Annual Report 2024/25

For 169 years, Burberry has pioneered clothing that
protects people from the elements. From outfitting polar
explorers to inspiring people to embrace the outdoors,
wecreate outerwear that affords the wearer freedom,
function and protection in style, whatever the weather.

Strategic Report
Chair’s Letter 2
Chief Executive Officer’s Letter 4
FY 2024/25 Highlights 6
Our Heritage of Innovation 8
Our Strategy 13
Our Business Model 18
The Global Luxury Market in 2024 20
Business Update 22
Financial Measures 28
Financial Review 30
Capital Allocation Framework 36
Our People and Culture 37
Sustainability at Burberry 40
Section 172 (1) Statement and Stakeholder Engagement 43
Non-Financial and Sustainability Information Statement 89
Risk and Viability Report 90
Viability Statement 100
Corporate Governance Statement
Chair’s Introduction 103
Board of Directors 104
Executive Committee 109
Corporate Governance Report 110
Governance Structure and Division of Responsibilities 117
Composition, Succession and Evaluation 121
Report of the Nomination Committee 123
Report of the Audit Committee 128
Directors’ Remuneration Report 136
Directors’ Report 158
Financial Statements
Statement of Directors’ Responsibilities 162
Independent Auditor’s Report to the Members
ofBurberryGroup plc
163
Group Income Statement 173
Group Statement of Comprehensive Income 174
Group Balance Sheet 175
Group Statement of Changes in Equity 176
Group Statementof Cash Flows 177
Notes to the Financial Statements 178
Five-Year Summary 218
Company Balance Sheet 221
Company Statement of Changes in Equity 222
Notes to the Company Financial Statements 223
Shareholder Information 231
For further information,
visit Burberryplc.com
1Burberry Annual Report 2024/25

Dear Shareholder,
This has been a particularly difficult year for Burberry.
Our creative transition launched in 2023 struggled
togain traction with our customers against a backdrop
of macroeconomic uncertainty and in a luxury market
which proved more challenging than anticipated,
resulting in a first-half loss and the suspension
ofdividend payments from FY 2024/25.
As a Board, we took decisive action to change course and
stabilise the business for a return to sustainable, profitable
growth, aimed at delivering an improvement in our second half.
In July we appointed Joshua Schulman as Chief Executive
Officer (CEO), replacing Jonathan Akeroyd who stepped down
and left the Company by mutual agreement with the Board.
Joshis a proven leader with an outstanding record of building
global luxury brands and driving profitable growth. He already
had a strong understanding of our brand and his extensive
experience in luxury and fashion will be key to realising
Burberry’s full potential.
As you can read in his letter which follows, Josh sets out his
andthe Board’s analysis of Burberry’s recent underperformance
and his Burberry Forward transformation plan to reignite brand
desire, improve performance and drive long-term value creation,
placing the customer at the centre of everything we do.
Shareholder returns
In the context of the ongoing challenging macroeconomic
environment, the Board is focusing on strengthening our
competitive position and our balance sheet to underpin long-term
growth. As mentioned, in July 2024 we took the decision to
suspend dividend payments in respect of FY 2024/25. In line
with our Capital Allocation Framework, this prudent approach
will support the business as we execute our Burberry Forward
transformation. Whilst our priority is to reinvest in the business,
our intention is to return to our progressive dividend policy
assoon as possible.
The Board welcomes discussions with shareholders and Directors
have held several meetings during the financial year on a variety
of topics including strategy, dividends, Board composition,
executive remuneration and environmental and social matters;
see page 111 for more information.
Board changes
In addition to the appointment of a new CEO, the non-executive
composition of our Board has continued to evolve. In December
2024, we announced the appointment of Stella King as an
independent Non-Executive Director. Stella, who joined the
Board on 1 April 2025, has a wealth of luxury industry experience
and a profound understanding of Asian luxury consumers thanks
to more than 30 years’ experience working within the Asia Pacific
region. Further information on Board recruitment and the induction
processes for Josh and Stella is provided in the Nomination
Committee Report on pages 123 to 127.
Debra Lee stepped down from the Board at our 2024 AGM last
July and we have announced that Fabiola Arredondo, Antoine
deSaint-Affrique and Sam Fischer will retire as Non-Executive
Directors following the 2025 AGM. Each of Debra, Fabiola, Sam
and Antoine has played an important role in Burberry’s journey
and on behalf of the Board, I thank them for their contributions
and service to our Company.
Sustainable business
Sustainability continues to be an important area of focus and
theBoard has continued to monitor progress against our Burberry
Beyond commitments. Our heritage is deeply connected to the
outdoors, and we remain committed to delivering on our goals,
strengthening Burberry’s resilience, lowering our environmental
impacts and supporting our people and our communities.
Inthisspirit, we continued to expand our Burberry Inspire
flagship programme through The Burberry Foundation, working
in partnership with youth-focused organisations to support
young people and create a positive impact at both a global
andlocal level.
Looking ahead
We are in the early stages of a business transformation
andnavigating the current global uncertainty has been made
even more challenging by policy decisions thathave impacted
our sales and increased operating costs inthe UK. Burberry
Forward requires a step-change in our global cost base toensure
that Burberry is competitive and fit for the future. Regrettably,
this change could impact around 1,700 jobs across Burberry,
around half in the UK. The Board and I are confident that under
Josh’s leadership, Burberry Forward will set thebusiness
onthepath to sustainable, profitable growth. Wehaveseen
asignificant improvement in brand sentiment inthe second
halfand encouraging resilience in our core scarf and
outerwearcategories.
With a much clearer and shared vision for the future, we will
continue to write the next chapter of Burberry’s storied history,
one that is built on our strengths and celebrates our heritage.
Like Josh, the Board is convinced that Burberry’s best
dayslieahead.
Our transformation journey would not be possible without the
passion and commitment of our people, who have demonstrated
again their ability to evolve and adapt during the past 12
challenging months. I would like to take this opportunity to thank
them, as well as our Board, our customers and our shareholders
for their continued support.
Gerry Murphy
Chair
Strategic Report | Chair’s Letter
WE ARE SETTING BURBERRY ON THE PATH
TO SUSTAINABLE, PROFITABLE GROWTH
2 Burberry Annual Report 2024/25

“With our shared vision, we will continue to
build the next chapter in Burberry’s storied
history, one that leverages our strengths
andcelebrates our heritage while looking
aheadto the future.”
3Burberry Annual Report 2024/25

Dear Shareholder,
I am deeply honoured to be writing to you as
Burberry’s Chief Executive Officer.
I joined Burberry at a very challenging time for our business.
Wehad moved too far, too fast, with disappointing results.
Ourbrand expression was too modern at the expense of
celebrating our heritage. We introduced unfamiliar brand codes
to our customers. We prioritised niche, seasonal fashion, obscuring
our timeless core collections. As we pursued brand elevation,
we took pricing too high. This resulted in significant financial
underperformance.
Yet my first months have reaffirmed my belief that Burberry
isanextraordinary luxury brand. Quintessentially British, equal
parts heritage and innovation. We are the only luxury brand
founded on the principle that clothing should protect people
from the weather. This has never been more relevant than today.
It is clear to me that Burberry has the most opportunity where
wehave the most authenticity. We are already rekindling the
unique creative and commercial alchemy that defined Burberry
at its best. While it is still early in our turnaround, I am more
optimistic than ever that Burberry’s best days are ahead.
FY 2024/25 performance
After a disappointing first half, we have moved with urgency
tocourse correct, stabilise the business and position Burberry
for a return to sustainable, profitable growth. For FY 2024/25:
• Revenue was £2,461 million, a reduction of 15% at constant
exchange rates
• Adjusted operating profit was £26 million, a reduction of 88%
at constant exchange rates
• Reported operating loss was £3 million, a reduction of 101%
• Adjusted diluted earnings per share (EPS) was a loss per share
of 14.8 pence, a reduction of 107% at constant exchange rates
• Reported diluted EPS was a loss per share of 20.9 pence,
areduction of 128%
Burberry Forward
In November, we set out Burberry Forward, our strategic plan
toreignite brand desire, improve our performance and drive
long-term value creation.
We have made immediate interventions to reset brand
storytelling, enhance visual merchandising in stores and
onlineand to align our product focus to our core categories.
Theseactions have resulted in a significant improvement in
comparable retail sales in the second half of the year relative
tothe first half.
We shifted to a Timeless British Luxury brand expression
withcampaigns including ‘It’s Always Burberry Weather’ and
‘Wrapped in Burberry’, which delivered the strongest improvement
we have seen in brand desirability in three years.
We have taken decisive action to reassert our authority in
corecategories such as outerwear and scarves. Our iconic
products now take centre stage in our stores. We are seeing
early success with styles that carry our beloved brand codes,
including the Burberry Check. And, we have aligned our pricing
with our category authority. These changes have had a positive
response from our customers which gives us confidence
inthepath ahead.
At the heart of Burberry Forward is our commitment to restoring
a culture of creative and commercial alchemy rigorously focused
on our customer. To ensure our organisation is fit for purpose
ina demanding and dynamic global market, we have proposed
changes aimed at enhancing collaboration, increasing our
agilityand aligning our cost base to our size. This will drive
efficiency and profitability, while protecting our investment
inconsumer-facing areas. We expect the proposed changes
tounlock an additional £60 million of savings by FY 2026/27,
enabling us to continue to fund our biggest growth opportunities.
This is incremental to our previously announced £40 million
cost-savings programme, bringing the combined annualised
savings to £100 million by FY 2026/27.
Looking ahead
We are still in the early stages of our turnaround in a challenging
macroeconomic environment. Our focus is on accelerating
theearly progress we have made in reigniting brand desire,
asarequisite for topline growth.
We are confident we can get back to generating £3 billion in
annual revenue over time, while rebuilding margins and driving
strong cash generation.
For 169 years, Burberry has embraced innovation and
exploration. I would like to thank my colleagues around the
world for their efforts to reignite brand desire and deliver our
turnaround. Our brand has been resilient and enduring in all
kinds of weather. We are committed to seizing the opportunities
that lie ahead.
Joshua Schulman
Chief Executive Officer
Strategic Report | Chief Executive Officer’s Letter
WE HAVE THE MOST OPPORTUNITY WHERE
WEHAVE THE MOST AUTHENTICITY
4 Burberry Annual Report 2024/25

“While we are still early in our transformation,
I am more optimistic than ever that
Burberry’s best days are ahead.”
5Burberry Annual Report 2024/25

1,043
842
510
Asia Pacific
237 stores
EMEIA
100 stores
Americas
85 stores
1,286
1,017
603
2023/24
£m
2024/25
£m
Retail
Wholesale
Licensing
2,076
319
66
2,400
506
62
2023/24
£m
2024/25
£m
Accessories
Womenswear
Menswear
Childrenswear
and other
841
718
732
104
1,055
860
842
149
2023/24
£m
2024/25
£m
Strategic Report | FY 2024/25 Highlights
FY 2024/25 HIGHLIGHTS
Total revenue
£2,461m
(FY 2023/24: £2,968m)
Revenue by
region (£m)
Revenue by
channel (£m)
Revenue by
product (£m)
6 Burberry Annual Report 2024/25

Adjusted diluted EPS
(14.8)p
(2023/24: 73.9p)
Diluted EPS
(20.9)p
(2023/24: 73.9p)
Operating (loss)/profit
£(3)m
(2023/24: £418m)
Cash (net of overdrafts)*
£708m
(2023/24: £362m)
Adjusted operating profit
£26m
(2023/24: £418m)
273,435
People positively impacted in
FY2024/25through community
programmes supported by Burberry
Groupplc and TheBurberryFoundation
51.2%
Reduction in Scope 3 emissions
fromaFY2018/19 base year
84%^
Key raw materials in our products certified
or responsibly sourced inFY2024/25
(asdefined in our SustainableRaw
MaterialsPortfolio)
* The Group also had borrowings at29 March 2025 of £738m (30 March2024: £299m).
^ This metric was subject to external independent limited assurance byErnst & Young LLP (EY). Fortheresultsof that assurance, see EY’s Independent Limited Assurance Report
andBurberry’s Sustainability Basis of Reporting FY 2024/25 onBurberryplc.com.
7Burberry Annual Report 2024/25

1914–17
Acclaimed Anglo-Irish
explorer Sir Ernest
Shackleton wears Burberry
gabardine for three
expeditions in the early
20
th
century, including
themission tocross the
South Pole onboard
TheEndurance.
Strategic Report | Our Heritage of Innovation
OUR HERITAGE OFINNOVATION
Steeped in British culture, our heritage reflects our belief that clothing
should protect people from the weather. As a luxury brand, we are driven
to deliver innovation through products that are authentic toour roots
andinspiring for our customers.
1856
Aged just 21, Thomas
Burberry establishes
Burberry in Basingstoke,
England. The company
was founded on the
principle that clothing
should protect people
from the weather.
c. 1901
The Equestrian Knight
Design (EKD) is crowd-
sourced from a public
competition to create
anew logo for the brand.
Imbued with symbolism,
itrepresents protection,
innovation and Burberry’s
forward-looking spirit.
Thebanner reads
‘Prorsum’ which translates
from Latin to ‘Forwards’,
signalling the Company’s
direction of travel.
1911
Equipped with a Burberry
gabardine tent and
clothing, Norwegian
Explorer Roald Amundsen
and his team become the
first people to reach the
South Pole.
1879
Thomas invents gabardine,
a lightweight, breathable,
weatherproof and
tearproof cloth. Its genius
lies in small pockets of air
which allow for ventilation.
The textile innovation
marks a milestone in
Burberry’s creative legacy.
1912
Invented by Thomas
Burberry, the Tielocken
coat is patented.
Thepredecessor to
thetrench coat, it proves
popular among officers
during World War I.
Thecoat closes with a
strap and buckle fastening
and features a single
button atthe collar.
1914–1918
Thomas Burberry creates
the Burberry trench coat
with a design born from
function to protect military
personnel during World
War I. Each detail serves
apurpose, its epaulettes
originally displayed
anofficer’s rank, while
itsD-rings were used
toattach equipment.
Thesefeatures of a Burberry
trench remain today.
8
Burberry Annual Report 2024/25

