group’s capital risk.
Having considered the future cash generation, growth, productivity and investment plans, taking into consideration the current
challenging external environment and relevant financial parameters, the Group decided to continue the share buyback programme
it began in May 2016. During the year ended 1 April 2023, the Company entered into agreements to purchase £400 million
(last year: £150 million) of its own shares as part of the programme. For further details, refer to note 25.
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28. Employee costs
Staff costs, including the cost of Directors, incurred during the year are as shown below. Directors’ remuneration, which is
separately disclosed in the Directors’ Remuneration Report on pages 200 to 245 and forms part of these financial statements,
includes, for those share options and awards where performance obligations have been met, the notional gains arising on the
future exercise but excludes the charge in respect of these share options and awards recognised in the Group Income Statement.
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Wages and salaries 468 446
Social security costs
60 57
Pension costs 20 18
548 521
Termination benefits 8 10
Share-based compensation (all awards and options settled in shares) 19 16
Total 575 547
Employee costs include a charge of £10 million (last year: charge of £10 million) arising as a result of the Group’s restructuring
programmes which has been presented as an adjusting item. Refer to note 6 for further details.
Pension costs include contributions to the Group’s defined contribution plan for eligible employees.
The average number of full-time equivalent employees (including Executive Directors) during the year was as follows:
Number of employees
52 weeks to
1 April
2023
53 weeks to
2 April
2022
EMEIA
1
4,394 4,478
Americas 1,303 1,292
Asia Pacific 3,171 3,209
Total 8,868 8,979
1. EMEIA comprises Europe, Middle East, India and Africa.
Shares and share options granted to Directors and employees
The Group operates a number of equity-settled share-based compensation schemes for its Directors and employees; the fair value
charge relating to these schemes is £19 million. Details of each of these schemes are set out in this note. The share option
schemes have been valued using the Black-Scholes option pricing model. The share awards have been valued using the closing
price of an ordinary share at the date of grant.
The key inputs used in the Black-Scholes pricing model to determine the fair value include: the share price at the commencement
date; the exercise price attached to the option; the expected life of the option; an appropriate risk-free interest rate; a dividend
yield discount for those schemes that do not accrue dividends during the course of the vesting period; and an expected share price
volatility, which is determined by calculating the historical annualised standard deviation of the market price of Burberry Group plc
shares over a period of time, prior to the grant, equivalent to the expected life of the option.
Where applicable, equity swaps have been entered into to cover future employer’s national insurance liability (or overseas
equivalent) that may arise in respect of these schemes.
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28. Employee costs continued
Shares and share options granted to Directors and employees continued
The Burberry Share Plan 2020 (the BSP)
The BSP was approved by shareholders and adopted by the Company in the year ended 27 March 2021 to replace the Burberry
Group plc Executive Share Plan (ESP) as the Group’s main long-term incentive plan.
Under the BSP rules, participants may be awarded either conditional share awards or phantom awards, up to a maximum value of
three times base salary per annum. Awards may be subject to performance underpins. If the Company does not meet one or more
of the performance underpins over the relevant vesting period, the Remuneration Committee would consider whether it is
appropriate to scale back the level of pay-out under the BSP award. For the BSP awards made to the Executive Directors, 1/3 of
the award will vest on the third anniversary of the grant date, 1/3 of the award will vest on the fourth anniversary of the grant date
and the remaining balance of the award will vest on the fifth anniversary of the grant date, subject to continued employment.
Awards made to senior employees will not be subject to performance conditions or underpins and will vest in full on the third
anniversary of the grant date, subject to continued employment.
During the year, the fair value charge relating to the BSP awards was £9 million and the following grants were made under
the BSP:
Targets
Date of grant Options granted Fair value Participant group Performance conditions/underpins Threshold Maximum
27 July 2022 991,831 £17.21 Management Continued service N/A N/A
27 July 2022 174,874 £17.21 Executive Directors Underpins: Total revenue £2,400m N/A
ROIC WACC N/A
Brand and sustainability Reasonable
progress
N/A
24 November 2022 86,928 £20.94 Management Continued service N/A N/A
The fair values for the above grants are equivalent to the closing price of an ordinary share on the grant date as follows:
27 July
2022
24 November
2022
Share price at contract commencement date £17.21 £20.94
Obligations under this plan will be met either by market purchase shares, the transfer of treasury shares or by the issue of
ordinary shares of the Company, for which the ESOP trust may be used to facilitate the process.
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28. Employee costs continued
Shares and share options granted to Directors and employees continued
The Burberry Share Plan 2020 (the BSP) continued
Movements in the number of BSP share awards outstanding are as follows:
52 weeks to
1 April
2023
53 weeks to
2 April
2022
Outstanding at start of year 1,701,810 1,424,090
Granted during the year 1,253,633 782,208
Lapsed and forfeited during the year (539,186) (350,708)
Exercised in the year (154,305) (153,780)
Outstanding at end of year 2,261,952 1,701,810
Exercisable at end of year 2,519 1,451
Vesting after end of year 2,259,433 1,700,459
Share awards outstanding at the end of the year have the following terms:
Term of the award
Number of
awards as at
1 April
2023
Number of
awards as at
2 April
2022
20 August 2020 – 20 August 2025 – 71,323
20 August 2020 – 23 July 2023 636,732 772,852
19 November 2020 – 19 November 2023 6,933 6,933
23 November 2020 – 23 November 2022 – 117,453
27 July 2021 – 27 July 2026 – 52,111
27 July 2021 – 27 July 2024 559,954 674,377
18 November 2021 – 18 November 2024 6,761 6,761
27 July 2022 – 27 July 2027 104,131 –
27 July 2022 – 27 July 2025 860,513 –
24 November 2022 – 24 November 2025 86,928 –
Total 2,261,952 1,701,810
The weighted average term of the BSP awards is 3 years.
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28. Employee costs continued
Shares and share options granted to Directors and employees continued
The Burberry Group plc Executive Share Plan (the ESP)
The ESP was approved by the shareholders and adopted by the Company in the year ended 31 March 2015 with the final grant
made on 27 February 2020.
Under the ESP, participants were awarded shares, structured as either nil-cost options, conditional share awards or phantom
awards, up to a maximum value of normally four times base salary per annum. Awards may be subject to a combination of non-
market performance conditions, including: compound annual Group adjusted PBT growth; compound annual Group revenue
growth; and average retail/wholesale adjusted return on invested capital (ROIC). Performance conditions were measured over a
three-year period from the last reporting period prior to the grant date and awards vested in two tranches in years 3 and 4.
Thresholds and targets for all ESP schemes have now been assessed and the number of shares awarded has been approved.
Awards made to management were not subject to performance conditions apart from continued service during the vesting period.
Obligations under this plan will be met either by market purchase shares, the transfer of treasury shares or by the issue of
ordinary shares of the Company, for which the ESOP trust may be used to facilitate the process.
During the year, the fair value charge relating to the ESP awards was £1 million.
Movements in the number of ESP share awards outstanding are as follows:
52 weeks to
1 April
2023
53 weeks to
2 April
2022
Outstanding at start of year 1,259,041 2,691,413
Lapsed and forfeited during the year (736,848) (1,259,441)
Exercised during the year (236,287) (172,931)
Outstanding at end of year 285,906 1,259,041
Exercisable at end of year 132,378 128,531
Vesting after end of year 153,528 1,130,690
The weighted average first available exercise date for the ESP scheme is 5 June 2023.
One-off awards
The Company grants conditional share awards as one-off awards. Some of these awards vest in tranches, which vary by award,
and are dependent upon continued employment over the vesting period.
The fair values for these awards are equivalent to the closing price of an ordinary share on the grant date.