1919
HM King George V grants
Burberry its first Royal
Warrant as a Tailor.
1920s
The Burberry Check, now
registered as a trademark,
is introduced as a trench
coat lining.
Instantly recognisable
allover the world, the
Burberry Check is one
ofour iconic brand codes.
1937
Burberry sponsors a
record-breaking flight
from Croydon to Cape
Town in an aeroplane
called ‘The Burberry’.
Bothaviators, Flying
Officer Arthur Clouston
and Betty Kirby-Green,
wear Burberry.
Mid 1950s
‘It’s Always Burberry
Weather’ is used in the UK.
The slogan was often
accompanied with satirical
19
th
century images
depicting a range
ofweather conditions.
1955
HM Queen Elizabeth II
grants Burberry
aRoyalWarrant as
aWeatherproofer.
1964
Burberry becomes
theofficial outerwear
supplier for the British
women’s Olympic team
participating in the
TokyoOlympics.
1967
A buyer in Burberry’s
Parisstore has a flash of
inspiration while preparing
a fashion presentation
forthe British ambassador,
Sir Patrick Reilly.
Sheremoves the Burberry
Check lining from a
coatand uses it to wrap
luggage and create
anumbrella cover.
TheBurberry Check
accessoryis born.
9
Burberry Annual Report 2024/25

2011
Burberry is the first luxury
brand to create an
Instagram account to
inspire customers with
engaging, beautiful and
creative digital content.
1972
Burberry acquires a
factory in Castleford,
Yorkshire, where
itcontinues to make
Heritage Trench
Coatstoday.
2000
Burberry opens its first
Bond Street, London, store.
Strategic Report | Our Heritage of Innovation
From being a proud holder of a Royal Warrant, to harnessing
virtual reality technology and transforming coffee cups into
high-end packaging, Burberry’s unique take on the luxury
fashion experience sets it apart from its peers.
2002
Following an initial public
offering, Burberry is listed
on the London Stock
Exchange in July.
1990
Burberry is granted
aRoyal Warrant as
anOutfitter by the
thenPrince of Wales.
2004
Burberry launches its
firsttransactional website,
serving customers
intheUSA.
1999
The Company changes
itsname from Burberrys
toBurberry.
2008
The Burberry Foundation
is established as
acharitable trust,
dedicated to helping
young people realise
theirpotential through
thepower of creativity.
Burberry donates a
percentage of annual
group profit before tax
tocharitable causes.
2010
Burberry is the first
luxurybrand to live stream
itsAutumn/Winter 2010
showonline, bringing its
collection into the homes
of millions of people
around the world.
Burberry launches
theexpansion of its
e-commerce website,
Burberry.com, to serve 44
countries, in 13 languages.
Burberry is the first
luxurybrand to enable
itscustomers around the
world to interact with and
shop its products online.
10
Burberry Annual Report 2024/25

2023
Burberry evolves its
creative expression for the
brand, introducing a new
wordmark and a refreshed
version of the EKD.
Burberry celebrates its
heritage with the launch
ofanew book, ‘Burberry’.
The richly illustrated
volume is filled with
material from the Burberry
archive as well as
additional sources.
2020
During the COVID-19
pandemic, Burberry
retools its factory in
Castleford, England, to
make Personal Protective
Equipment (PPE) forthe
British National Health
Service (NHS). Burberry
leverages its global supply
chain to manufacture and
source more than 160,000
pieces of PPE, which are
donated to the NHS and
healthcare charities.
2024
Burberry is granted a
Royal Warrant as an
Outfitter by HM King
Charles III.
2025
Burberry announces
itspartnership with
theVictoria and Albert
Museum (V&A). The
multi-year collaboration
will see the Fashion
Gallery redeveloped. It will
be renamed The Burberry
Gallery upon reopening
inspring 2027.
2018
Burberry opens a centre
ofexcellence for leather
goods in Scandicci, Italy.
The Burberry Foundation
launches Burberry Inspire,
a youth engagement
programme designed
toempower young
peoplein Yorkshire
throughcreativity.
11
Burberry Annual Report 2024/25

12 Burberry Annual Report 2024/25

Place the
customer
at the
centre of
everything
we do
1
BRAND: TIMELESS BRITISH LUXURY
2
PRODUCT: LEAD WITH OUTERWEAR
3
DISTRIBUTION: ALIGN DISTRIBUTION WITH
PRODUCT AND CUSTOMER STRATEGY
4
PEOPLE: REIGNITE A
HIGH‑PERFORMANCECULTURE
BURBERRY FORWARD
In November 2024, we announced Burberry Forward,
ourstrategicplantoreignite brand desire, improve performance
and drive long-term value creation.
“We have the most opportunity where
wehavethe most authenticity.”
In this next phase, our focus is on reconnecting our brand with its
foundingprinciple, which is to designclothing to protect people from the
weather. We are leaning into our heritage andleveraging ourstrengths with
adisciplined approach, as we believe we have the most opportunity where
wehave the most authenticity. As part of this, we are evolving our brand
expression and product offer to appeal toabroad base of luxury customers.
Our refreshed strategy outlines a clear path forward, placing the
customeratthe centre ofeverything wedo. It focuses on four pillars
todriveour transformation.
13Burberry Annual Report 2024/25

BRAND: TIMELESS BRITISH LUXURY
Since 1856, Burberry has created practical and stylish solutions
forour customers. Today, staying true to our British roots,
wearejuxtaposing heritage and innovation to reignite brand desire.
We are pivoting to Timeless British Luxury.
Wecelebrate Britishness in a way that our
customers easily understand, using culturally
relevant talent and storytelling that reflects
British wit and style. Ourimagery features iconic
Londonlandmarks and the British countryside,
making ourbrand instantly recognisable.
We balance our seasonal fashion messages with
campaigns focused on our category authority,
such as our ‘It’s Always Burberry Weather’
campaign, which celebrates our longstanding
heritage inouterwear.
We celebrate our iconic brand signifiers,
including our Burberry Check and Equestrian
Knight Design (EKD), with disciplined useof our
heritage brand codes allowing us to strengthen
our brand identity.
1
Strategic Report | Our Strategy
14 Burberry Annual Report 2024/25

PRODUCT: LEAD WITH OUTERWEAR
As the only luxury brand founded on the principle that clothing shouldprotect
people from the weather, we are building on our outerwear authority
andheroing our iconic scarves.
2
Our Product strategy is anchored in the principle
that we have the most opportunity where we
have the most authenticity.
Today, we are leaning into our unique strengths,
by leading withour core category, outerwear,
and strengthening our softaccessories.
We aim to earn authority in complementary
categories. Ready-to-wear is a natural extension
of our core offering alongside leather goods
andshoes to complement the assortment.
Weare sharpening our childrenswear offer.
We align our pricing with our category authority,
restoring agood, better, best pricing architecture
in a luxury context.
We focus on clear and consistent branding,
celebrating our iconic Burberry Checkand other
brand signifiers in both subtle and overt ways
across our products. We balance our assortment
with our seasonal buy, focusing on key styles.
15Burberry Annual Report 2024/25

DISTRIBUTION: ALIGN
DISTRIBUTION WITH PRODUCT
ANDCUSTOMER STRATEGY
We are embracing a customer-centred approach across
channels,whilestriking the right balance between
prominence,productivityandprofitability.
We align our distribution with our Product
andCustomer strategy, and are focused on
striking the right balance between prominence,
productivity and profitability across all channels.
We place the customer at the centre of
everything we do. Instores, we demonstrate
ourcategory authority by amplifying our iconic
outerwear and scarves and increasing product
density on the shop floor. We will roll out Scarf
Bars and TrenchDestinations across our store
network to build demand for these categories.
On Burberry.com we reflect our category
focusthrough acommercially relevant product
assortment and styling thatappeals to our luxury
customers. Weare also improving functionality
tocreate an inspiring and customer-friendly
onlineshopping experience.
We optimise our presence in key wholesale
doors, continuing to focus on strategic accounts
that align with our long-term vision. At the same
time, we see opportunities to strengthen our
position with key luxury retail and e-commerce
partners, as well as inglobal travel retail.
3
Strategic Report | Our Strategy
16 Burberry Annual Report 2024/25

To reignite a high-performance culture across
the business, weare focused on organising for
growth, improving executional discipline and
fostering greater team accountability.
To ensure we are effectively tracking our
progress, we are reviewing our reporting
mechanisms and metrics to leverage
data-drivendecision-making.
We continue to uphold our commitment to
sustainability, whichis a fundamental part of
whowe are andisa key consideration for our
colleagues, customers and stakeholders.
PEOPLE: REIGNITE A
HIGH‑PERFORMANCE CULTURE
We are enabling our colleagues to deliver Burberry Forward
byenhancing cross-functional collaboration and rekindling
creativeandcommercial alchemy.
4
Creative
and
commercial
alchemy
Product and
Merchandising
Marketing
Design
17Burberry Annual Report 2024/25

Strategic Report | Business Model
OUR BUSINESS MODEL
The respect we hold for our unique heritage is equalled by our desire to innovate
andcreate beautiful products relevant to today’s luxury customer.
Our founding principle isinspired
by the weather
Burberry was founded on the principle that clothing should
protect people from the weather. The original performance
material, gabardine was invented by Thomas Burberry in1879.
The breathable weatherproof fabric revolutionised outerwear
and opened spaces for wearers to explore the outdoors
byproviding warmth and protection from theelements.
For 169 years, Burberry has championed British craft and production.
Weproudlyuphold that legacy today by preserving traditional
craftsmanshipwhile driving innovation in all areas of our business.
Source
We seek to use responsibly sourced materials of
thehighest quality to make long-lasting products.
Whenmaking business decisions, we consider
environmental impacts and the wellbeing
ofpeoplein our supply chain.
Design
We create beautiful products inspired byourbrand
heritage and elevated by our instantly recognisable
brand signifiers. Based in our London headquarters,
ourDesign, Product and Merchandising teams
worktogether to ensure our products
delightandinspireourcustomers.
Make
We weave gabardine and craft our iconic Heritage
Trench Coats at our mill and factory in Yorkshire,
UK. Our classic Burberry Check cashmere scarves
are made in Scotland by our long-term partner
Johnstons of Elgin. We operate wholly owned
leather goods and technical outerwear centres
ofexcellence in Italy and work with a network
ofglobal suppliers.
Sell
We sell products through directly operated stores,
concessions and wholesale partners globally,
aswellas via Burberry.com. We provide exceptional
customer service and ensure a seamless experience
across in-store and online channels. Forsome
products, including eyewear and beauty, we work
with licensing partners to benefit from their product
and distribution expertise.
Our business model is rooted in innovation and our British heritage
18 Burberry Annual Report 2024/25

Purposeandvalues
Inspired by the principles of our founder,
ourpurpose and values guide how we operate
as a business. Our purpose, Creativity Opens
Spaces, is supported by four values, which
weuphold every day. We are creatively
driven,forward thinking, open andcaring,
andproudof our heritage.
We nurture creativity within
ourbusiness and our people
We foster talent and creativity in a
purpose-driven environment. Our people’s
diversity ofskills, backgrounds and life
experiences help drive innovation within
ourbusiness. Weare proud that our
colleaguesrepresent 129nationalities
across32 countries andterritories.
Customers
Our customers are at the heart of everything we do.
Webuild and reinforce connections with our customers
through desirable products and our iconic brand
signifiers. We create unique experiences to provide
exciting opportunities for customers to engage
withourbrand.
Shareholders
We aim to create sustainable long-term value for our
shareholders. We allocate capital by reinvesting for
organic growth and, subject to there being further
capital available, we allocate it to dividends, strategic
inorganic investments and additional returns to
shareholders. For more information see our Capital
Allocation Framework on page 36.
People
Our people are our greatest asset, and we endeavour
toprovide a rich and rewarding colleague experience.
Weaim to create workplaces where our people can
grow, express their creativity and foster a sense
ofbelonging. We also seek to protect and enhance
thelivelihoods of people in our supply chain, while
respecting and upholding human rights.
Communities
We support local communities where we operate,
withaparticular focus on driving positive change in the
lives of young people through the workofThe Burberry
Foundation. Our global youth empowerment programme,
Burberry Inspire, works inpartnership with local
organisations tocreate opportunities for young people.
Environment
We are dedicated to being a responsible business
andworking to reduce our impact on the environment.
This includes managing climate and nature-related
risksto ensure the long-term success and resilience
ofour business.
Governments
We engage with governments on a range of topics,
including environmental, social, economic and
governance issues. We work with governments to
seeksolutions to mutual concerns and to be a positive
force wherever we do business.
Partners
We work collaboratively with our partners, which
include suppliers, retail third parties, non-governmental
organisations (NGOs) and civil society groups, to explore
shared opportunities for development and innovation,
and to drive social and environmental improvements
forour communities.
We strive to deliver long-term sustainable value forallstakeholders
19Burberry Annual Report 2024/25

In 2024
2
, the global personal luxury goods market experienced
its first slowdown in nearly 15 years (excluding 2020’s
COVID-19-related decline)
3
. Withan estimated total volume
of€363 billion, the market declined by 1%
at current exchange
rates
4
. Thisperformance fell short ofindustry forecasts, which
were reviseddownward through the year.
Overall, the market was driven by strong tourism, with varying
regional dynamics. However, key trends such as value for money
purchases, shifting consumer preferences and continued price
increases impacted the sector’s overall performance, leading
toprofitability challenges for brands and suppliers.
Key trends
Strong tourism
Tourist spending increased by 8% and accounted for around
35% ofthe market. MiddleEastern and American tourists gained
share, travelling particularly to Europe, where tourism surpassed
pre-pandemic levels. In Europe, sales generated by American
tourists achieved three times their pre-COVID-19 levels, while
Chinese tourist turnover grew by double digits, recovering to
two-thirds of pre-COVID-19 levels. The UK was a less attractive
destination for luxury shoppers due to the withdrawal of tax-free
shopping and a strong British pound. Japan benefited from strong
tourism, particularly in the first half of 2024, before prices
werealigned to a weakening yen. Compared to Europe, Japan
attracted more aspirational customers, with fewer transactions
and a smaller average spend and was largely driven by Chinese
visitors. Chinese tourism is expected to grow further as
pressures inthelocal market drive consumers abroad.
Value for money
Customers increasingly shifted their spending from luxury
itemsto value-oriented purchases, often down-trading to
non-luxury brands. This trend led to declines in the full-price
channel, both in stores and online. Conversely, value-focused
channels, such as outlets, performed strongly, solidifying their
role as key entry points into the luxury market. Demand for
second-hand items surged, almost doubling in sizecompared
to2019, particularly for hard luxury categories, including watches
and jewellery. As customers continue to focus on value, the
market has become increasingly competitive, with growing
pressure from non-luxury brands and second-hand platforms.
Shrinking yet elevated customer base
In 2024, the luxury customer base contracted for the first time,
losing approximately 50 million customers compared to 2022.
This decline was driven by aspirational customers and Gen Z
customers shifting toward value-oriented purchases due
tosustained high prices, particularly in Western markets and
Japan. As a result, older generations such as Baby Boomers and
Gen X, gained share alongside top customers, who accounted
for approximately 45% of the market value. In response, brands
are seeking to re-engage lost customers, particularly among
younger demographics, by adding intrinsic value to products
across all price ranges, strengthening the connection to their
brands’ DNA and offering personalisation.
Profitability challenges
Continued price increases in the luxury market, averaging 2%
and following significant price elevation in the previous year,
have discouraged traffic and led to a decline in demand,
particularly in soft luxury categories, such as shoes and leather
goods, as well as watches. This decline in volumes has resulted
in margin and cost pressures for both brands and suppliers,
necessitating effective supply chain management.
Product categories
In 2024, all soft luxury product categories declined. Shoes
experienced the sharpest decrease, declining by 6%. Demand
within the category was hampered by continued price elevation
and increasing competition from sports and outdoor brands.
Leather goods declined by 3%. While top customers and timeless
pieces sustained the category, customers were more selective
in their purchases. Small leather goods performed well among
Gen Z shoppers, with sales bolstered by rising demand for
hyper-personalisation. Sales of apparel, the most resilient
category (aside from beauty, eyewear and jewellery), came
inflat. This performance was supported by top-price items
andashift toward minimalist, understated designs.
Strategic Report | The Global Luxury Market in 2024
THE GLOBAL LUXURY MARKET IN 2024
Burberry operates in the global personal luxury market, withapresence
across more than 140 countries and territories
1
worldwide. The following
isan analysis of recent global market trends andperformance for the
calendar year ending 31 December 2024.
1. Refers to the number of countries and territories in which Burberry has a store presence or ships to directly and via partners.
2. Since the end of 2024, the luxury market has faced even greater uncertainty, drivenby evolving geopolitical dynamics and ongoing economic headwinds.
3. Refers to the COVID-19-related market decline in 2020, when volume decreased from an estimated €284 billion to €223 billion. Excluding this downturn, 2024 marked the first
slowdown since 2009.
4. All growth rates are at current exchange and refer to 2024 compared to 2023, unlessstated otherwise.
20 Burberry Annual Report 2024/25

Source: Bain-Altagamma Luxury Goods Worldwide Market Study (23
rd
Edition).
Channels
Across the luxury market, monobrand stores reported a decline
of between 1% and 4%, with a notable drop in traffic and volumes,
which was partially offset by improved store conversion rates.
Outlet channel sales grew by between 1% and 5% due to
consumers’ growing preference for purchases which they
perceive as delivering value for money. Online channels
sawadecline of between 1% and 4%, however, this reflected
arebalancing trend following swings caused by the COVID-19
pandemic. Wholesale also declined by between 2% and 4%,
while travel retail recorded solid growth of 1% to 5% thanks
toan acceleration in tourism and the strong performance
ofbeautyand eyewear.
Regions
Asia
Mainland China’s luxury market contracted by 20% in 2024,
driven by macroeconomic challenges which dampened domestic
spending, and a lag in the impact of stimulus measures. Japan
was the best-performing country in the region, growing by11%
inthe year. This can be attributed to a strong increase intourism
and a favourable yen exchange rate, particularly inthefirst half
of 2024. Growth in the rest of Asia was modest: South Korea
benefited from increased tourism, while local consumption
remained weak. Hong Kong S.A.R., China, Macau S.A.R., China,
and other Southeast Asian markets suffered from alack
ofChinese customers and limited intra-regional tourism.
Americas
The luxury market in the Americas was flat following adecline
in2023. The USA delivered sequential improvement through
2024, with green shoots emerging despite fluctuating consumer
confidence. The market’s performance was supported by
top-tier luxury shoppers, as aspirational customers focused their
spending on value-oriented purchases. Foot traffic in key cities
slowed down, while travel, especially to Europe, increased.
Outside ofthe USA, Canada was negatively impacted by an
ongoing slowdown in tourism from Mainland China, while Latin
America reported growth, driven by increased tourism to Mexico.
Europe (including the UK) and the Middle East
Europe’s luxury market grew by 3% compared to 2023, driven
by international tourism, which surpassed pre-pandemic levels.
This was largely supported by Middle Eastern, American, and
Mainland Chinese visitors, although the latter have yettofully
return to pre-COVID-19 spending levels. Holiday destinations
such as Italy and Spain benefited most, while Central Europe
and the UK faced challenges due to limited numbers of
luxury-oriented tourists. Thepicture varied across the Middle
East, with more mature markets, including the United Arab
Emirates, maintaining robust growth and other areas
experiencing demand normalisation.
21
Burberry Annual Report 2024/25

Brand: Timeless British Luxury
Strategic Report | Business Update
BUSINESS UPDATE
The first half of FY 2024/25 was very challenging for our business. We had moved too quickly away from
ourcore offer in a difficult luxury market. After a period of significant underperformance, in November,
weintroduced Burberry Forward, our strategic plan to reignite brand desire, improve our performance
anddrivelong-term value. The following pages highlight the actions we have taken in the year across
ourkeystrategicpillars.
During FY 2024/25, we launched several campaigns and
activations that brought our brand identity to life.
We unveiled a dedicated campaign for the Rocking Horse Bag
inMay 2024 featuring our brand ambassadors Bright, Jun Ji-Hyun
and Tang Wei. We furthered our connection to the outdoors with
our Winter 2024 campaign shot in the Lake District, England,
which evoked a feeling of warmth and protection.
We also offered a glimpse into the craftsmanship and artisanal
excellence behind our enduring house codes, our Heritage
Trench, Car Coats and Burberry Check cashmere scarf through
our ‘Made in the UK’ series.
In November, we introduced the Burberry Forward strategy
bypivoting to Timeless British Luxury. Highlighting our British
heritage and history of innovation alongside our beloved brand
codes, our Timeless British Luxury brand expression allows us
tocapitalise on our strengths and communicate with customers
in a consistent and meaningful way.
Given the lead times in our business, we were able to impact
marketing first in advance of product and store experience.
Among the first changes was to highlight our heritage as well as
Britishness in our storytelling. As part of this, we placed greater
emphasis on our iconic product and brand signifiers, including
the Burberry Check, rather than less familiar brand codes which
had been introduced in recent years.
Our ‘It’s Always Burberry Weather’ campaign was the first
activation that brought Timeless British Luxury to life. The
campaign reintroduced a warmer spirit and uniquely British wit
while celebrating our most iconic outerwear shapes, including
the trench, the quilt, the aviator, the down puffer and the duffle
on an all-star cast.
For the festive season, we released our ‘Wrapped in Burberry’
content series, featuring couples, friends and families from
around the globe joyfully celebrating the holidays in Burberry.
We also shared stories that captured Burberry’s unique spirit
with ‘Burberry Portraits’, a series showcasing customers and
cultural icons, including Dame Joanna Lumley and Richard E.
Grant, and their personal connections to our brand.
We followed this with ‘London in Love’, our Summer 2025
campaign and the second chapter of ‘It’s Always Burberry
Weather’, in February. The campaign highlighted our trench
coatand the serendipity of getting caught in the London rain
andfalling in love.
Our Winter 2025 show represented the first fashion show
fullyconceived as part of the Timeless British Luxury brand
expression. In contrast to the more modern venues of recent
shows, we presented our Winter 2025 runway show at Tate
Britain, continuing our longstanding commitment to British arts
and culture. Inspired by the weekend exodus from London to the
splendour of a British country house, the show featured a parade
of iconic British outerwear silhouettes in luxurious fabrications
and was met with a positive response by pressand consumers.
The collection will land in September 2025 and will be
accompanied by a dedicated campaign.
FY 2025/26 priorities
• Deliver consistent brand storytelling with uniquely
Burberry, uniquely British campaigns
• Leverage brand codes to deepen immersion
inpopularculture
• Strengthen cultural relevance through partnerships
withHighgrove, the V&A and TateBritain
• Reinforce category authority across campaigns
andactivations
1
22 Burberry Annual Report 2024/25

Our ‘It’s Always Burberry Weather’ campaign celebrates outerwear,
showcasing a timeless narrative that is both recognisably Burberry
and quintessentially British.
The campaign title draws from a slogan from our archives, which highlights the
purpose and functionality of our clothes as protection against the unpredictable
British weather. Set against a backdrop oftheBritish countryside and iconic
landmarks, the first phase ofthecampaign featured talent including Olivia
Colman, Brand Ambassador Barry Keoghan and England footballer Eberechi Eze.
It launched in October 2024 with an all-encompassing celebration, including
cinematic vignettes, global pop-ups, window displays and in-store activations.
A second phase of the campaign, ‘It’s Always Burberry Weather: London in Love’,
launched in February 2025 and showcased ourSummer 2025 collection, which
was designed for the transition of the seasons and heroed our outerwear offer.
Thecampaign was inspired by late 1990s and early 2000s British romantic
comedies. Celebrating the everyday romances of ordinary Londoners, it featured
talent including Richard E.Grant,KateWinslet and Naomi Campbell.
IT’S ALWAYS BURBERRY WEATHER
23Burberry Annual Report 2024/25

Product: Lead with outerwear
FY 2025/26 priorities
• Introduce next generation of quilts, downs and rainwear
• Refresh replenishment styles with newness
• Support new handbag lines to fuel momentum
2
We began the year with product weighted to seasonal fashion,
with insufficient emphasis on our core outerwear categories
andcore customer segments. Since then, we have evolved
ourassortments from a niche modern look to a more timeless
aesthetic, with broader universal appeal among luxury customers.
In the second half of the year, we introduced greater discipline
to our branding across product categories, placing stronger
emphasis on instantly identifiable Burberry branding and designs,
including our iconic Heritage Trench, Burberry Check and EKD.
In outerwear, we expanded our product families beyond
rainwear, including in quilts, down and cashmere coats, and
highlighted the breadth of our offer in our ‘It’s Always Burberry
Weather’ campaign.
Softs, particularly scarves, continue to be a hero category for
Burberry. During the year, we increased storytelling and boosted
visibility of scarves across all customer touchpoints. We launched
an online virtual scarf try-on feature on Burberry.com, allowing
us to showcase the breadth of our offer, from lightweight
silkscarves to wool and cashmere options in various
coloursandstyles.
Building on our heritage of innovation, we were the first luxury
brand to develop new products with biotech start up Spiber Inc.
and introduced a blended scarf using an innovative new material
called Brewed Protein™, a lab-grown fibre produced through
thefermentation of plant-based renewable ingredients.
We extended our offer in capes, a natural adjacency to our
heritage and core offer of outerwear and scarves, which have
been well received by our customers. We also introduced more
elevated, luxury fabrics and treatments in outerwear and capes.
Across categories, we realigned our pricing to reflect our
category authority. We introduced good, better, best pricing
positions within a luxury context across categories, including
ready-to-wear, leather goods and shoes.
We also evolved our approach to branding, expressed in subtle
and overt ways, to connect with a broader range of luxury
customers. In the first half of the year, we launched our Burberry
Classics collection, which featured bold all-over Check jackets
with matching trousers and shoes. In contrast, we introduced
more subtle Check trims in jersey ready-to-wear, knitwear,
handbags and shoes later in the year that have been embraced
by a broad array of luxury consumers.
The Autumn and Winter 2025 collections, shown on the runway
and in the showroom in February, were the first to be designed
with our Timeless British Luxury brand expression and new
approach to price balance and branding. These collections
willarrive in stores in September.
Strategic Report | Business Update
24 Burberry Annual Report 2024/25

Distribution: Align distribution with Product and Customer strategy
FY 2025/26 priorities
• Roll out Scarf Bars and pilot Trench Destinations
• Amplify key wholesale activations, while continuing
tooptimise network
• Elevate outlet with higher Average Unit Retail
• Continue to update e-commerce styling for broader
appeal and improve functionality to drive conversion
3
We have taken swift action to reflect our evolved Product
andCustomer strategy across our distribution network.
Byreasserting our authority in our core categories and adapting
our approach to styling across all channels, we aim to broaden
Burberry’s appeal to reach a wider luxury audience.
In stores, we increased product density, re-introduced
mannequins to support cross-selling between categories and
gave more prominence to our core category outerwear at the
front of stores. Our window displays now reflect our Timeless
British Luxury campaigns, highlighting our core products
alongside seasonal fashion.
Looking ahead, we are introducing designated Trench
Destinations to elevate storytelling and showcase our heritage
and most iconic pieces. We will also roll Scarf Bars in200 stores.
Our presence in prominent locations in key luxury markets
remains a strength, and we continue to enhance our retail network.
Our newly refurbished New York City store onEast57
th
Street
reopened in November 2024, with the launchofa prototype
ofour Scarf Bar in store and an exclusive made-to-order service
for the Castleford Trench Coat, available in leather or suede.
Thestore’s opening event was attended by guests, including
Cher, Tyra Banks and Cara Delevingne. Other key new and
refurbished store openings in FY 2024/25 included Sanlitun
inBeijing, Marina Bay Sands in Singapore andPost Street
inSanFrancisco.
At the same time, we reviewed our network of outlets and
closedtwo outlet locations during FY 2024/25.
On Burberry.com, we refined our storytelling to embody
Timeless British Luxury while rebalancing our offer with more
commercial options. We also updated our product styling to
have more universal appeal, evolved our language and introduced
visual filters to make it easier for customers to find products.
25Burberry Annual Report 2024/25

People: Reignite a high-performance culture
During FY 2024/25, we enhanced cross-functional collaboration
to support our strategic priorities.
We worked at pace to rekindle our creative and commercial
alchemy and to strengthen the link between our Product and
Merchandising, Design, and Marketing teams. As a result, we
are beginning to see more agile and effective decision-making
on both product planning and marketing initiatives.
Maintaining an open dialogue with our people is essential
tofostering an open and inclusive culture. In August 2024,
welaunched our B:Heard Listening Strategy which comprised
anannual Engagement Survey, a Pulse Survey and an increased
number of employee listening forums. Based on feedback,
leaders take actions in their teams and across their functions.
Following the Engagement Survey, our Executive Committee
agreed to introduce new decision-making principles and
processes tostrengthen accountability and ensure we have
theright capabilities for data-driven decision-making to create
valueatscale.
To strengthen our leadership team, we welcomed a number
ofnew senior appointments, including Jonathan Kiman as Chief
Marketing Officer, Laura Dubin-Wander as regional President
forthe Americas, Paul Price as Chief Product, Merchandising
and Planning Officer and announced the appointment ofCharlotte
Baldwin as Chief InformationOfficer.
To ensure our leaders are more visible, engaged and accountable,
we increased the frequency of interactions between our people
and the leadership team, including a more regular cadence
ofglobal town hall meetings.
FY 2025/26 priorities
• Implement customer-focused organisational structures
and agile ways of working
• Roll out new clienteling capability
• Organise for growth
4
Strategic Report | Business Update
26 Burberry Annual Report 2024/25