During the year, the fair value charge relating to the one-off awards was £5 million.
Movements in the number of one-off share awards outstanding are as follows:
52 weeks to
1 April
2023
53 weeks to
2 April
2022
Outstanding at start of year 1,063,048 785,371
Granted during the year 7,720 359,252
Lapsed and forfeited during the year (537,605) (13,375)
Exercised during the year (192,414) (68,200)
Outstanding at end of year 340,749 1,063,048
Exercisable at end of year 31,311 31,311
Vesting after end of year 309,438 1,031,737
The weighted average first available exercise date for the one-off awards is 2 September 2023 and the latest vesting date is
18 November 2023.
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28. Employee costs continued
Other schemes
The Group also grants to employees options under the Burberry Group plc ShareSave Plan 2021 (ShareSave), and free shares
under a Burberry Group plc Share Incentive Plan (SIP) for employees in the UK and the Burberry Group plc International Free
Share Plan 2021 (IFSP) for employees outside the UK. In the 52 weeks to 1 April 2023 and the 53 weeks to 2 April 2022, options
were granted under ShareSave with a three-year and five-year vesting period.
Additional awards were granted under the SIP and the IFSP, offering employees awards of ordinary shares in the Company at a
£nil exercise price. All awards vest after three years and the vesting of these share awards is dependent on continued employment
over the vesting period.
The fair value charge for these schemes was £4 million.
29. Related party transactions
Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on
consolidation and are not disclosed in this note. Total compensation in respect of key management, who are defined as the Board
of Directors and certain members of senior management, is considered to be a related party transaction.
The total compensation in respect of key management for the year was as follows:
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Salaries, short-term benefits and social security costs
1
9 8
Share-based compensation (all awards and options settled in shares) 4 1
Total 13 9
1. Pension cash allowance is included within salaries, short-term benefits and social security costs.
The Group donates each year to The Burberry Foundation, an independent charity which meets the criteria to be reported as a
related party in accordance with IFRS. Charitable donations to The Burberry Foundation for the 52 weeks to 1 April 2023 were
£2 million (last year: £1 million).
There were no other material related party transactions in the year.
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30. Subsidiary undertakings and investments
In accordance with Section 409 of the Companies Act 2006 a full list of related undertakings as at 1 April 2023, including their
country of incorporation and percentage share ownership, is disclosed below. Unless otherwise stated, all undertakings are
indirectly owned by Burberry Group plc and operate in the country of incorporation. All the subsidiary undertakings have been
consolidated as at 1 April 2023.
Company name
Country/territory
of incorporation Interest
Holding
(%)
Registered
office
Burberry Pacific Pty Ltd Australia Ordinary shares 100 1
Burberry (Austria) GmbH Austria Ordinary shares 100 2
Sandringham Bahrain SPC W.L.L.
1
Bahrain Ordinary shares 100 3
Burberry Antwerp NV Belgium Ordinary shares 100 4
Burberry Brasil Comércio de Artigos de Vestuário e
Acessórios Ltda
Brazil Quota 100 5
Burberry Canada Inc Canada Common shares 100 6
Burberry (Shanghai) Trading Co., Ltd Mainland China Equity interest 100 7
Burberry Czech Rep s.r.o. Czech Republic Ordinary shares 100 8
Burberry France SASU France Ordinary shares 100 9
Burberry (Deutschland) GmbH Germany Ordinary shares 100 10
Burberry Asia Holdings Limited Hong Kong S.A.R., China Ordinary shares 100 11
Burberry Asia Limited Hong Kong S.A.R., China Ordinary shares 100 11
Burberry China Holdings Limited Hong Kong S.A.R., China Ordinary shares 100 11
Burberry Hungary Kereskedelmi Korlátolt
Felelősségű Társaság
Hungary Ordinary shares 100 12
Burberry India Private Limited India Ordinary shares 51 13
Burberry Ireland Investments Unlimited Company Ireland Ordinary A shares
Ordinary B shares
100
100
14
Burberry Ireland Limited Ireland Ordinary shares 100 15
Burberry Italy (Rome) S.R.L. Ital
y
Quota 100 16
Burberry Italy S.R.L.
2
Ital
y
Quota 100 17
Burberry Manifattura S.R.L. Ital
y
Quota 100 18
Burberry Japan K.K. Japan Ordinary shares 100 19
Burberry Kuwait General Trading Textiles and
Accessories Company \With Limited Liability
3
Kuwait Parts 49 20
Burberry Macau Limited Macau S.A.R., China Quota 100 21
Burberry (Malaysia) Sdn. Bhd. Malaysia Ordinary shares 100 22
Horseferry México S.A. de C.V. Mexico Ordinary (fixed) shares
Ordinary (variable) shares
100
100
23
Horseferry México Servicios Administrativos, S.A. de C.V. Mexico Ordinary (fixed) shares 100 23
Burberry Netherlands B.V. Netherlands Ordinary shares 100 24
Burberry New Zealand Limited New Zealand Ordinary shares 100 25
Burberry Qatar W.L.L
3
Qatar Ordinary shares 49 26
Burberry Korea Limited Republic of Korea Common stock 100 27
Burberry Retail LLC
4
Russian Federation Participatory share 100 28
Burberry Saudi Company Limited Kingdom of Saudi Arabia Ordinary shares 100 29
Burberry (Singapore) Distribution Company PTE Ltd Singapore Ordinary shares 100 30
Burberry (Spain) Retail S.L. Spain Ordinary shares 100 31
Burberry (Suisse) SA
2
Switzerland Ordinary shares 100 32
Burberry (Taiwan) Co., Ltd Taiwan Area, China Common shares 100 33
Burberry (Thailand) Limited Thailand Common shares 100 34
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30. Subsidiary undertakings and investments continued
Company name
Country of
incorporation Interest
Holding
(%)
Registered
office
Burberry Turkey Giyim Toptan Ve Perakende Satış
Limited Şirketi
Turkey Ordinary shares 100 35
Burberry FZ-LLC United Arab Emirates Ordinary shares 100 36
Burberry Middle East LLC
3
United Arab Emirates Ordinary shares 49 37
Burberry (Espana) Holdings Limited United Kingdom Ordinary shares 100 38
Burberry (No. 7) Unlimited United Kingdom Ordinary shares 100 38
Burberry (UK) Limited United Kingdom Ordinary shares 100 38
Burberry Europe Holdings Limited
2
United Kingdom Ordinary shares 100 38
Burberry Finance Limited United Kingdom Ordinary shares 100 38
Burberry Haymarket Limited
2
United Kingdom Ordinary shares 100 38
Burberry Holdings Limited United Kingdom Ordinary shares 100 38
Burberry International Holdings Limited
2
United Kingdom Ordinary shares 100 38
Burberry Latin America Limited United Kingdom Ordinary shares 100 38
Burberry Limited United Kingdom Ordinary shares 100 38
Burberry London Limited United Kingdom Ordinary shares 100 38
Burberrys Limited
1
United Kingdom Ordinary shares 100 38
Sweet Street Developments Limited United Kingdom Ordinary shares 100 38
The Scotch House Limited
2
United Kingdom Ordinary shares 100 38
Thomas Burberry Holdings Limited
2
United Kingdom Ordinary shares 100 38
Thomas Burberry Limited
2
United Kingdom Ordinary shares 100 38
Woodrow-Universal Limited
2
United Kingdom Ordinary shares 100 38
Woodrow-Universal Pension Trustee Limited
2
United Kingdom Ordinary shares 100 38
Burberry (Wholesale) Limited United States Class X common stock
Class Y common stock
100
100
39
Burberry Limited United States Class X common stock
Class Y common stock
100
100
39
Burberry North America, Inc. United States Common stock 100 40
Burberry Warehousing Corporation
5
United States Common stock 100 40
Castleford Industries, Ltd.