27Burberry Annual Report 2024/25

Strategic Report | Key Performance Indicators
FINANCIAL MEASURES
Revenue growth*
This measures the appeal of
theBurberry brand to customers
through all of our saleschannels.
Performance
FY 2024/25 revenue at constant
exchange rates declined by 15%
inthe year.
Comparable sales growth*
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.
Performance
FY 2024/25 comparable store sales
declined by 12% in the year.
CER Adjusted operating
profitgrowth*
This measure tracks our ongoing
operating profitability and reflects
the combination of revenue growth
and cost management.
Performance
Adjusted operating profit was £26m
in the year, a reduction of 88%
atconstant exchange rates.
Measured by
CER Revenue growth %
-15%
Measured by
CER Comparable store
sales growth %
-12%
Measured by
CER Adjusted operating profit
growth %
-88%
* At constant exchange rates and adjusted for the 53
rd
week in FY 2021/22.
Details of alternative performance measures are shown on pages 34 and 35 and on page 220 for Adjusted Group ROIC.
2025
2024
2023
2022
2021
+5%
+23%
-10%
flat
-15%
£3,094m
£2,968m
£2,461m
£2,826m
£2,344m
2025
2024
2023
2022
2021
+7%
+18%
-9%
-1%
-12%
2025
2024
2023
2022
2021
+8%
+38%
-8%
-25%
-88%
£634m
£418m
£26m
£523m
£396m
28 Burberry Annual Report 2024/25

Adjusted operating
profitmargin
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.
Performance
Adjusted operating margin was
1.0%in the year.
Adjusted diluted
EPSgrowth
Growth in adjusted diluted EPS
reflects increase in profitability of
the business, movement in the tax
rate andshare repurchase accretion.
Performance
Adjusted diluted EPS was a loss
pershare of 14.8p in the year,
adecrease of 120%.
Adjusted Group ROIC
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.
Performance
Adjusted Group ROIC decreased to
1.0% in the year due to the decrease
in net operating profit after tax.
Measured by
Adjusted operating profit
margin %
1.0%
Measured by
Adjusted diluted EPS
growth %
-120%
Measured by
Adjusted Group ROIC %
1.0%
2025
2024
2023
2022
2021
20.5%
14.1%
1.0%
18.5%
16.9%
2025
2024
2023
2022
2021
+30%
+40%
-14%
-40%
-120%
122.5p
73.9p
(14.8)p
94.0p
67.3p
2025
2024
2023
2022
2021
28.6%
15.3%
1.0%
24.6%
17.0%
29Burberry Annual Report 2024/25

Strategic Report | Financial Review
FINANCIAL REVIEW
Summary income statement
Period ended
52 weeks ended
29 March 2025
52 weeks ended
30 March 2024
YoY % change
Reported FX
YoY % change
CER
Revenue 2,461 2,968 (17) (15)
Cost of sales (923) (959)
Gross profit 1,538 2,009 (23) (21)
Gross margin 62.5% 67.7% (520bps) (470bps)
Adjusted net operating expenses* (1,512) (1,591) (5) (3)
Net opex as a % of sales* 61.5% 53.6% 780bps 740bps
Adjusted operating profit* 26 418 (94) (88)
Adjusted operating margin* 1.0% 14.1% (1300bps) (1210bps)
Adjusting operating items (29) –
Operating (loss)/profit (3) 418 (101)
Operating margin (0.1%) 14.1% (1420bps)
Net finance expense (63) (35) 82
(Loss)/profit before taxation (66) 383 (117)
Taxation (9) (112) (92)
Non-controlling interest – (1) n/a
Attributable (loss)/profit (75) 270 (128)
Adjusted profit beforetaxation* (37) 383 (110) (103)
Adjusted diluted EPS (pence)* (14.8) 73.9 (120) (107)
Diluted EPS (pence) (20.9) 73.9 (128)
Weighted average number
ofdiluted ordinary shares
(millions)** 358.4 366.2 (2)
* Excludes adjusting items. All items below adjusting operating items on a reported basis unless otherwise stated.
** As the Group incurred an attributable loss for the 52 weeks to 29 March 2025, the effect of 0.9m dilutive shares was
antidilutive and therefore not included in the calculation of diluted loss per share for the period. For detail see note 10
oftheFinancial Statements.
Our financial performance in the year included a challenging first half with revenue down 20% at constant
exchange rates. In the second half the Group has moved at pace to implement the Burberry Forward strategic
plan to reignite brand desire, improve our performance and drive long-term value creation. An improved second
half meant revenue performance declined 15% for the full year at constant exchange rates and offset the adjusted
operating loss made inthe first half ofthe year with £26m adjusted operating profit for the full year.
All metrics and commentary in the Financial Review exclude adjusting items unless stated otherwise. The alternative performance
measures presented in this section include: CER, adjusted (loss)/profit measures, comparable sales, free cash flow, cash conversion,
adjusted EBITDA and net debt. The definitions of these alternative performance measures are on pages 34 and 35.
Revenue
• Revenue of £2,461 million
was down 15% at constant
exchange rates and
down17% at reported
exchangerates. Retail
store comparable sales
down 12%
Gross margin
• Gross margin was 62.5%,
areduction of 470bps
atconstant exchange rates
and 520bps at reported
exchange rates. The
reduction was primarily
dueto the action taken
inthe year to reverse the
inventory overhang, both
indiscounting product and
in recognising a charge
forinventory provisions
Adjusted
operatingprofit
• Adjusted operating profit
was £26 million a reduction
of 88% at constant
exchange rate and 94%
atreported exchange rates.
Adjusted net operating
expenses were down 3%
atconstant exchange rates
compared with the prior
year and 5% at reported
exchange rates
• Reported operating loss
forthe year was £3 million
after £29 million adjusting
items charge relating to
restructuring expenses
from the Burberry Forward
transformation programme
30
Burberry Annual Report 2024/25

Financial performance
Revenue
Revenue by channel
Period ended
£ million
52 weeks
ended
29 March
2025
52 weeks
ended
30 March
2024
YoY %
change
Reported
FX
YoY %
change
CER
Retail 2,076 2,400 (13) (11)
Comparable store
sales growth (12%) (1%)
Wholesale 319 506 (37) (35)
Licensing 66 62 6 9
Revenue 2,461 2,968 (17) (15)
In FY 2024/25, comparable store sales fell 12%. The contribution
from space was 1%, leading to 11% decline in retail sales at
constant exchange rates and 13% decline at reported rates.
In Asia Pacific, comparable store sales declined 16% inFY2024/25.
• Mainland China declined 15% in the year
• South Korea fell 18% in the year
• Japan remained in growth, up 1% in the year boosted
bytourist spend mainly from Chinese customers
• South Asia Pacific declined 28% in the year.
EMEIA comparable store sales declined 8% in FY 2024/25.
Growth from local customers partially offset a decline in tourist
spending. Business in our UK home market continues to be
seriously impacted by the withdrawal of VAT refunds for overseas
visitors in 2021 which made the UK the least competitive
destination in Europe for tourist shopping.
Americas comparable store sales fell 9% in the year. Globally,
the Americas customer was in line with the regional performance.
Comparable store analysis by product
• Outerwear and scarves continued to perform better than
theGroup average in the year
• Ready-to-wear performed broadly in line with the Group
average in the year
• Leather goods lagged the Group average in the year.
Store footprint
We opened 26 stores in the year and closed 26, with 422 directly
operated stores as at 29 March 2025.
Store portfolio
Directly operated stores
Franchise
stores Stores
Con-
cessions Outlets Total
At 30 March 2024 227 139 56 422 33
Additions 16 10 – 26 1
Closures (14) (10) (2) (26) (1)
At 29 March 2025 229 139 54 422 33
Store portfolio byregion*
At 29 March 2025
Directly operated stores
Franchise
stores Stores
Con-
cessions Outlets Total
Asia Pacific 126 89 22 237 10
EMEIA 45 38 17 100 23
Americas 58 12 15 85 –
Total 229 139 54 422 33
* Excludes the impact of pop up stores.
Wholesale
Wholesale revenue declined 35% at constant exchange rates
and 37% at reported exchange rates in FY 2024/25 as a result
ofa strategic review of our partners, as well as the challenging
consumer demand environment.
31
Burberry Annual Report 2024/25

Strategic Report | Financial Review
Licensing
Licensing revenue grew 9% at constant exchange rates and
6%at reported exchange rates, driven by continued strength
infragrance.
Operating (loss)/profit analysis
Adjusted operating profit
Adjusted operating profit was £26 million with an adjusted
operating margin of 1%.
• Gross margin declined by 470bps at constant exchange
ratesand 520bps at reported exchange rates, driven mostly
by inventory exitto address our overhang. These actions
delivered gross inventory down 7% at constant exchange rates
and down 9% at reported exchange rates as at 29 March 2025.
• Adjusted net operating expenses reduced by 3% at constant
exchange rates and 5% at reported exchange rates. This was
driven by tight cost control alongside a reduction in our variable
costs. We delivered £24 million in structural savings from our
organisational efficiency programme initiated during the year.
• Foreign exchange was a headwind, impacting adjusted
operating profit by £25 million.
Adjusting items
Period ended
£ million
52 weeks ended
29 March 2025
52 weeks ended
30 March 2024
Restructuring costs (29) –
Total adjusting items (29) –
Restructuring costs of £29 million (FY 2023/24: £nil) were
incurred, arising primarily as a result of the Burberry Forward
transformation programme initiated during the period. The costs
principally related to redundancies and consulting costs and
were recorded in operating expenses.
Net finance charge
The net finance charge for the year was £63 million (FY2023/24:
£35 million). This includes interest on lease liabilities of £49 million
and a net financing charge of £14 million. Theincrease in the
year was primarily due to the additional £450 million borrowings
inthe year.
Adjusted (loss)/profit before tax
After an adjusted net finance expense of £63 million (FY 2023/24:
£35 million), adjusted loss before tax was £37 million (FY 2023/24:
adjusted profit before tax £383 million).
Taxation
The Group’s adjusted effective tax rate was -43% (FY 2023/24:
29%) and the reported effective tax rate was -13% (FY2023/24:
29%). The reduction in the FY 2024/25 reported tax rate versus
FY 2023/24 was driven by reduced profitability causing routine
disallowed expenses and prior year adjustments to have
agreater impact.
Cash flow and leverage
Summary statement of cash flows
The following table is a representation of the cash flows, excluding
financing cash flows to align with our definition of free cash flow.
Period ended
£ million
52 weeks ended
29 March 2025
52 weeks ended
30 March 2024
Adjusted operating profit 26 418
Depreciation and amortisation 413 379
Working capital 75 (166)
Other including adjusting items 12 34
Cash generated from
operatingactivities 526 665
Payment of lease principal
andrelated cash flows (225) (235)
Capital expenditure (151) (208)
Proceeds from disposal
ofnon-current assets 12 –
Interest (54) (20)
Tax (43) (139)
Free cash flow 65 63
Free cash flow was £65 million in the year (FY 2023/24:
£63 million). The major components were:
• Cash generated from operating activities decreased by
£139 million to £526 million due primarily to a £392 million
reduction in adjusted operating profit partially offset by a
working capital inflow of £75 million (FY 2023/24: £166 million
outflow) driven by lower inventory levels
• Capital expenditure of £151 million (FY 2023/24: £208 million)
with £80 million on the store network which reduced
compared with the prior year
• Net Interest paid increased by £34 million to £54 million
(FY2023/24: £20 million) due to the additional borrowings in
the year and lower average cash balances throughout the year
• Tax paid reduced by £96 million to £43 million (FY 2023/24:
£139 million) reflecting lower profitability
32
Burberry Annual Report 2024/25

The FY 2023/24 final dividend of £152 million was paid in the
year, however dividend payments were suspended in July in
order to maintain a strong balance sheet and enable investment
in Burberry’s long term growth.
Cash net of overdrafts on 29 March 2025 was £708 million
(30 March 2024: £362 million). On 29 March 2025 borrowings
were £738 million with a £450 million bond raised in the year,
inaddition to the existing £300 million sustainability bond
maturing in September 2025. This resulted in net debt of
£30 million before lease liabilities of £1,081 million (30 March
2024: net cash £63 million). After lease liabilities, net debt
intheperiod was £1,111 million (30 March 2024: £1,125 million).
NetDebt/Adjusted EBITDA was 2.3x. The increase in leverage
from 1.4x at 30 March 2024 was driven by lower profitability.
While leverage is temporarily elevated, the Group is focusing
onreturning to a more normalised level organically, through
theactions being taken to rebuild profitability.
The Group’s existing £300 million Revolving Credit Facility
(RCF), as well as the £75 million RCF entered into in the year
both remain undrawn.
Period ended
£ million
52 weeks ended
29 March 2025
52 weeks ended
30 March 2024
Adjusted EBITDA 483 811
Cash net of overdrafts (708) (362)
Bond 738 299
Lease debt 1,081 1,188
Net Debt 1,111 1,125
Net Debt/Adjusted EBITDA 2.3x 1.4x
Organising for growth
At the heart of Burberry Forward is our commitment to
restoringa culture of creative and commercial alchemy rigorously
focused on our customer. Our plan is underpinned bya step
change inproductivity, simplification, and financial discipline.
Weare proposing to implement organisational changes aimed
atenhancing collaboration across our business, increasing our
agility, driving efficiency and profitability while protecting our
investment in consumer-facing areas. Reimagining Burberry
inthis way will ensure that the organisation is fit for the future
ina demanding and dynamic global market.
We expect the proposed changes to unlock an additional
£60 million of savings by FY 2026/27, enabling us to continue
tofund our biggest growth opportunities. This is incremental to
our previously announced £40 million cost-savings programme,
bringing the expected combined annualised savings to £100
million by FY2026/27. We expect these proposed incremental
savings tocome from operating expenses, with increased
efficiency ofspend in procurement and real estate, and
areduction inpeople-related costs.
The associated one-off costs across both programmes, which
are largely cash, are expected to total around £80 million
(£29 million exceptional cost in FY 2024/25 with the balance
inFY 2025/26).
Outlook
We are positioning the brand for a return to sustainable,
profitable growth. We remain confident that our strategic plan
will improve our performance and drive long-term valuecreation.
Our focus in the year ahead will be to build on the early progress
wehave made in reigniting brand desire. We will alsodeliver
margin improvement alongside a continued focus on simplification,
productivity and cash flow.
In the context of a still uncertain external environment, we
expect retail space to be broadly stable with capital expenditure
of around £130 million in FY 2025/26. We expect wholesale
revenue to decline by a mid-teens percentage in the first half
ofFY 2025/26.
As we progress Burberry Forward, we expect the restructuring
charge to be around £50 million in FY 2025/26 and to deliver
around £80 million of annualised cost savings, of which
£24 million were delivered in FY 2024/25.
Based on foreign exchange rates effective as at 2 May 2025, the
impact of year-on-year exchange rate movements is expected
tobe a c.£55 million headwind on revenue and c.£10 million
headwind on adjusted operating profit.
33
Burberry Annual Report 2024/25

Strategic Report | Financial Review
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 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.
Retail Revenue:
Period ended YoY%
52 weeks ended
29 March 2025
52 weeks ended
30 March 2024
Comparable sales (12%) (1%)
Change in space 1% 2%
CER retail (11%) 1%
FX (2%) (5%)
Retail revenue (13%) (4%)
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.
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
29 March 2025
52 weeks ended
30 March 2024
Net cash generated from
operatingactivities 429 506
Capex (151) (208)
Lease principal and related cash flows (225) (235)
Proceeds from disposal
ofnon-currentassets 12 –
Free cash flow 65 63
Cash
Conversion
Cash conversion is defined as free cash
flowpre-tax/adjusted (loss)/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
29 March 2025
52 weeks ended
30 March 2024
Free cash flow 65 63
Tax paid 43 139
Free cash flow before tax 108 202
Adjusted (loss)/profit before tax (37) 383
Cash conversion n/a 53%
34 Burberry Annual Report 2024/25

APM Description and purpose GAAP measure reconciled to
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
29 March 2025
As at
30 March 2024
Cash net of overdrafts 708 362
Lease liability (1,081) (1,188)
Borrowings (738) (299)
Net debt (1,111) (1,125)
Adjusted
EBITDA
Adjusted EBITDA* is defined as operating
(loss)/profit, excluding adjusting operating
items, depreciation and impairment of
property, plant and equipment, depreciation
and impairment of right of use assets and
amortisation and impairment of intangible
assets. Any depreciation, amortisation or
impairment included in adjusting operating
items are not double counted. Adjusted
EBITDA is shown for the calculation of
NetDebt/EBITDA for our leverage ratios.
Period ended
£m
52 weeks ended
29 March 2025
52 weeks ended
30 March 2024
Operating (loss)/profit (3) 418
Adjusting operating items 29 –
Amortisation and impairment
ofintangible assets 58 42
Depreciation and impairment
ofproperty, plant and equipment 122 108
Depreciation and impairment
ofright-of-use assets 277 243
Adjusted EBITDA 483 811
* Our definition of adjusted EBITDA has been updated to reflect the exclusion of the impairment of right-of-use and other non-current assets where this income statement impact
isincluded within adjusted operating (loss)/profit. Prior to this change, adjusted EBITDA was £797 million for the 52 weeks ended 30 March 2024.
35Burberry Annual Report 2024/25

Strategic Report | Capital Allocation Framework
CAPITAL ALLOCATION FRAMEWORK
Our strategy and targets are governed by our Capital
AllocationFramework, which we use to prioritise the use ofcash.
This framework addresses the investment needs of the business,
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
aninvestment grade credit rating.
While our capital allocation principles remain unchanged,
giventhe current trading environment, in the short term we
aretaking a prudent approach to conserve cash and secure
liquidity to support the business through the Burberry Forward
transformation. This has temporary implications for the application
of the framework, including not declaring a dividend in respect
of FY 2024/25 and keeping future capital returns under review.
We intend to return to paying a dividend as soon as possible.
Net Debt/Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortisation (Adjusted EBITDA) was 2.3x at FY 2024/25
(FY2023/24: 1.4x) on a rolling 12-month period, above our
targetrange of 0.5x to 1.0x. We continue to be a cash generative
business and are comfortable with this current leverage position
which is consistent with our policy to maintain an investment
grade credit rating. We will deliver sustainable profitable growth
and drive cash flow under our strategic plan, which we are
confident will organically de-lever the business to our target
range over time. The diagram below summarises the key
priorities of our framework.
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.
Progressive
dividendpolicy
Subject to there being
capitalavailable after we
have reinvested for organic
growth, our second priority
isthe payment of a dividend.
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 would
typically be 30% ofthe
absolute value of the prior
year full-year dividend.
Inorganic strategic
investment
Our third priority for capital
allocation is investment in
acquisitions tocomplement
our business activities, which
are expected to beinfrequent.
Return excess cash
to shareholders
After allocation of
capitalto the first
threepriorities of our
framework, any excess
cash would be returned
to shareholders. The
determination of excess
cash is based on a
leverage range of 0.5x
to1.0x after considering
future cash generation
and the external
environment.
Maintain a strong balance sheet with an 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90to101.
Capital structure metrics FY 2024/25 FY 2023/24
Cash net of overdrafts £708m £362m
Lease liability (£1,081m) (£1,188m)
Borrowings (£738m) (£299m)
Net debt (£1,111m) (£1,125m)
Net debt/EBITDA 2.3x 1.4x
1 2 3 4
36 Burberry Annual Report 2024/25

Strategic Report | Our People and Culture
OUR PEOPLE
AND CULTURE
Introduction
As a global organisation operating in more than 30 countries and
territories, we are well positioned to leverage the diverse talents
and perspectives of our people to create exceptional luxury
products and experiences for our customers aroundtheworld.
Our brand’s rich heritage of innovation inspires our colleagues
to continue to push boundaries and endeavour to lead
theluxurymarket.
This section outlines how we are supporting our people to drive
Burberry Forward. It also details the actions we are taking to
cultivate colleague growth and belonging, and ensure that our
people can realise their full potential.
Our people are our greatest asset. We strive to foster an environment
where ideas andcreativity flourish andour colleagues thrive. Building
onour purpose, Creativity Opens Spaces, and our values of being open
andcaring, creatively driven, forward thinking and proud of our heritage,
we encourage creative minds from different backgrounds tocome
togetherto collaborate, innovate and excel.
REIGNITING A HIGH‑PERFORMANCE CULTURE
Key to the success of Burberry Forward is creating a culture that allows us to fully mobilise
the creativity and talent ofour people. Our roadmap for achieving this has fourpillars:
1 2 3 4
Organising for
Growth
Authentic
Leadership
Talent at
the Centre
Purpose and
Belonging
37Burberry Annual Report 2024/25

Strategic Report | Our People and Culture
To reignite a high-performance culture, we are focused on
organising for growth by streamlining our operating model
andbringing clarity to roles, demonstrating authentic leadership,
enhancing decision-making capabilities and supporting our
colleagues’ professional development. Through our purpose
andvalues, we also aim to build greater connections between
our brand and our people so that colleagues feel fulfilled
intheirwork and inspired to perform at their best.
1. Organising for Growth
As we focus on organising for growth, clear organisational
structures and defined roles and responsibilities will provide
thefoundation for a high-performance culture. In FY 2024/25,
we reviewed the structure of our business to implement a more
agile organisation where colleagues have clarity on their roles
and the expectations of what they need to deliver.
Throughout Burberry, we are modelling customer centricity and
bringing our decision-making processes closer to the customer.
In FY 2024/25 we modelled this when our CEO, Joshua Schulman,
chose not to replace the Chief Commercial Officer and instead
realigned our regional Presidents to report directly to him.
Torekindle creative and commercial alchemy, we have also
actively strengthened the cross-collaboration between the
Product and Merchandising, and Design and Marketing teams,
whichhas been further enabled byreuniting our London-based
colleagues under one roof in ournewly renovated London
headquarters, Horseferry House.
During this period of organisational change and the rollout
ofBurberry Forward, we have ensured our colleagues are
regularly updated by increasing the cadence of our global,
regional and functional town halls, and by further amplifying
leadership communications. Supported by the Executive
Committee, Joshua used these events to bring colleagues
onthe journey of our refreshed strategy, sharing his optimism
for the future of Burberry and providing clarity on what Burberry
Forward means for both our business and our colleagues.
2. Authentic Leadership
Cultivating authentic leadership is crucial to both inspiring
colleagues and enabling them to deliver our Burberry Forward
strategy with focus, urgency and optimism. To support this,
weintroduced Leading Forward, which in FY 2024/25 comprised
two initiatives, B:Leaders and B:Managers.
The B:Leaders Framework was launched in March 2025. It has
three aims: Bring Clarity, Create Connection and Strive Forward,
and is designed to equip colleagues with the knowledge,
skillsand tools to lead with clarity, inspire confidence and drive
impactful change. The framework is being delivered collaboratively
through learning events, regular meetings, online resources,
aseries of interviews with senior leaders, and peer coaching
circles. To launch the B:Leaders Framework, we hosted an
internal keynote speaker and panel discussion focusing on the
power of optimism and resilience in creating a high-performance
culture. Leaders then received practical guidance on how
toactivate the key themes within their teams.
B:Managers, our new development training for line managers,
was announced to colleagues in FY 2024/25, and is due to roll
out in FY 2025/26. Comprising virtual skills-based learning
sessions and supported by a Line Manager Playbook, the
development training is designed to set a consistent experience
of management for both colleagues and line managers, further
enabling our high-performance culture.
3. Talent at the Centre
We believe that continuous growth and development is key to
unlocking the potential of our people. By putting talent at the
centre of our strategy and prioritising opportunities for growth,
we are building an adaptable and resilient workforce where all
are enabled to thrive.
During FY 2024/25, we refreshed our talent review and
performance processes to ensure we create clear plans for
colleagues to progress within Burberry. We highlighted this
focus on career development within our Leadership Development
Programmes, which are designed to guide Burberry leaders
atpivotal milestones in their careers, including at manager,
senior manager and executive level. The programmes were
attended by more than 300 colleagues throughout the year,
withparticipants reporting improvements in key leadership
skills, including communication, delegation, and accountability.
These programmes have since been superseded by the
B:Leaders and B:Managers initiatives.
We also evolved our suite of independent learning materials for
colleagues with the launch of Go1, our digital learning platform,
in November 2024. Go1 provides on-demand access to a broad
range of upskilling resources and empowers colleagues at
everylevel to take ownership of their learning and growth.
Theplatform allows users to create bespoke playlists which can
be shared with other colleagues on topics including leadership,
transformation and goal-setting. By the end of FY 2024/25,
60%of non-retail colleagues had accessed the resources
availableon Go1.
Our Internal UK Apprenticeship Programme continues to be
akey development tool for colleagues, with the number of
participants growing by 308% over the past two financial years.
Created in collaboration with our people and delivered with
external training providers, the programme offers Burberry
colleagues in the UK the opportunity to diversify their skill
setbychoosing to complete an apprenticeship in one of more
than 30 disciplines. Across the business, colleagues can gain
qualifications up to degree level while working full-time, allowing
them to maintain momentum in their careers and at the same time
craft their own path. In FY 2024/25, we continued to support our
apprentices during their learning journeys and maintained a10%
dropout rate,which is well below the national average of46%.
In January 2025, we unveiled our redesigned Burberry Careers
website which offers an enhanced user experience. With a
simplified application process and further details on benefits
and opportunities for development, the site illustrates our values,
heritage and life at Burberry for existing and prospective
colleagues alike.
38
Burberry Annual Report 2024/25

4. Purpose and Belonging
To generate a greater sense of belonging among our colleagues,
we are creating more moments for everyone to come together.
This includes an increased drumbeat of global, regional and
functional town halls which focus on our strategic progress,
aswell as internal events that celebrate key moments, such as
our brand campaigns and runway shows.
We value our colleagues’ voices and recognise the need to provide
varied ways in which they can share their views. In FY2024/25,
we launched our B:Heard Listening strategy to offer multiple
avenues for our leaders and colleagues to engage in open
andhonest dialogue.
As part of the strategy, we conducted a Pulse Survey in August
2024 and expanded our annual Engagement Survey in October
2024. By enlisting the support of our leaders to encourage
participation in the Engagement Survey, we achieved a 79%
completion rate with more than 8,000 comments, which were
reviewed andconsidered by members of the Executive Committee.
Alongside our Workforce Advisory Forum, which brings together
colleagues and Board members to discuss keytopics, we also
created employee listening forums to offer further opportunities
for direct dialogue. The employee listening forums were attended
by senior leaders and designed to identify root causes of key
issues, propose solutions and implement sustainable change.
Recognising and celebrating the diversity of our colleagues is
fundamental to maintaining a culture of inclusion and belonging.
To read more about our commitment to diversity, equity and
inclusion, and how we build awareness and allyship, see page73.
Equestrian Knight Club
FY 2024/25 marked the third year of our internal retail reward and recognition
programme, the Equestrian KnightClub (EKC). Established in 2023, the EKC
honours the outstanding achievements of Client Advisors who exemplifyThomas
Burberry’s entrepreneurial spirit and forward-thinking mindset while setting new
standards in sales excellence. Recognising exceptional performance in stores
and customer service, it reflects our ongoing commitment to placing talent
atthecentre of Burberry andfostering a high-performance culture across all
ourcustomer touchpoints.
“It definitely made me more confident
and efficient, helping me to develop
strategic thinking and make more
informed decisions. It also prepared
meto take on new challenges internally
and encouraged me to put myself
forward for promotions when they
wereavailable.”
MBA Apprenticeship Graduate
39Burberry Annual Report 2024/25

SUSTAINABILITY INFORMATION
Burberry Beyond Strategy 41
Basis for Preparation 41
Governance and Management 41
Section 172 (1) Statement and Stakeholder Engagement 43
Value Chain 46
As an open and caring company, we endeavour to act responsibly
withrespect to the environment, the communities in which we operate
andthose employed within our business and wider supply chain.
Strategic Report | Sustainability at Burberry
SUSTAINABILITY AT BURBERRY
SOCIAL DISCLOSURES
Our Workforce 72
Occupational Health and Safety 76
People in our Supply Chain 78
Communities 82
GOVERNANCE – BUSINESS
CONDUCT DISCLOSURES
Anti-Bribery and Corruption 87
Animal Welfare 88
Tax Transparency 88
ENVIRONMENTAL DISCLOSURES
Climate Change 47
Chemical Management 60
Water Conservation 62
Biodiversity and Ecosystems 64
Resource Use and Circular Economy 66
40
Burberry Annual Report 2024/25