5
United States Series A common stock 100 40
Castleford Tailors, Ltd.
5
United States Common stock 100 40
1. The Group has an indirect holding of 100% of the issued share capital through a nominee.
2. Held directly by Burberry Group plc.
3. The Group has a 100% share of profits of Burberry Middle East LLC as well as a 100% and majority share of profits in Burberry Middle East LLC’s subsidiaries in Kuwait
and Qatar respectively. The Group has the power to control these companies under the agreements relating to Burberry Middle East LLC.
4. Burberry Retail LLC’s stores have been closed since March 2022.
5. Certificate of dissolution was filed on 28 March 2022.
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30. Subsidiary undertakings and investments continued
Ref Registered office address
1 Level 5, 343 George Street, Sydney NSW 2000, Australia
2 Kohlmarkt 2, A – 1010 Wien, Austria
3 Building 1A, Road 365, Manama Center 316, Unit 8, Moda Mall, Manama, Bahrain
4 Boulevard de Waterloo 16, Brussel, Belgium
5 City of São Paulo, State of São Paulo, at Rua do Rocio, 350, 3rd Pavement of Condominium Atrium IX, suites No. 32,
28th subdistrict, Vila Olímpia, CEP 04552-000, Brazil
6 100 King Street West, 1 First Canadian Place, Suite 1600, Toronto ON M5X 1G5, Canada
7 60th Floor (Actual Floor No.53), Wheelock Square, 1717 Nanjing West Road, Shanghai 200040, China
8 Praha 1, Pařížská 11/67, PSČ 11000, Czech Republic
9 56A rue du Faubourg Saint-Honoré, 75008, Paris, France
10 Königsallee 50, 40212, Düsseldorf, German
y
11 Suites 2201-02 & 11-14, 22/F Devon House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong
12 1062 Budapest Andrássy út 100 Hungar
y
13 3 A-1 Taj Apartment, Rao Tula Ram Marg, New Delhi, 110022, India
14 Suite 9, Bunkilla Plaza, Bracetown Business Park, Clonee, Co. Meath., D15 XR27, Ireland
15 Suite 9, Bunkilla Plaza, Bracetown Office Park, Clonee, Co. Meath., D15 XR27, Ireland
16 Via Manzoni .20, 20121 Milano Ital
y
17 Via Manzoni 20 CAP, 20121 Milano
18 Via delle Fonti n.10, 50018 Scandicci
19 5-14 Ginza 2-chome, Chuo-ku, Tokyo, Japan
20 Hawali, Street 276, Block 8, Plot 9301, Office No 12, Floor 7, Kuwait
21 Avenida Dr. Sun Yat Sen, One Central Building, 1st floor, Shops 125-127, Macau
22 Level 21, Suite 21.01, The Gardens South Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, Wilayah
Persekutuan, Malaysia
23 Edgar Allan Poe 85-B, Col. Polanco, Delg. Miguel Hidalgo, Mexico City, 11560, Mexico
24 Pieter Cornelisz. Hooftstraat 50 H, 1071CA Amsterdam
25 Level 20, HSBC Tower, 188 Quay Street, Auckland, 1010, New Zealand
26 First Floor, Building No. 660, Street no. 364, Al Waab, Zone No.54, Al Marikh, Al Rayyan Municipality, Qatar
27 (Cheongdam-dong) 459, Dosan-daero, Gangnam-gu, Seoul, Republic of Korea
28 Ulitsa Petrovka, 16, floor 3, Premise I, rooms 47-53, 127051, Moscow, Russian Federation
29 Riyadh, Al Olaya District, Akaria Plaza, First Floor, P.O.Box 359, 11411, Kingdom of Saudi Arabia
30 391B Orchard Road, #15-02/03, Ngee Ann City, 238874, Singapore
31 Passeig de Gràcia, 56, 08007 Barcelona
32 Route de Chêne 30A, c/o L&S Trust Services SA, 1208 Genève, Switzerland
33 5F. No 451 Changchun Rd, Songshan Dist, Taipei City 10547, Taiwan
34 No. 127 Office O, Level 25, Gaysorn Tower; Ratchadamri Road, Lumpini Sub-district; Pathumwan District; Bangkok; Thailand
35 Reşitpaşa Mahallessi Eski Büyükdere Cad. Windowist Tower Sit. No: 26/1 Sariyer/Istanbul, Turkey
36 Dubai Design District, Premises: 301, 312, 313, 314 & 315, Floor: 03, Building: 08, Dubai, United Arab Emirates
37 Dubai Design District, Building 8, Level 3, Unit no 314 and 315 PO Box 83916, Dubai
38 Horseferry House, Horseferry Road, London, SW1P 2AW, United Kingdom
39 CT Corporation System, 28 Liberty St., New York, New York, 10005, United States
40 The Corporation Trust Company, Corporation Trust Center 1209 Orange St, Wilmington, New Castle, DE 19801, United States
317
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31. Contingent liabilities
The Group is subject to claims against it and to tax audits in a number of jurisdictions which arise in the ordinary course of
business. These typically relate to Value Added Taxes, sales taxes, customs duties, corporate taxes, transfer pricing, payroll taxes,
various contractual claims, legal proceedings and other matters. Where appropriate, the estimated cost of known obligations has
been provided in these financial statements in accordance with the Group’s accounting policies. The Group does not expect the
outcome of current similar contingent liabilities to have a material effect on the Group’s financial position.
318
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Financial Statements | Five-Year Summary (UNAUDITED)
Five-Year Summary (UNAUDITED)
319
To end of year
Revenue by channel
2019
£m
Pro forma
4
2020
£m
2020
£m
2021
£m
2022
£m
2023
£m
Retail 2,186 2,110 2,110 1,910 2,273 2,501
Wholesale 488 476 476 396 512 543
Retail/Wholesale 2,674 2,586 2,586 2,306 2,785 3,044
Licensing 46 47 47 38 41 50
Total revenue 2,720 2,633 2,633 2,344 2,826 3,094
Profit by channel
£m £m £m £m £m £m
Retail/Wholesale
1
396 361 390 361 486 587
Licensing 42 43 43 35 37 47
Adjusted operating profit
1
438 404 433 396 523 634
Segmental analysis of adjusted profit
1
% % % % % %
Retail/Wholesale gross margin 67.9 66.8 66.8 69.5 70.2 70.0
Retail/Wholesale operating expenses as a percentage of sales 53.1 52.8 51.7 53.8 52.7 50.7
Retail/Wholesale operating margin 14.8 14.0 15.1 15.7 17.5 19.3
Licensing operating margin 91.2 91.9 91.9 90.8 90.2 91.9
Adjusted operating profit margin 16.1 15.3 16.4 16.9 18.5 20.5
Summary profit analysis
£m £m £m £m £m £m
Adjusted operating profit
1
438 404 433 396 523 634
Net finance income/(expense)
1
5 6 (19) (30) (31) (21)
Adjusted profit before taxation
1
443 410 414 366 492 613
Adjusting items (2) (245) (245) 124 19 21
Profit before taxation 441 165 169 490 511 634
Taxation (102) (46) (47) (114) (114) (142)
Non-controlling interest – – – – (1) (2)
Attributable profit 339 119 122 376 396 490
Retail/Wholesale revenue by product division
£m £m £m £m £m £m
Accessories 1,013 948 948 841 1,017 1,125
Women’s 837 797 797 653 784 867
Men’s 698 715 715 668 807 868
Children’s/Other 126 127 127 145 177 184
Retail/Wholesale revenue by destination
£m £m £m £m £m £m
Asia Pacific 1,104 1,041 1,041 1,203 1,276 1,297
EMEIA
2
957 961 961 628 813 1,004
Americas 612 585 585 475 696 743
Financial KPIs
% % % % % %
Total revenue growth
3
-1 -4 -4 -10 +23 +5
Comparable store sales growth +2 -3 -3 -9 +18 +7
Adjusted operating profit growth
1, 3
0 -8 -1 -8 +38 +8
Adjusted operating profit margin
1
16.1 15.3 16.4 16.9 18.5 20.5
Adjusted diluted EPS growth
1
0 -5 -4 -14 +40 +30
Adjusted Group return on invested capital (ROIC)