1. Burberry Beyond strategy
Social and environmental responsibility is a key aspect of how
Burberry operates as a business, and is of great importance
toour colleagues and customers.
Our Burberry Beyond strategy encompasses our work
withrespect to the sustainability-related impacts, risks and
opportunities that exist within our value chain. With its Product,
Planet, People and Communities pillars, the strategy aims to
strengthen Burberry’s resilience by reducing our environmental
footprint and ensuring the Company behaves responsibly
towards our planet, our people and the communities we impact.
On the following pages, we provide detailed information regarding
each strategic priority, including policies, actions and targets,
and the steps taken during FY 2024/25 to deliver our strategy.
2. Basis for preparation
Scope of data
The data in this section is based on the period 1 April 2024
to31 March 2025, unless otherwise stated. For the avoidance
ofdoubt, the Company’s financial accounting period is from
31 March 2024 to29 March 2025. However, references to
FY2024/25 for the indicators included in the Sustainability
atBurberry section (pages 41 to 88) refer to the period
1 April2024 to 31 March 2025.
Our sustainability data for FY 2024/25 covers our global
operations. In the financial year, no material changes in the
Company’s operations, value chain or business activities
triggered a rebaselining ofsustainability data.
We publish a separate Sustainability Basis of Reporting FY
2024/25 document on Burberryplc.com which provides further
details of the scope of our assured data and targets, as well as
any assumptions or exclusions that apply. We have also added
footnotes to the data tables on subsequent pages to explain
anysignificant estimates or assumptions we have made.
Frameworks and legislation
This section contains our climate-related financial disclosure
consistent with the Task Force on Climate-related Financial
Disclosures (TCFD) (pages 47 to 71) to comply with TheCompanies
(Strategic Report) (Climate-related Financial Disclosure)
Regulations 2022 and UK Listing Rule 6.6.6R(8). Ourenergy
andcarbon data is reported on page 58 to comply with the
UK’sStreamlined Energy and Carbon Reporting requirements.
We also publish a Transparency in the Supply Chain and Modern
Slavery Statement on Burberryplc.com on an annual basis.
Thisis in accordance with the UK Modern Slavery Act 2015, the
California Transparency in Supply Chains Act of 2010, Canada’s
Fighting Against Forced Labour and Child Labour in Supply
Chains Act and Australia’s Modern Slavery Act 2018.
Non-financial key performance indicators (KPIs)
We have developed non-financial measures to assess our
performance against Burberry Beyond targets, with progress
regularly monitored by our Board.
For further details on environmental and social sustainability
activities and FY 2024/25 progress against our Burberry Beyond
targets, see pages 55 to 85. 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.
SUSTAINABILITY INFORMATION
Thresholds for restatements
Any restatements to sustainability data are clearly indicated with
thereason provided. More information on our sustainability data
methodologies, including our Greenhouse Gas Emissions (GHG)
Restatement Policy, can be found in our Sustainability Basis
ofReporting FY2024/25 on Burberryplc.com.
External assurance
We have engaged Ernst & Young LLP (EY) to provide an external
independent limited assurance statement in accordance with
ISAE 3000 on our FY 2024/25 TCFD disclosures and specific
sustainability data denoted with a ^. For the outcomes of this
assurance, see the practitioner’s Limited Assurance Report
onBurberryplc.com.
3. Governance and management
Board oversight
The Board is responsible for ensuring our approach to
sustainability is integrated into and implemented across the
business. Our Governance Framework of committees and
advisory forums provides updates and key information to the
Board to ensure it can make informed decisions. This is outlined
in the Corporate Governance Statement on pages 102 to 161.
More detail on the roles of the Board and the terms of reference
for each committee is set out in the Matters Reserved for Board
Decision and the Committees’ terms of reference, which are
available in the Corporate Governance section of Burberryplc.com.
When reviewing annual budgets, the Board considers
sustainability-related issues, including spend associated with
our Burberry Beyond strategy, capital expenditure relating to
improving energy efficiency in our own operations, and colleague
bonuses aligned to our sustainability targets. 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 approach is
included in the Risk and Viability Report on pages 90 to 101.
Management oversight
The CEO has accountability for sustainability performance
atexecutive level and delegates managerial oversight of
environmental and social responsibility matters to our Corporate
Responsibility team. Led by the Vice President of Corporate
Responsibility, the team’s expertise ranges from carbon accounting
through to sustainable raw material sourcing and ethical trading.
The Corporate Responsibility team acts as a centre of excellence,
guiding the execution of our Burberry Beyond strategy
bycollaborating with teams across the business, including
Sustainable Finance, Sustainable Information Technology (IT),
Legal, Product, Supply Chain and Human Resources.
The Company’s strategy on environment-related issues,
Burberry Beyond, is governed by the Sustainability Committee,
which convened three times in FY 2024/25 and is chaired by the
CEO. The Committee plays an important decision-making role
insupporting Burberry’s environmental agenda, with membership
including senior leaders from across the organisation who
areresponsible for the execution of the strategy within their
respective business areas. In FY 2024/25, topics discussed
bythe Sustainability Committee included future climate-related
disclosure requirements, product sustainability and our ReBurberry
services. During FY 2024/25, the Board received two updates
from the Sustainability Committee, which included progress
against the Company’s sustainability-related goals and targets.
The Board also received an update on Burberry’s decarbonisation
plans and disclosures.
41
Burberry Annual Report 2024/25

The Ethics Committee oversees the Company’s governance and
strategy relating to our social agenda, including the governance
ofhuman rights risks and due diligence in our supply chain.
Where risks are identified, they are reported by management
tothe Ethics Committee, which reports directly to the Audit
Committee. The Ethics Committee also has oversight of our
community investment work as it reviews the Company’s
charitable donations twice a year. The Board also receives
anannual update on the Company’s community agenda and
approves the budget for charitable donations.
The Risk Committee, which is chaired by the CFO, is responsible
for managing and monitoring sustainability-related impacts,
risks and opportunities and has oversight of the Company’s
climate-related financial risk disclosures and preparations
forupcoming reporting regulations. The Audit Committee also
receives updates on the Company’s preparation for upcoming
regulatory requirements and recommends the annual sustainability
and risk-related disclosures for approval by the Board.
TheBoard reviews our sustainability 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. Details regarding Board
members’ sustainability skills and experience are included
inthebiographies section on pages 104 to 108.
We aim to educate colleagues on various sustainability-related
topics through frequent engagement and communications,
focused events and volunteering opportunities. Internal
communications include a weekly fast-fact series and a monthly
sustainability newsletter consisting of product launches,
industry news and updates, and learning resources.
In FY 2024/25, we launched Choose Our Future: The Climate
Game. Designed by Burberry colleagues, for Burberry colleagues,
the digital tool is a tailored, colleague-owned learning experience
designed to equip teams with the knowledge they need to enable
sustainability-related decision-making. The game was introduced
across our Marketing and Retail functions in March 2025, with
first versions available in English, Simplified Chinese, Traditional
Chinese, Korean and Japanese. In FY 2024/25, we also launched
an online modern slavery training programme, which is mandatory
for colleagues in Supply Chain, Corporate Responsibility,
Procurement and relevant Human Resources roles. In addition,
we provided training for around 700 Supply Chain and Product
Development colleagues on sustainability topics, including
product sustainability, responsible sourcing and our Burberry
Beyond strategy.
Beyond digital engagement, we also connect with colleagues
through in-person events, such as our Sustainable Product
andReBurberry Showcase. This event invited colleagues to
learnmore about various Burberry sustainability initiatives and
experience our circular services firsthand, including our Cashmere
and Leather Refresh services and fragrance refills. Attendees
could also meet with teams working on sustainability, including
colleagues from our Internal Manufacturing team.
We are building capabilities across the business to ensure
teams havethe relevant sustainability-related knowledge and
skills tosupport decision-making. Team members involved in the
execution of the Burberry Beyond strategy participate in external
training courses and educational events, including the Accounting
for Sustainability (A4S) Academy, to keep abreast of relevant
climate- and nature-related topics. We will continue to expand
our sustainability training, with a particular focus on developing
therelevant skills, knowledge and competencies required for
colleagues to contribute to the delivery of our strategy.
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 2025/26, 25% of the annual bonus for Executive Directors
will be linked to performance against strategic objectives linked
to our strategy and brand, as well as our sustainability targets.
There will be a sustainability underpin inthe 2025 BSP award
forthe Executive Directors.
Since FY 2023/24 we have linked a proportion of our
discretionary annual corporate bonus plan for the wider
workforce to the achievement of sustainability metrics.
Statement on sustainability due diligence
During FY 2024/25, we continued to meet and prepare for current
and future due diligence legislation in line with the expectations
of our external stakeholders, such as international regulators,
consumers, investors and governments. A cross-functional team
of experts has been set up to focus on developing an aligned
approach to human rights and environmental due diligence.
Thisbuilds on our well-established due diligence practices, by
identifying opportunities to strengthen and integrate processes
across social and environmental risks and impacts, and enhancing
the effectiveness of our overall Due Diligence Framework.
Ourapproach prioritises improving labour conditions, creating
positive impacts and driving efforts toaddress endemic human
rights issues, while advocating forsustainable change across
the industry with our key stakeholders. Full details of our
approach are available in ourTransparency in the Supply
Chainand Modern Slavery Statement FY 2024/25 available
onBurberryplc.com.
Risk management and internal controls
The overarching approach to identifying sustainability-related
risks is the same as for all principal risks, which is detailed on
pages 92 to 93. For each risk, including climate change and
supply chain impacts, 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 sustainability-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 Raw Material
Procurement team responsible for buying materials.
When sustainability-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 risk tolerance. Progress
against these mitigating activities is assessed by the appropriate
committee responsible for monitoring the associated risk (as
described in the Management oversight section on page 41).
Sustainability-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 business has also developed a risk platform, which enables
us to track our business objectives, including those which create
or protect financial, social, environmental and reputational value.
We also scan for new and emerging risks and keep abreast
ofevolving regulatory requirements.
Strategic Report | Sustainability at Burberry
42 Burberry Annual Report 2024/25

4. Section 172 (1) statement and stakeholder engagement
Burberry is committed to listening to our stakeholders and doing right by them to ensure our long-term success.
Section 172 (1) statement
In accordance with the Companies Act 2006 (the Act), 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 (1) of the Act.
The Board is aware of its obligations, both collectively and individually, to promote the success of the Company for the benefit
ofitsstakeholders. When making decisions, each Director ensures that they act in the way they consider, in good faith, would most
likely promote Burberry’s success for the benefit of its members as a whole, and in doing so has regard (among other matters)
totheissuesset out below.
Section 172 (1) factor
(a) The likely
consequences of any
decision in the long term
The decisions taken by the Directors are aimed at ensuring Burberry has a stable and viable future.
The Directors consider macroeconomic and geopolitical factors and how they might impact Burberry
in the long term, monitor trends in the global personal luxury goods market and identify principal
andemerging risks and how these might impact the business. The key decisions taken during
FY2024/25 to pursue the Burberry Forward transformation programme and stabilise Burberry’s
financial position demonstrate how the Directors considered the consequences and how these
decisions support Burberry in the long term.
Further information on the global luxury market can be found on page 20.
Further information on Principal Risks can be found on page 92.
Further information on Key Decisions can be found on page 115.
(b) Interests
ofemployees
Burberry’s people, whether direct colleagues or people in the supply chain, are fundamental
tothesuccess of our business. The Board’s decisions are aimed at fostering a positive culture
withBurberry’s values at the core. The Board’s decision to support the Burberry Forward strategy
supports the long-term future of our people.
Further information on our people can be found on page 37.
Further information on the Burberry Forward pillar to Reignite a High-Performance Culture
canbefound on page 37.
Further information on how the Board engages with employees can be found on page 115.
(c) Fostering the
company’s business
relationships with
suppliers, customers
andothers
Customers are at the heart of Burberry and the Board monitors brand sentiment and customer
engagement as well as assessing trading performance. As a luxury goods business, our supply
chainis core to our success. Burberry seeks to promote and apply ethical conduct and principles
ofbusiness engagement in our relationships with suppliers. Through reports from executive
management, the Board monitors these relationships.
Further information on our customers and brand can be found in the Burberry Forward section
onpages 13 to 17 and the Business Update section on pages 22 to 26.
Further information on supplier relationships can be found on page 45.
(d) Impact of operations
on the community and
environment
Acting responsibly with respect to the environment and the communities in which we operate
isakeyfocus for Burberry.
Further information on environment and the communities in which we operate can be found
intheSustainability at Burberry section from pages 41 to 88.
(e) Maintaining
areputation for
highstandards of
businessconduct
The Board periodically reviews and approves Burberry’s Code of Conduct and other key policies
aimed at upholding the highest standards of business conduct.
Further information on business conduct at Burberry can be found on pages 86 to 88.
(f) Acting fairly between
members of the
Company
When making decisions, the Board considers which outcomes will support Burberry’s long-term
future and promote the interests of the Company’s members as a whole. In this way, Burberry acts
fairly between members.
Further information on the Board’s engagement with shareholders can be found on page 115.
43
Burberry Annual Report 2024/25

Strategic Report | Sustainability at Burberry
Ensuring regular, comprehensive engagement with our stakeholders across the business helps us to understand their perspectives
and values. We are mindful of maintaining balance between the competing priorities of different stakeholder groups. This knowledge
influences decision-making and planning both at management and Board level, allowing us to deliver our strategy, conscious
ofthepotential impact of our actions.
Matters submitted to the Board for approval from various areas of the business are required to identify which stakeholder groups
would be impacted and how. This enables the Board to engage in informed discussions before reaching key strategic decisions.
The Board’s focus areas during FY 2024/25 and key decisions made during the year are set out on pages 114 to 115. Howstakeholder
views were taken into account and engagement outcomes are set out on pages 44 to 45.
We engage with our stakeholders and work with our partners to drive change and deliver sustainable value.
Stakeholder Why we engage How we engage
Example outcomes
oftheengagement
Customers
We sell to and connect
with our customers
through directly
operated stores,
concessions and
wholesale partners,
aswell as via
Burberry.com.
Ourcustomers ensure
Burberry’s viability as a
business. Weaimtoinspire
and excite them with desirable
products ofexceptional quality.
We provideexemplary
customer service through
aseamless omnichannel
experience and invite them
toexplore Burberry in
innovative ways.
We engage with our
customersthrough messaging
on products, marketing
campaigns, social media,
Company websites, global
consumer research and
in-store events.
The Board receives customer
insights through presentations
from the CEO and senior
managers as well as regional
Presidents. Board members
regularly visit store locations
globally and attend special
events such as store openings
and fashion shows.
During FY 2024/25, Board
members attended the
reopening of the East 57
th
Street store in New York and
the Summer 2025 and Winter
2025 fashion shows in London.
During FY 2024/25,
werenewed our focus on
outerwear and scarves, which
are core product categories
forBurberry, through the
‘It’sAlways Burberry Weather’
campaign. Although in the early
stages of the transformation,
there is some evidence of
apositive response from
ourcustomers.
Shareholders
Through our Group’s
strategy, we are
creating long-term
sustainable value for
our shareholders.
By investing in Burberry,
ourshareholders ensure our
Company’s ability to trade
andplan for the future.
Weareopen and transparent
with our shareholders about
our business and its strategy,
which allows them to make
informed decisions.
We engage directly with
shareholders through quarterly
trading updates, results
presentations, investor
meetings and the Annual
General Meeting (AGM).
Board members attend
investormeetings and results
presentations and shareholders
have the opportunity to engage
directly with the Board at
theAGM. The Board reviews
allmajor shareholder
communications and receives
regular updates on matters
ofinterest to investors.
During FY 2024/25
Non-Executive Directors held
47 meetings with investors in
addition to investor meetings
with Executive Directors
andother members of the
seniormanagement team.
Investor concerns have been
considered by the Board when
approving the key decisions
set out on page 115. Further
details on shareholder
engagement can be found
onpage 111 of the Corporate
Governance Statement.
44
Burberry Annual Report 2024/25

Stakeholder Why we engage How we engage
Example outcomes
oftheengagement
People
We want our people
tothrive at Burberry
andare committed to
attracting and retaining
the best talent for
ourbusiness.
Our people are creative and
highly skilled in their respective
fields. As Burberry’s greatest
asset, we are committed to
their development. Ensuring
our workforce is engaged and
motivated is an important
driver for our business.
Supporting their wellbeing,
enhancing their skills and
training, and representing their
voices through our diversity,
equity and inclusion agenda
are key priorities.
In addition to all colleague
surveys, in FY 2024/25 the
CEO led seven global town
halls for colleagues. TheGlobal
Workforce Advisory Forum
(WAF) also provides an
opportunity for Non-Executive
Directors to hear directly from
employees; more detail can be
found on page 111.
The results of colleague
engagement have led to the
development of the Reigniting
a High-Performance Culture
pillar of Burberry Forward.
Colleagues have shown
appreciation for the increased
communication and
transparency. Feedback from
colleagues led to a greater
focus on learning and
development through our
newdigital learning platform.
Partners
We collaborate with
awide range of
partners, including
suppliers, companies
and retail third parties.
Working collaboratively with
our partners allows us to share
knowledge and expertise while
exploring opportunities for
innovation. We nurture close
relationships with members
ofour supply chain to drive
social and environmental
improvements for
ourcommunities.
The Board receives briefings
and updates on how we are
engaging with our partners
toachieve our sustainability
targets and updates on ethical
audits across our supply chain.
Our long-term partners support
our focus on core categories,
driving operational efficiency
and lowering our environmental
and social impact. We continue
to explore opportunities
todevelop products using
innovative and responsibly
sourced raw materials, and
expanding our circular
business models.
Governments
Governments have
wide-ranging influence
on matters which
impact Burberry,
including the
long-term retail
environment,
employment laws,
trade, environmental
and social priorities,
tax and other business
matters.
Engaging with governments
inthe countries and territories
where we operate supports
Burberry’s ability to perform
asa business. We endeavour
tounderstand their concerns
and raise our own so we can
seek solutions to shared
environmental, social,
economic and
governanceissues.
The Board is briefed
onengagements with
governments throughout the
year as well as key matters,
including economic, trade,
investment outlook, VAT,
workplace regulations and
theevolving environmental
andclimate change regulatory
landscape to ensure readiness
for implementation.
We continue to communicate
with governments on key
issues and solutions, for
instance, participating in
roundtables, providing
evidence for consultations
andindustrypartners.
Communities
Burberry is committed
to being a responsible
business and
supporting our
communities.
Our Company is open and
caring, and we strive to support
our communities. Through
TheBurberry Foundation
(UKregistered charity number
1154468) and its flagship
Burberry Inspire programme,
we are driving positive change
in our communities and helping
to build a more sustainable
future for young people.
The Board approves
thebudgetfor charitable
donations, including to the
Burberry Foundation. The
Board also receives updates
onhow Burberry is supporting
communities as well as
opportunities to support local
projects and organisations.
Through our expanded
Burberry Inspire programme,
we supported the launch of
theYoung Leaders programme,
which positively impacts
thelives of young people.
Wealso provided employee
volunteering opportunities
connected to our communities.
Burberry is supporting the
transformation of the Fashion
Gallery at the V&A as part of
amulti-year partnership uniting
two icons of British culture.
45
Burberry Annual Report 2024/25

5. Value chain
Our Burberry Beyond strategy addresses sustainability-related impacts, risksand opportunities across our value chain. Thevisual
below breaks down our value chain in more detail.
Strategic Report | Sustainability at Burberry
Upstream
value chain
Own
operations
Downstream
valuechain
Tier Tier name Tier scope Example facility or process
TIER 4
Raw material
producers
Extraction and
production of raw
orsemi-raw
materials
• Raw material extraction
• Agriculture/farming
• Mechanical fibre processing
(for example, ginning, which is the process
ofseparating cotton fibres from cotton seeds)
TIER 3
Raw material
processors
Treatment of fibre
oryarn
• Spinner (yarn supplier)
• Fibre dyer or scourer
• Unfinished leather supplier
TIER 2
Raw material
suppliers
Raw material
processes
• Trim supplier
• Fabric supplier
• Finished leather supplier
• Weaver
• Converter
TIER 1
Finished
goods
suppliers
Manufacturing of
finished products
• Factory where the cutting, sewing and
finishingof a garment occurs, including
internalmanufacturing
TIER 0
Company-
managed
assets
Physical sites
operated by
Burberry
• Offices
• Retail stores
• Distribution centres/hubs/local
fulfilmentcentres (LFCs)
Retailing and
distribution
Distribution,
marketing and
purchasing
ofproducts
• Customers
• Sales channels (licensees,
franchises,wholesalers)
Use-phase
Consumer use
ofproducts
• Customer care
End of life
Product end-of-life
phase
• Prevent, reduce, reuse, recycle, disposal
46
Burberry Annual Report 2024/25

CLIMATE CHANGE
Introduction
Burberry has a longstanding commitment to addressing
theimpacts of climate change and is taking significant steps
toadvance our decarbonisation agenda. Our Scope 1, 2 and 3
emission reduction targets are aligned to a 1.5°C pathway and
have been validated by the Science Based Targets initiative (SBTi).
Our targets support our climate-related risk mitigation and
underpin our Company’s approach to adapting to climate
change, providing a framework for our decarbonisation efforts
across the value chain.
This section contains our climate-related financial disclosures
consistent with the Task Force for Climate-related Financial
Disclosures (TCFD) recommendations and recommended
disclosures, in compliance with the Companies (Strategic Report)
(Climate-related Financial Disclosure) Regulations 2022 and UK
Listing Rule 6.6.6R(8). Since FY 2019/20 we have reported on
itsfour thematic areas: governance, strategy, risk management,
and metrics and targets. This year, we updated our reporting
toalign with upcoming reporting regulatory standards and
stakeholder expectations. This 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.
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
practitioners to provide a limited assurance statement in
accordance with ISAE 3000 on our FY 2024/25 TCFD
disclosures and specific sustainability data denoted with a ^.
Forthe results of that assurance, see EY’s Independent Limited
Assurance Report and Burberry’s TCFD and Sustainability Basis
of Reporting FY 2024/25 on Burberryplc.com.
ENVIRONMENTAL
DISCLOSURES
Burberry’s heritage is deeply connected to the outdoors and delivering
onour environmental commitments is a key area of focus for our Company.
The climate crisis, water security and biodiversity loss are significant
challenges faced by businesses and society at large. Our ability to address
these challenges will play an important role in Burberry’s long-term success.
This section highlights how our Burberry Beyond strategy mitigates risks,
realises opportunities and supports the management of our most significant
environmental impacts and dependencies.
47Burberry Annual Report 2024/25

Below is a TCFD index outlining where we have reported on all key disclosure requirements.
TCFD recommendations and recommended disclosures
Disclosure location within
Annual Report 2024/25
Governance
Disclose the organisation’s
governance around climate-related
risks and opportunities.
a. Describe the board’s oversight of
climate-related risks and opportunities.
Governance and management,
pages 41 to 42
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.
Climate change, pages 47 to 59
Action sections in:
Climate change, pages 56 to 57
Chemical management, page 61
Water conservation, pages62
and 63
Biodiversity and ecosystems,
page 65
Resource use and circular
economy, pages 67 to 68
b. Describe the impact of climate-related
risksandopportunities on the organisation’s
businesses, strategy and financial planning.
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.
Risk Management and Internal
Controls, page 42
b. Describe the organisation’s processes for
managing climate-related risks.
Risk and Viability Report,
pages90 to 99
c. Describe how processes for identifying,
assessing and managing climate-related risks
areintegrated into the organisation’s overall
riskmanagement.
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.
Targets sections and Metrics
sections in:
Climate change, pages 55 and 56
and 58 and 59
Chemical management, page 61
Water conservation,
pages62to63
Biodiversity and ecosystems,
pages 64 to 66
Resource use and circular
economy, pages 66 to 71
b. Disclose Scope 1, Scope 2 and, if appropriate,
Scope 3 GHG emissions and the related risks.
c. Describe the targets used by the organisation
tomanage climate-related risks and opportunities
and performance against targets.
Strategic Report | Sustainability at Burberry
48 Burberry Annual Report 2024/25

Approach
Strategy
Climate change has been identified as a principal risk
toBurberry and has the potential to impact our business
intheshort, medium and long term. 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.
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. Scenarios are hypothetical constructs
and not designed to deliver precise outcomes or forecasts.
Instead, scenarios provide a way for the business to consider
how the future may look if certain trends continue, or certain
conditions are met, and to assess Burberry’s strategic resilience.
Climate-related risk scenario analysis is led by Sustainable
Finance, with input from Supply Chain, Corporate Responsibility,
Commercial and Finance teams across the business.
Our approach to scenario analysis
Our scenario analysis incorporates the Company’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strategy, with the Company’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 business.
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 net zero by 2040, have not been taken into
consideration in the scenario analysis.
In addition, we have considered the risk that a market shock
caused by transition to a low-carbon economy would impact the
Company’s cost of debt and how low-carbon innovations would
devalue the Company’s technology. We have concluded that
these risks are not significant at this time due to the Company’s
cash position, focus on renewable energy consumption and
absence of carbon-intensive machinery. We will continue
tomonitor and report on these risks.
Scenarios evaluated
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.
Our scenario analysis considers the impacts of both physical and transition risks:
Physical risks Transition risks
Definition These are 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.
These are risks that may occur while transitioning
toalower-carbon economy, such as 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 transition risks is uncertain, but they
aremore likely to occur in the short to medium term.
Physical risk Policy risk Market risk Reputation risk Liability risk
49Burberry Annual Report 2024/25

Strategic Report | Sustainability at Burberry
Average global temperature rise compared to pre-industrial levels by 2100
Scenario description Global impact of climate-related risks over time Average global
temperature rise
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 are 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.
1.5°C
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.
2°C – 3°C
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.
> 4°C
Time horizons considered
We have defined our time horizons as:
• short-term (five years)
• medium-term (five to 20 years)
• 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 the majority ofapproved
capital expenditure projects, and most current business
development projects will be completed inthisperiod.
Our viability assessment is also aligned to this time period,
withgoing concern typically considered over 18 months. For the
purposes of scenario analysis, wehave extended the period to
five years using a growth assumption, which more closely aligns
with our expected asset lifetimes andstrategic plans.
Furthermore, we have used our detailed five-year analysis
toconsider how climate-related risks may evolve over 10 years,
to further guide the development of our climate strategy.
Results of our scenario analysis
The output of our scenario analysis considers the financial
impact of climate-related risks on Burberry. This entails
estimating the loss of value to the Company’s discounted
cashflows over the next five years assuming no mitigating
actions are taken.
Overall, the results of our scenario analysis indicate that the
physical and transition risks associated with climate change
could impact the business 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 and
thelevel of uncertainty increases beyond a five-year horizon.
Inthe short to medium term, the 1.5°C scenario would have most
impact on Burberry before considering any mitigating actions,
with Market risk being a key driver of the impact.
Transition risks are expected to be the most impactful in
theshort to medium term, continuing the trends our five-year
scenario analysis identified, as they relate to events such
aspolicies and market behaviour that are either current or
anticipated to come into effect in the near future. 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 procure
certified or responsibly sourced raw materials and our continued
focus 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. We will also
continue to consider and identify how the results of our scenario
analysis may be utilised to inform future strategic planning
where appropriate.
50
Burberry Annual Report 2024/25

Physical risk
Global emissions environment
Average global temperature rise compared
topre-industriallevels by 2100
1.5°C 2°C – 3°C > 4°C
Financial impact:
Medium Medium Medium
Timeframe for most significant impact: longterm
How we modelled the risk
We quantified how extreme weather events and chronic
changes in the climate might disrupt manufacturing and
distribution of goods, damage assets and impact retail
activities, leading to changes in consumption patterns.
Wealso considered how chronic changes in climate may
impact yields of key raw materials we use.
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
– 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
• The model was updated in FY 2024/25 to capture abroader
range of uncertainty in climate data
Our strategic response to the identified climate-related risks can be found within the Actions sections on pages 56 to 71
asindicated by the risk type icons.
Financial impact
Potential impact on Burberry’s cumulative discounted cash flows over five years, assuming no mitigating actions are taken:
Low: (< £1 million – £20 million) Medium: (£20 million – £100 million) High: (£100 million – £200 million)
Detailed risk analysis
This section details the approach and results of our scenario analysis for each modelled risk. The financial impact reflects the
estimated loss in the Company’s discounted cash flows over the next five years, assuming no mitigating actions are taken. This impact
has been categorised as ‘High’, ‘Medium’ or ‘Low’, reflecting materiality to the Company’s Financial Statements. In FY 2024/25 we
adjusted our financial impact thresholds to ensure the severity of risk impacts is appropriately reflected in the disclosure below.
51
Burberry Annual Report 2024/25

Market risk
Global emissions environment
Average global temperature rise compared
topre-industriallevels by 2100
1.5°C 2°C – 3°C > 4°C
Financial impact:
High Medium Low
Timeframe for most significant impact: shortto medium term
How we modelled the risk
We quantified how shifts in consumer preferences towards
more sustainable and less carbon intensive goods 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, such as Europe
and North America. 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
• The model was updated in FY 2024/25 to align consumer
perception across all scenarios in year one of the analysis
• Scenario analysis is based on Burberry’s product strategy
and revenues, 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
Strategic Report | Sustainability at Burberry
Policy risk
Global emissions environment
Average global temperature rise compared
topre-industriallevels by 2100
1.5°C 2°C – 3°C > 4°C
Financial impact:
Low Low Low*
Timeframe for most significant impact: shortto medium term
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 net zero by 2040 and therefore assumes a growth
inGHG emissions aligned to an average growth rate used
inour product forecast
• GHG emissions are based on our assured
FY2023/24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
52 Burberry Annual Report 2024/25