1, 5
15.5 13.5 20.0 17.0 24.6 28.6
1. Excludes the impact of adjusting items. Refer to note 2s for the Group’s policy on adjusting items.
2. EMEIA comprises Europe, Middle East, India and Africa.
3. Growth rate is year-on-year underlying change, i.e. at constant exchange rates.
4. The pro forma income statement for 2020 is an estimation of the results for 2020 applying the previous accounting standard for leases, IAS 17 Leases. The actual results
for 2020 are reported applying IFRS 16 Leases.
5. Prior to 2020, reported ROIC was measured on a retail/wholesale basis. From 2020 onwards, reported ROIC is measured on a Group basis and reflects the impact of the
adoption of IFRS 16 on the measure.
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320
To end of year
Earnings and dividends
2019
pence
per share
Pro forma
2020
pence
per share
2020
pence
per share
2021
pence
per share
2022
pence
per share
2023
pence
per share
Adjusted earnings per share – diluted
1
82.1 77.9 78.7 67.3 94.0 122.5
Earnings per share – diluted 81.7 29.0 29.8 92.7 97.7 126.3
Diluted weighted average number of
ordinary shares (millions) 415.1 409.0 409.0 405.1 404.8
388.0
Dividend per share
Interim 11.0 11.3 11.3 – 11.6 16.5
Final 31.5 – – 42.5 35.4 44.5
To end of year
Net cash flow
2019
£m
2020
£m
2021
£m
2022
£m
2023
£m
Adjusted profit before tax 443 414 366 492 613
Adjusting items (2) (245) 124 19 21
Operating profit 441 169 490 511 634
Depreciation and amortisation 116 331 277 313 344
Employee share scheme costs 16 3 12 16 19
Net financing expense (4) 20 31 32 23
Decrease/(increase) in inventories (59) 27 21 (22) (10)
Decrease/(increase) in receivables (55) (10) (39) (5) (17)
Increase/(decrease) in payables and provisions 55 (84) (7) 81 (49)
Other cash items 2 – (1) – –
Other non-cash items 4 169 (107) (17) (32)
Cash flow from operations 516 625 677 909 912
Net interest 6 (19) (27) (30) (22)
Tax paid (111) (150) (58) (180) (140)
Net cash flow from operations
2
411 456 592 699 750
Capital expenditure (111) (149) (115) (161) (179)
Proceeds from disposal of non-current assets – 3 27 8 32
Payment of lease principal and related cash flows – (244) (155) (206) (210)
Free cash flow 300 66 349 340 393
Acquisitions (26) (3) (4) (10) (6)
Dividends (171) (175) – (219) (203)
Purchase of shares through share buyback (151) (151) – (153) (404)
Proceeds from borrowings – 300 595 – –
Repayment of borrowings – – (600) – –
Other (10) 4 2 (4) 2
Exchange difference 2 9 (13) 7 2
Total movement in net cash (56) 50 329 (39) (216)
Net cash 837 887 1,216 1,177 961
1. Excludes the impact of adjusting items. Refer to note 2s for the Group’s policy on adjusting items.
2. Following the adoption of IFRS 16 in the year ending 28 March 2020, Net cash flow from operations excludes cash outflows for lease principal and other lease payments.
Free cash flow is presented including these lease payments and hence free cash flow is on a comparable basis to prior years.
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321
At end of year
Balance Sheet
2019
£m
2020
£m
2021
£m
2022
£m
2023
£m
Intangible assets 221 247 237 240 248
Property, plant and equipment 307 295 280 322 376
Right-of-use assets – 834 818 880 950
Inventories 465 451 402 426 447
Trade and other receivables 321 306 322 328 359
Trade and other payables (702) (550) (492) (572) (553)
Lease liabilities – (1,126) (1,020) (1,058) (1,123)
Taxation (including deferred taxation) 98 214 148 221 229
Net cash 837 887 1,216 1,177 961
Borrowings – (300) (297) (298) (298)
Other net assets (87) (39) (54) (49) (57)
Net assets 1,460 1,219 1,560 1,617 1,539
Reconciliation of Adjusted
Group ROIC as reported under IFRS 16
2019
£m
2020
£m
2021
£m
2022
£m
2023
£m
Adjusted operating profit
1
433 396 523 634
Adjusted profit effective tax rate
1
22.3% 25.4% 22.2% 22.2%
Adjusted net operating profit after tax
1
336 295 407 493
Net assets 1,460 1,219 1,560 1,617 1,539
Adjustments to net assets on adoption of IFRS 16 and
IFRIC 23 (62) – – – –
Deduct cash net of overdrafts (837) (887) (1,216) (1,177) (961)
Add back borrowings – 300 297 298 298
Add back lease debt 1,045 1,125 1,019 1,058 1,123
Deduct net tax assets (98) (214) (148) (221) (229)
Operating assets 1,508 1,543 1,512 1,575 1,770
Add back net liabilities related to adjusting items:
Deferred consideration 22 18 17 8 5
Restructuring liabilities/other 27 253 128 63 30
Adjusted operating assets 1,557 1,815 1,657 1,646 1,805
Average adjusted operating assets – 1,686 1,736 1,651 1,726
Adjusted Group ROIC – 20.0% 17.0% 24.6% 28.6%
1. Excludes the impact of adjusting items. Refer to note 2s for the Group’s policy on adjusting items.
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Financial Statements | Company Balance Sheet
Company Balance Sheet
322
Note
As at
1 April
2023
£m
As at
2 April
2022
£m
Fixed assets
Investments in subsidiaries D 1,553 1,535
1,553 1,535
Current assets
Trade and other receivables – amounts falling due after more than one year E 301 609
Trade and other receivables – amounts falling due within one year E 288 1
Derivative assets maturing within one year 3 –
Cash at bank and in hand – 1
592 611
Creditors – amounts falling due within one year F (67) (60)
Net current assets 525 551
Total assets less current liabilities 2,078 2,086
Creditors – amounts falling due after more than one year F (129) (123)
Borrowings G (298) (298)
Net assets 1,651 1,665
Equity
Called up share capital I – –
Share premium account 230 227
Capital reserve 1 1
Profit and loss account 1,420 1,437
Total equity 1,651 1,665
Profit for the year was £572 million (last year: £456 million). The Directors consider that, at 1 April 2023, £718 million (last year:
£701 million) of the profit and loss account is non-distributable.
The financial statements on pages 322 to 330 were approved and authorised for issue by the Board on 17 May 2023 and signed on
its behalf by:
Jonathan Akeroyd
Chief Executive Officer
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Financial Statements | Company Statement of Changes in Equity
Company Statement of Changes in Equity
323
Note
Called up
share capital
£m
Share
premium
account
£m
Capital
reserve
£m
Hedging
reserve
£m
Profit
and loss
account
£m
Total
equity
£m
Balance as at 27 March 2021 – 223 1 5 1,345 1,574
Profit for the year – – – – 456 456
Total comprehensive income for the year – – – – 456 456
Employee share incentive schemes
Equity share awards – – – – 16 16
Exercise of share options – 4 – – – 4
Purchase of own shares
Share buyback – – – – (153) (153)
Held by ESOP trusts – – – – (8) (8)
Dividends paid in the year – – – – (219) (219)
Gains recognised in income – – – (5) – (5)
Balance as at 2 April 2022 – 227 1 – 1,437 1,665
Profit for the year – – – – 572 572
Total comprehensive income for the year – – – – 572 572
Employee share incentive schemes
Equity share awards – – – – 19 19
Exercise of share options – 3 – – – 3
Purchase of own shares
Share buyback I – – – – (404) (404)
Held by ESOP trusts – – – – (1) (1)
Dividends paid in the year J – – – – (203) (203)
Balance as at 1 April 2023 – 230 1 – 1,420 1,651
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A. Basis of preparation
Burberry Group plc (the Company) is the parent Company of the Burberry Group. Burberry Group plc is a public company which
is limited by shares and is listed on the London Stock Exchange. The Company’s principal business is investment and it is
incorporated and domiciled in the UK. The Company is registered in England and Wales and the address of its registered office is
Horseferry House, Horseferry Road, London, SW1P 2AW. The Company is the sponsoring entity of The Burberry Group plc ESOP
Trust and The Burberry Group plc SIP Trust (collectively known as the ESOP trusts). These financial statements have been
prepared by including the ESOP trusts within the financial statements of the Company. The purpose of the ESOP trusts is to
purchase shares of the Company in order to satisfy Group share-based payment arrangements.
Burberry Group plc and its subsidiaries (the Group) is a global luxury goods manufacturer, retailer and wholesaler. The Group also
licenses third parties to manufacture and distribute products using the ‘Burberry’ trademarks. All of the companies which
comprise the Group are controlled by the Company directly or indirectly. The consolidated financial statements of the Group have
been prepared in accordance with the requirements of the Companies Act 2006 and UK-adopted International Accounting
Standards. These consolidated financial statements have been prepared for public use and can be obtained at Horseferry House,
Horseferry Road, London, SW1P 2AW.
The financial statements of the Company have been prepared in accordance with Financial Reporting Standard 101 ‘Reduced
Disclosure Framework’ (FRS 101). The financial statements have been prepared on a going concern basis under the historical cost
convention, as modified by derivative financial assets and derivative financial liabilities measured at fair value through profit or
loss, and in accordance with the Companies Act 2006. As permitted by Section 408 of the Companies Act 2006, the Company has
not presented its own Income Statement.
The preparation of the financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates.
It also requires management to exercise judgement in applying the Company’s accounting policies (refer to note C).
Financial Reporting Standard 101 – reduced disclosure exemptions
The Company has taken advantage of the applicable disclosure exemptions permitted by FRS 101 in the financial statements,
which are summarised below:
Standard Disclosure exemption
IFRS 7, ‘Financial Instruments: Disclosures’ • Full exemption
IFRS 13, ‘Fair Value Measurement’ • para 91-99 – disclosure of valuation techniques and inputs used for fair value
measurement of assets and liabilities
IAS 1, ‘Presentation of the Financial Statements’ • para 10(d) – statement of cash flows
• para 10(f) – a statement of financial position as at the beginning
of the preceding period when an entity applies an accounting policy
retrospectively or makes a retrospective statement of items in its financial
statements, or when it reclassifies items in its financial statements
• para 16 – statement of compliance with all IFRS
• para 38 – present comparative information in respect of paragraph 79(a)(iv)
of IAS 1
• para 38A – requirement for minimum of two primary statements, including
cash flow statements
• para 38B-D – additional comparative information
• para 111 – cash flow statement information
• para 134-136 – capital management disclosures
IAS 7, ‘Statement of Cash Flows’ • Full exemption
IAS 8, ‘Accounting Policies, Changes
in Accounting Estimates and Errors’
• para 30-31 – requirement for the disclosure of information when an entity has
not applied a new IFRS that has been issued but is not yet effective
IAS 24, ‘Related Party Disclosures’ • para 17 – key management compensation
• The requirements to disclose related party transactions entered into between
two or more members of a group, provided that any subsidiary which is a party
to the transaction is wholly owned by such a member
IAS 36, ‘Impairment of Assets’ • para 134(d)-134(f) and 135(c)-135(e)
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A. Basis of preparation continued
Going concern
The Company financial statements are prepared on a going concern basis as set out in note 1 of the Group consolidated financial
statements of Burberry Group plc.
New standards, amendments and interpretations adopted in the period
There have been no new standards or interpretations issued and made effective for the financial period commencing 3 April 2022
that have had a material impact on the financial statements of the Company.
B. Accounting policies
The following principal accounting policies have been applied in the preparation of these financial statements. These policies have
been consistently applied to all the years presented, unless otherwise stated:
Share schemes
The Group operates a number of equity-settled share-based compensation schemes, under which services are received from employees
(including executive Directors) as consideration for equity instruments of the Company. Instruments used include awards and options.
The cost of the share-based incentives is measured with reference to the fair value of the equity instruments awarded at the date of
grant. Appropriate option pricing models, including Black-Scholes, are used to determine the fair value of the option awards made.
The fair value takes into account the impact of any market performance conditions, but the impact of non-market performance
conditions is not considered in determining the fair value on the date of grant. Vesting conditions which relate to non-market
conditions are allowed for in the assumptions used for the number of share awards or options expected to vest. The estimate of
the number of options expected to vest is revised at each balance sheet date.
In some circumstances, employees may provide services in advance of the grant date. The grant date fair value is estimated for
the purpose of recognising the expense during the period between the service commencement period and the grant date.
The grant by the Company of share awards or options over its equity instruments to employees of subsidiary undertakings in the
Group is treated as a capital contribution. In the Company’s financial statements, the cost of the share-based incentives is
recognised over the vesting period of the awards as an increase in investment in subsidiary undertakings, with a corresponding
increase in equity. Where amounts are received from Group companies in relation to equity instruments granted to the employees
of the subsidiary undertaking, the amount is derecognised from investments in Group companies.
When share awards or options are exercised, they are settled either via issue of new shares in the Company, or through shares
held in the ESOP trusts, depending on the terms and conditions of the relevant scheme. For new shares issued, the proceeds
received from the exercises of share options, net of any directly attributable transaction costs, are credited to share capital and
share premium accounts. When ESOP shares are used, any difference between the exercise price and their cost are recognised in
retained earnings.
Dividend distribution
Dividend distributions to Burberry Group plc’s shareholders are recognised as a liability in the year in which the dividend becomes a
committed obligation. Final dividends are recognised when they are approved by the shareholders. Interim dividends are recognised
when paid.
Investments in subsidiaries
Investments in subsidiaries are stated at cost, less any provisions to reflect impairment in value.
Impairment of investments in subsidiaries
Investments in subsidiaries are not subject to amortisation and are tested annually for impairment. An impairment loss is
recognised for the amount by which the carrying value exceeds its recoverable amount. The recoverable amount is the higher of an
asset’s fair value less costs to sell and value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest
level for which there are separately identifiable cash flows (cash generating units). Investments for which an impairment has been
previously recognised are reviewed for possible reversal of impairment at each reporting date.
Taxation
Tax expense represents the sum of the tax currently payable and deferred tax charge.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit because it excludes items of
income or expense which are taxable or deductible in other years and it further excludes items which are never taxable or
deductible. The current tax liability is calculated using tax rates which have been enacted or substantively enacted by the balance
sheet date.
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B. Accounting policies continued
Taxation continued
Deferred income tax is recognised, using the liabilities method, on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial statements. However, if the temporary difference arises from initial
recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects
neither accounting nor taxable profit or loss, no deferred tax will be recognised.
Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date
and are expected to apply when the related deferred income tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the
temporary differences can be utilised.
Financial instruments
A financial instrument is initially recognised at fair value on the Balance Sheet when the Company becomes a party to the
contractual provisions of the instrument. A financial asset is derecognised when the contractual rights to the cash flow expire or
substantially all risks and rewards of the asset are transferred. A financial liability is derecognised when the obligation specified in
the contract is discharged, cancelled or expires.
At initial recognition, all financial liabilities are stated at fair value. Subsequent to initial recognition, all financial liabilities are
stated at amortised cost using the effective interest rate method, except for derivatives which are held at fair value and which are
classified as fair value through profit and loss. Financial assets are classified as either amortised cost or fair value through profit
and loss depending on their cash flow characteristics. Assets with cash flows that represent solely payments of principal and
interest are measured at amortised cost. The fair value of the financial assets and liabilities held at amortised cost approximate
their carrying amount due to the use of market interest rates.
The Company classifies its instruments in the following categories:
Financial instrument category Note Classification Measurement
Cash and cash equivalents Amortised cost Amortised cost
Trade and other receivables E Amortised cost Amortised cost
Trade and other receivables E Fair value through profit and loss Fair value through profit and loss
Trade and other payables F Other financial liabilities Amortised cost
Borrowings G Other financial liabilities Amortised cost
Equity swap contracts Fair value through profit and loss Fair value through profit and loss
The Company’s primary categories of financial instruments are listed below:
Cash at bank and in hand
On the Balance Sheet, cash at bank and in hand comprises cash held with banks. Cash at bank and in hand held at amortised cost
is subject to impairment testing each period end.
Trade and other receivables
Trade and other receivables are included in current assets. Trade and other receivables with maturities greater than 12 months
after the balance sheet date are classified in trade and other receivables amounts falling due after more than one year. The
assessment of maturities of loan receivables takes into consideration any intention to renew the loan, where the loan is provided
under a facility which has a maturity of more than 12 months from the balance sheet date. Most receivables are held with the
objective to collect the contractual cash flows and are therefore recognised initially at fair value and subsequently measured at
amortised cost using the effective interest rate method, less provision for impairment. A provision for the expected loss on
receivables is established at inception. This is modified when there is a change in the credit risk. The amount of the movement in
the provision is recognised in the Income Statement.
Trade and other payables
Trade and other payables are included in current liabilities, except for maturities greater than 12 months after the balance sheet
date. Payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
rate method.
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B. Accounting policies continued
Financial instruments continued
Borrowings
Borrowings are recognised initially at fair value, inclusive of transaction costs incurred. Borrowings are subsequently stated at
amortised cost and the difference between the proceeds (net of transaction costs) and the redemption value is recognised in the
Income Statement over the period of the borrowings using the effective interest rate method. Borrowings are classified in
creditors amounts falling due within one year unless the Company has an unconditional right to defer settlement of the liability for
at least 12 months after the balance sheet date.
Derivative instruments
The Company uses equity swap contracts to economically hedge its exposure to fluctuations in the Company’s share price
which impacts the social security costs payable by Group companies in relation to share-based compensation schemes.
The equity swap contracts are initially recognised at fair value at the trade date and classified as fair value through profit and loss.
All subsequent changes in fair value are recognised in the Income Statement up to the maturity date.
Cash settled equity swaps are classified as fair value through profit and loss.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the
Company operates (the functional currency). The financial statements are presented in sterling which is the Company’s functional
and presentation currency.
Transactions in foreign currencies
Transactions denominated in foreign currencies are translated into the functional currency at the exchange rate prevailing at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies, which are held at the year end, are
translated into the functional currency at the exchange rate ruling at the balance sheet date (closing rate). Exchange differences
on monetary items are recognised in the Income Statement in the period in which they arise.
Called up share capital
Called up share capital is classified as equity. Incremental costs directly attributable to the issue of new shares or options are
shown in equity as a deduction, net of tax, from the proceeds.
Where the Company purchases its own equity share capital (treasury shares), the consideration paid, including any directly
attributable incremental costs, is deducted from equity attributable to owners of the Company until the shares are cancelled,
reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly
attributable incremental transaction costs and the related income tax effects, is included in equity attributable to owners of
the Company.
C. Key sources of estimation uncertainty and judgements
Key sources of estimation uncertainty
Preparation of the financial statements in conformity with FRS 101 requires that management make certain estimates and
assumptions that affect the reported revenues, expenses, assets and liabilities and the disclosure of contingent liabilities. If in the
future such estimates and assumptions, which are based on management’s best estimates at the date of the financial statements,
deviate from actual circumstances, the original estimates and assumptions will be updated as appropriate in the period in which
the circumstances change.
Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances. There were no key sources of estimation uncertainty for the
52 weeks to 1 April 2023 and the 53 weeks to 2 April 2022.
Key judgements in applying the Company’s accounting policies
Judgements are those decisions made when applying accounting policies which have a significant impact on the amounts
recognised in the Company’s financial statements. Further details of the Company’s accounting policies are provided in note B.
There were no key judgements arising in the current year or prior year that have a significant impact on the amounts recognised in
the Company’s financial statements for the 52 weeks to 1 April 2023 and the 53 weeks to 2 April 2022.
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D. Investments in subsidiaries
£m
As at 2 April 2022 1,535
Additions 18
As at 1 April 2023 1,553
The Company has reviewed the recoverable value of its investments to identify if there is any indication of impairment of the
carrying value. Where applicable, the value in use has been estimated using management’s best estimates of future cash
generation of its investments.
The Company has not impaired the carrying value of its investments as their cash generation in the long-term is considered
sufficient to support the carrying value. The subsidiary undertakings and investments of the Burberry Group are listed in note 30
of the Group financial statements.
E. Trade and other receivables
As at
1 April
2023
£m
As at
2 April
2022
£m
Amounts owed by Group companies 300 608
Prepayments 1 1
Trade and other receivables – amounts falling due after more than one year 301 609
Amounts owed by Group companies 288 1
Trade and other receivables – amounts falling due within one year 288 1
Total trade and other receivables 589 610
All amounts owed by Group companies are interest bearing and unsecured.
Included within amounts owed by Group companies falling due after more than one year are interest bearing loans receivable of
£300 million with a facility maturity date of 21 September 2025, and within amounts owed by Group companies falling due within
one year is £288 million with a facility maturity date of 1 March 2024. The interest rates applied to these loans are 1.125% and
SONIA + adjustment spread +0.9%, respectively.
The Company’s impairment policies and the calculation of the loss allowances under IFRS 9 are detailed in note H.
F. Creditors
As at
1 April
2023
£m
As at
2 April
2022
£m
Amounts owed to Group companies 129 123
Creditors – amounts falling due after more than one year 129 123
As at
1 April
2023
£m
As at
2 April
2022
£m
Amounts owed to Group companies 66 59
Other payables 1 1
Creditors – amounts falling due within one year 67 60
Total creditors 196 183
Amounts owed to Group companies falling due after more than one year include interest bearing loans of £129 million (last year:
£123 million). The interest rate earned is set annually and was based on SONIA plus adjustment spread +0.9% at the most recent
update. These loans are unsecured with £69 million repayable on 17 June 2024 and £60 million repayable on 17 June 2025.
Amounts owed to Group companies falling due within one year amount to £66 million and are unsecured, interest free and
repayable on demand (last year: £59 million of interest bearing loans repayable on demand).
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329
G. Borrowings
On 21 September 2020, Burberry Group plc issued medium term notes with a face value of £300 million and 1.125% coupon
maturing on 21 September 2025 (the sustainability bond). Proceeds from the sustainability bond will allow the Group to finance
projects which support the Group’s sustainability agenda. Refer to page 92 for the sustainability bond use of proceeds report.
There are no financial penalties for not using the proceeds as anticipated. Interest on the sustainability bond is payable semi-
annually. The carrying value of the bond at 1 April 2023 is £298 million (last year: £298 million); all movements on the bond are
non-cash. The fair value of the bond at 1 April 2023 is £273 million (last year: £285 million).
H. Credit risk
The Company’s principal financial instruments comprise cash, borrowings, trade and other receivables and trade and other
payables arising directly from operations.
Trade and other receivables
The trade and other receivables balance comprises intercompany loans with companies within the Group. These Group companies
are assessed at each reporting date as to their ability to repay outstanding balances. The amounts owed by Group companies at 1
April 2023 comprise £587 million owed by Burberry Limited, and £1 million owed by other Group companies (last year: £609
million owed by Burberry Limited, and £1 million owed by other Group companies).
The counterparty credit risk of trade and other receivables is reviewed on a regular basis and assessed for impairment as follows:
At inception the receivable is recorded net of expected 12-month credit losses. If a significant increase in the credit risk occurs during the
life, credit losses are recorded in the profit and loss account and the effective interest is calculated using the gross carrying amount of the
asset. If a loss event occurs, the effective interest is calculated using the amortised cost of the asset net of any credit losses.
The Company’s most significant debtor, Burberry Limited, is the holder of the Burberry brand and the main operating company of
the Group. Based on its liquidity and expected cash generation, the expected 12 months credit loss for Burberry Limited trade and
other receivables is not considered to be significant. As a result, no impairment has been recorded for amounts owed by Group
companies as at 1 April 2023.
Other financial assets
With respect to credit risk arising from other financial assets, which comprise cash and certain other receivables, the Company’s
exposure to credit risk arises from the default of the counterparty with a maximum exposure equal to the carrying value of these
instruments. The Company has policies that limit the amount of credit exposure to any financial institution and only deposits funds
with independently rated financial institutions with a minimum rating of ‘A’, other than where required for operational purposes.
I. Called up share capital
Allotted, called up and fully paid share capital Number £m
Ordinary shares of 0.05p (last year: 0.05p) each
As at 2 April 2022 405,107,301 –
Allotted on exercise of options during the year 236,123 –
Cancellation of shares (21,075,496) –
As at 1 April 2023 384,267,928 –
The Company has a general authority from shareholders, renewed at each Annual General Meeting, to repurchase a maximum of
10% of its issued share capital. During the 52 weeks to 1 April 2023, the Company entered into agreements to purchase £400
million of its own shares, excluding stamp duty and fees, through two share buyback programmes of £200 million each (last year:
one share buyback programme of £150 million). Both programmes were completed during the year.
The cost of own shares purchased by the Company, as part of a share buyback programme, is offset against the profit and loss
account, as the amounts paid reduce the profits available for distribution by the Company. When shares are cancelled, a transfer is
made from the profit and loss account to the capital reserve, equivalent to the nominal value of the shares purchased and
subsequently cancelled. In the 52 weeks to 1 April 2023, 21 million shares were cancelled (last year: none).
As at 1 April 2023 the Company held 6.1 million treasury shares (last year: 8.4 million), with a market value of £157 million (last
year: £140 million) based on the share price at the reporting date. The treasury shares held by the Company are related to the
share buyback programme completed during the 53 weeks to 2 April 2022. During the 52 weeks to 1 April 2023, 2.3 million
treasury shares were transferred to ESOP trusts (last year: none). During the 52 weeks to 1 April 2023, no treasury shares were
cancelled (last year: none).
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I. Called up share capital continued
The cost of shares purchased by ESOP trusts are offset against the profit and loss account, as the amounts paid reduce the
profits available for distribution by the Company. As at 1 April 2023, the cost of own shares held by ESOP trusts and offset
against the profit and loss account is £42 million (last year: £11 million). As at 1 April 2023, the ESOP trusts held 2.3 million shares
(last year: 0.6 million) in the Company, with a market value of £60 million (last year: £10 million). In the 52 weeks to 1 April 2023
the ESOP trusts and the Company have waived their entitlement to dividends.
J. Dividends
52 weeks to
1 April
2023
£m
53 weeks to
2 April
2022
£m
Prior year final dividend paid 35.4p per share (prior year: 42.5p) 140 172
Interim dividend paid 16.5p per share (prior year: 11.6p) 63 47
Total 203 219
A final dividend in respect of the 52 weeks to 1 April 2023 of 44.5p (last year: 35.4p) per share, amounting to £167 million, has
been proposed for approval by the shareholders at the Annual General Meeting subsequent to the balance sheet date. The final
dividend has not been recognised as a liability at the year end and will be paid on 4 August 2023 to the shareholders on the
register at the close of business on 30 June 2023. The ex-dividend date is 29 June 2023 and the final day for dividend
reinvestment plan (DRIP) elections is 14 July 2023.
K. Financial guarantees
On 26 July 2021, the Group entered into a £300 million multi-currency sustainability-linked revolving credit facility (RCF) with a
syndicate of banks, maturing on 26 July 2026. There were no drawdowns or repayments of the RCF during the current or previous
year, and at 1 April 2023 there were no outstanding drawings.
The Group is in compliance with the financial and other covenants within the facility and has been in compliance throughout the
financial period.
The companies acting as guarantor to the facility consist of Burberry Group plc, Burberry Limited, Burberry Asia Limited,
Burberry (Wholesale) Limited (US) and Burberry Limited (US). Based on the liquidity and expected cash generation of Burberry
Limited, the expected credit loss in respect of these financial guarantees, as at 1 April 2023, is not considered to be significant.
As a result, no liability has been recorded (last year: £nil).
A potential liability may arise in the future if one of the Group members defaults on these loan facilities. Each guarantor, including
Burberry Group plc, would be liable to cover the amounts outstanding, including principal and interest elements.
L. Audit fees
The Company has incurred audit fees of £0.1 million for the current year which are borne by Burberry Limited (last year: £0.1 million).
M. Employee costs
The Company has no employees and therefore no employee costs are included in these financial statements for the 52 weeks to
1 April 2023 (last year: £nil).
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General shareholder enquiries
Enquiries relating to shareholdings, such as the transfer of shares,
change of name or address, lost share certificates or dividend
cheques, should be referred to the Company’s registrar at:
Equiniti
Aspect House
Spencer Road, Lancing West Sussex, BN99 6DA
Tel: 0371 384 2839 (Lines are open 8.30am to 5.30pm,
Monday to Friday)
Please dial +44 (0) 371 384 2839 if calling from outside the UK
or see help.shareview.co.uk for additional information.
American Depositary Receipts
We have a sponsored Level 1 American Depositary Receipt (ADR)
programme to enable USA investors to purchase ADRs in US
Dollars. Each ADR represents one Burberry ordinaryshare.
For queries relating to ADRs in Burberry, please use the following
contact details:
BNY Mellon Shareowner Services
P.O. BOX 43006 Providence, RI 02940-3078
Tel: toll free within the USA: +1 888 269 2377
Tel: international: +1 201 680 6825
Email enquiries: shrrelations@cpushareownerservices.com
Website: www.mybnymdr.com
Managing your shares online
Shareholders and employees can manage their Burberry holdings
online by registering with Shareview, a secure online platform
provided by Equiniti. Registration is a straightforward process and
allows shareholders to:
• access information on their shareholdings, including share
balance and dividend information
• sign up for electronic shareholder communications
• buy and sell shares
• update their records following a change of address
• have dividends paid into their bank account
• vote by proxy online in advance of general meetings of
theCompany
Burberry encourages shareholders to sign up for electronic
communication as it allows information to be disseminated quickly
and efficiently and also reduces paper usage, which makes a
valuable contribution to our global footprint.
Website
The investor section of Burberry Group plc’s website,
Burberryplc.com, contains a wide range of
informationincluding:
• regulatory news
• share price information
• dividend history, share analysis and the investmentcalculator
• financial results announcements
• frequently asked questions
• financial calendar
It is also possible to sign up to receive email alerts for RNS news
and press releases relating to Burberry Group plc at www.
burberryplc.com/en/alerts.html.
Duplicate accounts
Shareholders who have more than one account due to
inconsistency in account details may avoid duplicate mailings by
contacting Equiniti and requesting the amalgamation of their
share accounts.
Share dealing
Burberry Group plc shares can be traded through most banks,
building societies or stock brokers. Equiniti offers a telephone and
internet dealing service. Terms and conditions and details of the
commission charges are available on request.
For telephone dealing, please telephone 0345 603 7037 between
8.00am and 4.30pm, Monday to Friday, and for internet dealing
visit www.shareview.co.uk/dealing.
Shareholders will need their reference number, which can be found
on their share certificate.
Annual General Meeting (AGM)
Our AGM will be held at Conrad London St. James, 22-28
Broadway, London, SW1H 0BH on Wednesday 12 July 2023 at
11:00am. The Notice of Meeting, which includes details of the
business to be conducted at the meeting, is available on our
Company website, Burberryplc.com.
The voting results for the 2023 AGM will also be accessible on
Burberryplc.com shortly after the meeting.
Our privacy policy
Please see the privacy policy on https://www.burberryplc.com/en/
investors/shareholder-centre/shareholder-privacy-notice.html for
details on how Burberry collects and uses shareholder personal
information.
Shareholder Information
Shareholder Information
331
Burberry 2022/23

Dividends
An interim dividend for FY 2022/23 of 16.5p per ordinary share
was paid on 27 January 2023. A final dividend of 44.5p per share
has been proposed and, subject to approval at the AGM on 12 July
2023, will be paid according to the followingtimetable:
Ex-dividend date: 29 June 2023
Final dividend record date: 30 June 2023
Deadline for return of Dividend Reinvestment
Plan (DRIP) mandate forms: 14 July 2023
Final dividend payment date: 4 August 2023
The ADR local payment date will be approximately five business
days after the proposed dividend payment date for ordinary
shareholders.
Dividends can be paid by BACS directly into a UK bank account,
with the dividend confirmation being sent to the shareholder’s
address. This is the easiest way for shareholders to receive
dividend payments and avoids the risk of lost or out-of-date
cheques. A dividend mandate form is available from Equiniti or
online at www.shareview.co.uk/info/directdividends.
If you are a UK taxpayer, please note that you are eligible for a
tax-free dividend allowance in each tax year (£1,000 in the tax year
from 6 April 2023 to 5 April 2024).
Any dividends received above this amount will be subject to
taxation. Dividends paid on shares held within pensions and
Individual Savings Accounts (ISAs) will continue to be tax-free.
Further information can be found at www.gov.uk/tax-on-dividends.
Dividends payable in foreign currencies
Equiniti is able to pay dividends to shareholder bank accounts in
over 30 currencies worldwide through the Overseas Payment
Service. An administrative fee will be deducted from each dividend
payment. Further details can be obtained from Equiniti or online at
www.shareview.co.uk/info/ops.
Dividend Reinvestment Plan (DRIP)
Our DRIP enables shareholders to use their dividends to buy
further Burberry shares. Full details of the DRIP can be obtained from
Equiniti or online at www.shareview.co.uk/info/drip.
Electronic communication
Shareholders may at any time choose to receive all shareholder
documentation in electronic form via the internet, rather than in
paper format. Shareholders who decide to register for this option
will receive an email each time a shareholder document is published
on the internet. Shareholders who wish to receive documentation
in electronic form should register online at www.shareview.co.uk.
Equiniti offers a range of shareholder information and services
online at www.shareview.co.uk.
Financial calendar
AGM: 12 July 2023
First quarter trading update: 14 July 2023
Interim results announcement: November 2023
Third quarter trading update: January 2024
Preliminary results announcement: May 2024
Registered office
Burberry Group plc
Horseferry House
Horseferry Road
London SW1P 2AW
Registered in England and Wales
Registered Number 03458224
ShareGift
Shareholders with a small number of shares, the value
of which makes them uneconomical to sell, may wish to consider
donating their shares to charity through ShareGift,
a donation scheme operated by The Orr Mackintosh Foundation. A
ShareGift donation form can be obtained from Equiniti. Further
information is available at www.sharegift.org or by telephone on
0207 930 3737.
Tips on protecting your information
• Keep any documentation that contains your shareholder
reference number in a safe place and shred any
unwanteddocumentation
• Inform our registrar, Equiniti, promptly when you
changeaddress
• Be aware of dividend payment dates and contact the
registrar if you do not receive your dividend cheque or,
better still, make arrangements to have the dividend
paid directly into your bank account
• Consider holding your shares electronically in a CREST
account via a nominee
Unauthorised brokers (boiler room scams)
Shareholders are advised to be very wary of any unsolicited advice,
offers to buy shares at a discount, or offers of free company
reports. These are typically from overseas-based “brokers” who
target UK shareholders offering to sell them what often turn out
to be worthless or high-risk shares in US or UK investments.
These operations are commonly known as boiler rooms.
If you receive any unsolicited investment advice, get the correct
name of the person and organisation, and check that they are
properly authorised by the FCA before getting involved. Thiscan
be done by visiting www.fca.org.uk/register/.
If you deal with an unauthorised firm, you will not be eligible to
receive payment under the Financial Services Compensation
Scheme if things go wrong.
If you think you have been approached by an unauthorised firm,
you should contact the FCA consumer helpline on 0800111 6768.
More detailed information can be found on the FCA
website at www.fca.org.uk/consumers/protect-yourself/
unauthorised-firms.
Shareholder Information
332
Burberry 2022/23

Pages 1-332 are printed on Revive Offset which is made from 100% de-inked pulp recycled fibre. The cover of this report is
printed on Burberry Salt .This product is 100% recycled made from 50% post-consumer waste and 50% post-industrial waste.
Printed in the UK by Pureprint, a Carbon Neutral Company using their technology. The manufacturing mill and printer are registered
to the Environmental Management System ISO14001 and are Forest Stewardship Council® (FSC®) chain-of-custody certified.
Disclaimer The purpose of this Annual Report is to provide information to the members of Burberry Group plc. This document contains certain statements
with respect to the operations, performance and financial condition of the Group including among other things, statements about expected revenues, margins,
earnings per share or other financial or other measures. Forward-looking statements appear in a number of places throughout this document and include
statements regarding our intentions, beliefs or current expectations and those of our officers, Directors and employees concerning, amongst other things,
our results of operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. By their nature, these statements involve
uncertainty and are subject to a number of risks since future events and circumstances can cause actual results and developments to differ materially from
those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this document and unless
otherwise required by applicable law the Company undertakes no obligation to update or revise these forward-looking statements. Nothing in this document
should be construed as a profit forecast. All members, wherever located, should consult any additional disclosures that the Company may make in any regulatory
announcements or documents which it publishes. The Company and its Directors accept no liability to third parties in respect of this document save as would
arise under law of England and Wales. This document does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any
Burberry Group plc shares, in the UK, or in the USA, or under the USA Securities Act 1933 or any other jurisdiction.

www.burberryplc.com
Annual Report 2022/23