Reputation risk
Global emissions environment
Average global temperature rise compared
topre-industriallevels by 2100
1.5°C 2°C – 3°C > 4°C
Financial impact:
Low Low Low
Timeframe for most significant impact: shortto medium term
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, resulting in decreased revenue and reduced
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 product strategy,
aligned with its updated strategic vision
• 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
• Scenario analysis uses a performance percentile to
benchmark Burberry against its wider industry in terms
ofGHG emissions
Liability risk
Global emissions environment
Average global temperature rise compared
topre-industriallevels by 2100
1.5°C 2°C – 3°C > 4°C
Financial impact:
Low Low Low
Timeframe for most significant impact: shortto medium term
How we modelled the risk
We quantified how perceptions regarding involvement in
climate-change-driving activities, sustainability claims and
failure to transition the business towards a low-carbon future
could lead to increased operating expenses through litigation.
Potential areas of impact
Potential operating expenses may arise from fines,
settlements and legal costs in the short to medium term.
Key assumptions
• Historical precedents and recent climate-related litigation
trends were utilised in modelling the potential impacts of
climate change litigation on Burberry
53Burberry Annual Report 2024/25

Strategic Report | Sustainability at Burberry
Opportunities
In addition to climate-related risks quantified through scenario analysis, Burberry continues to identify and act upon climate-related
opportunities aimed at supporting the Company’s overarching net zero ambition. The Sustainability Committee plays a pivotal
roleinidentifying, prioritising and realising climate-related opportunities. The Committee receives pertinent opportunities from
internalteams working on the environmental agenda, which are then evaluated for feasibility and potential impact, as well as their
alignmentwith key priorities.
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
Work is ongoing to replace gas boilers at our UK internal
manufacturing sites with more efficient electric boilers.
Short/medium
term
We work closely with other brands as part of the Corporate Water
Leaders group, a global network of working groups dedicated to
solving industrial water challenges and furthering water stewardship.
Short/medium
term
Move to more
efficientbuildings
Improved building efficiency through obtaining LEED Gold certification
in 28 additional stores and BREEAM Excellent certification at one
additional location, making a total of 134 certified sites since
FY2018/19.
Short/medium
term
Energy
source
Use of lower-emission
sources of energy
100% of the electricity we consume is matched by an equivalent
amount of renewable generation, sourced from renewable tariffs or
Energy Attribute Certificates, or generated through on-site renewables.
Short term
We continue to monitor our real-time electricity consumption to identify
and act on anomalous consumption patterns before they have a
significant impact, and to drive energy efficiency across our retail sites.
Short term
Products
and
services
Development and/or
expansion of low
emission goods and
services
In November 2024, we released an exclusive childrenswear capsule
made from surplus fabric and yarns from our previous collections.
Outerwear pieces featured a label with room for multiple owners to write
their names, further reinforcing the circular theme of the collection.
Short/medium
term
We offer Trench, Cashmere and Leather Refresh services globally
andcontinue to expand these initiatives.
Short/medium
term
The Corporate Responsibility team works closely with the Buying
andProduct Development teams to embed sustainability opportunities
into seasonal merchandise plans.
Short/medium
term
Development of new
products or services
through research and
development and
innovation
Our Material Innovation team leads on identifying and developing
innovative materials that will help decarbonise our business.
InOctober 2024, we launched a scarf made with a blend containing
Brewed Protein
TM
. Developed by biotech start-up Spiber Inc. and
fermented from plant-based ingredients, Brewed Protein
TM
has lower
GHG emissions, as well as reduced water and land use, compared
totraditional animal-derived materials, such as cashmere.
Short/medium
term
Resilience
Participation in
renewable energy
programmes and
adoption of energy
efficiency measures
As a member of The Fashion Pact, we collaborate with peers tosupport
our European suppliers to transform energy use at theirfacilities
through the European Accelerator Programme. Theprogramme
focuses on improving data collection, guidance on best practice
andfinancing decarbonisation.
Short/medium
term
Resource substitutes/
diversification
We continue to expand our traceability programme to enable us to
better identify risks and opportunities associated with our raw material
supply chains.
Short/medium
term
54
Burberry Annual Report 2024/25

Policies
Our Global Environmental Policy establishes Burberry’s
commitment to reducing climate-related risks and preventing
orminimising any potential negative impacts on the environment
along Burberry’s value chain. The policy applies to all Burberry
operations, and compliance is mandatory for all Business
Associates. Business Associates include any individual, entity,
business or company associated with Burberry, including supply
chain partners who carry out any processing or provide any
goods directly or indirectly supplied to Burberry.
Burberry engages key stakeholders, including industry partners,
government bodies and NGOs, in setting and implementing the
policy effectively. Regular training and communication are key
aspects of our environmental programmes. Business Associates
must appoint senior management responsible for compliance
and ensure their subcontractors adhere to the policy.
The policy is made publicly available on Burberryplc.com
andshared with employees, contractors and new Business
Associates during their onboarding as part of their contractual
compliance obligations.
The CEO, as an Executive Director on the Board, is accountable
for policy implementation, with oversight from Burberry’s
EthicsCommittee.
Targets
Our emissions reduction targets are aligned to a 1.5°C pathway
and have been validated by the SBTi against their Corporate
Net-Zero Standard.
Our methodology for measuring progress towards our emissions
targets is aligned with the Greenhouse Gas Protocol Corporate
Accounting and Reporting Standard. Further details on our GHG
accounting methodology can be found in our Sustainability Basis
of Reporting FY 2024/25 on Burberryplc.com.
We actively monitor changes to external guidance and standards
for corporate emissions targets, from bodies such as the SBTi
and ISO, and we will continue to evolve our targets as required.
Net zero
Reach net zero GHG emissions across our value chain
byFY2039/40.
FY 2024/25 performance
In FY 2024/25, we continued to make meaningful progress
towards our net zero by 2040 target, with sustained reductions
across Scope 1, 2 and 3 GHG emissions. Our approach to
decarbonisation is to maximise absolute reductions through
effective energy efficiency and carbon reduction projects,
before compensating for any residual emissions through
high-integrity and certified carbon credits in line with the SBTi’s
Corporate Net-Zero Standard.
Scope 1 and 2
Across our own operations, we commit to reducing
absolute Scope 1 and 2 GHG emissions by 95% by
FY2026/27 from a FY2016/17 base year, and to maintain
this year on year from FY2026/27 through to FY 2039/40.
FY 2024/25 performance
In FY 2024/25 we achieved a 93.7% reduction from our
FY2016/17 baseline. Our continued progress towards our target
reflects a year-on-year decrease in Scope 1 and 2 emissions of
6%. This was achieved through reductions in gas consumption
across several Burberry sites, because of warmer winter
temperatures, energy efficiency measures and the replacement
of gas boilers at our UK internal manufacturing sites.
Scope 3
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).
Summary of response to scenario analysis
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 into annual budgets.
We have also considered the impact of climate change in the preparation of our Financial Statements, which can be found on page 166.
As the scientific understanding of climate change and availability of data evolves, we expect greater rigour and sophistication inthe
approach to scenario analysis. We aim to continue developing and updating 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.
Details on targets and metrics aligned to the identified climate-related risks can be found within the Targets and Metrics sections
on pages 55 to 71 as indicated by the risk type icons.
55
Burberry Annual Report 2024/25

Strategic Report | Sustainability at Burberry
Actions
In FY 2024/25, we continued to focus on five key impact areas
to drive action and progress against our net zero by 2040 target:
1) operational decarbonisation, 2) raw materials, 3) circularity
and reducing product-related waste, 4) supply chain
decarbonisation and 5) sustainable transportation.
1. Operational decarbonisation
Scope 1 and 2 emissions reductions
Our approach to operational decarbonisation is to maximise
absolute reductions through effective energy efficiency and
carbon reduction projects. While we previously compensated
forresidual Scope 1 and 2 emissions through high-integrity and
certified carbon credits, we ceased this practice in FY 2024/25,
focusing instead on investments which drive absolute reductions.
In FY 2024/25, we maintained the progress made in previous
financial years, with 100% of the electricity we consumed
matched with an equivalent amount sourced from renewable
tariffs and Energy Attribute Certificates, or generated through
on-site renewables, including solar panels installed at select
sites in the UK, Italy and the USA.
In conjunction with our use of renewable electricity, we are
focused on delivering emissions reductions through energy
efficiency and have targets in place for our hubs, LFCs and
internal manufacturing sites. In FY 2024/25, our total energy
consumption decreased by 39.4% from a FY 2016/17 baseline
and by 6% from FY 2023/24. Energy-related investments
continued at our manufacturing site in Keighley, including the
partial removal of gas heating, alongside window and lighting
upgrades to improve energy efficiency and reduce heat loss.
Inaddition, an energy audit was undertaken at our manufacturing
site in Italy, Burberry Tecnica, to identify improvements in
managing the heating and cooling systems using temperature
boundaries to align more closely with operational timings.
Delivery of our Scope 1 and 2 emissions reduction target
continues to be supported by ensuring our buildings meet high
energy efficiency standards. In FY 2024/25, we obtained the
LEED Gold certification in 28 additional stores and the BREEAM
Excellent certification at one more location, making a total
of134certified sites since FY 2018/19.
2. Raw materials
Raw materials targets
We continue to progress our target of 100% of key raw
materialsin our products being certified or responsibly sourced
by FY2029/30 (as defined in our Sustainable Raw Materials
Portfolio). Among other benefits across our strategy, this drives
down the carbon intensity of products using these materials.
See page 66 for more details on progress to date. While we
work toreduce the relative intensity of our existing materials,
weare also investing in expanding our portfolio by exploring
innovative alternatives.
Textile innovation
Through textile innovation, Thomas Burberry elevated outerwear
performance and enhanced its ability to protect explorers from
the elements. Today, we continue to create innovative products
that inspire and protect our customers.
In FY 2024/25, we introduced a scarf made with a blend
containing Brewed Protein™. Developed by biotech start-up
Spiber Inc. and fermented from plant-based ingredients, Brewed
Protein™ has lower GHG emissions, as well as reduced water
and land use, compared to traditional animal-derived materials.
Comprising 62% wool, 8% cashmere and 30% Brewed
Protein™, the resulting scarf maintained the attributes
associated with Burberry products, namely luxury, quality,
warmth, protection and durability.
Targets and progress
93.7% reduction in Scope 1 and 2 emissions since 2016/17
51.2% reduction in Scope 3 emissions since 2018/19
2017 2027
95%
93.7%
2019 2040
90%
51.2%
FY 2024/25 performance Target
FY 2024/25 performance
In FY 2024/25, our Scope 3 GHG emissions decreased by 9.8%
from FY 2023/24 and by 51.2% from our FY 2018/19 base year,
against which we are measured for our 2030 and 2040
science-based targets. While we are making progress in
reducing our emissions, our Scope 3 performance continues
tobe largely determined by the volume and mix of products
weproduce. Asour product strategy evolves as part of Burberry
Forward, wecontinue to undertake targeted interventions to
address emissions hotspots across our value chain, ensuring
that the level of our emissions reductions are maintained
through to our FY 2029/30 target year.
56 Burberry Annual Report 2024/25

Innovation is required across each stage of a material’s life
cycle, and the need for increased circularity is recognised
throughout the fashion industry. For example, we are working
closely with our Innovation and Sustainable Manufacturing
teams to identify suitable textile-to-textile recycling solutions.
Participation in industry-wide Life Cycle Assessment
(LCA)studies
Known for its warmth, performance and high quality, cashmere
is used in the creation of our iconic scarves. To better understand
the impact ofcashmere on our Scope 3 emissions, we are
participating inacross-industry LCA coordinated by the Textile
Exchange. Through the collaboration, we aim to establish
ascientifically rigorous method of assessing the environmental
impact of cashmere production. Developing a practical
methodology will be key to ensuring both feasibility and
industry-wide applicability. For more details on our GHG emissions
methodology, see our Sustainability Basis of Reporting
FY2024/25 on Burberryplc.com.
3. Circularity and reducing
product-related waste
Minimising excess materials and increasing
materialdonations
We recognise the fashion industry’s shared challenge with
respect to the environmental impacts and carbon footprint
ofgenerating excess fabric and textile waste. In FY 2024/25,
weengaged colleagues across Burberry to identify key levers
toreduce the generation of excess fabrics. The exploration
involved stakeholders from our Design, Merchandising, Product
Development, Supply Chain, IT and Finance teams with the aim
of improving inventory optimisation and identifying efficiencies
across the value chain. As a result, a task force has been
established to oversee the reduction and re-use of excess fabrics,
co-sponsored by the Chief Product Merchandising and Planning
Officer and Chief Supply Chain and Industrialisation Officer.
We continue to donate excess materials, including textiles,
leather, yarns, trims and mannequins, to charities and design
schools globally. In FY 2024/25, we donated over 120,000 metres
of fabric. More information on our non-stock donations can be
found onpage70.
Promoting circular business models
We also continue to trial new circular business models and
evolve ReBurberry, which is a range of services, including our
aftercare offer, which help extend the life of Burberry products.
Part of our commitment to circularity, these efforts are a critical
lever for the longer term decarbonisation of the business.
Seepages 66 to 68 for more information about circular
businessmodels.
In addition, details regarding efforts to reduce the environmental
impact of packaging can be found on pages 68 and 69.
4. Supply chain decarbonisation
Engaging with supply chain partners
In FY 2024/25, we worked with our Tier 1 and Tier 2 supply chain
partners to identify decarbonisation opportunities, including
ways to increase energy efficiency, transition to renewable
energy and phase out fossil fuels. Through this engagement
wewere able to reinforce awareness about our carbon reduction
targets and emphasise the critical role our partners play
inachieving them.
As a member of The Fashion Pact, we collaborate with peers
through its European Accelerator Programme. The programme’s
aim is to enable more informed decision-making, with a focus
ondeveloping harmonised environmental data points covering
energy, water and waste to ease the increasing reporting burden
on suppliers while also improving access to quality primary
datafor brands.
5. Sustainable transportation
Reducing transportation and logistics emissions
In FY 2024/25, we focused on improving internal tracking
measures for air freight. As a result of targeted interventions,
wereduced the proportion of goods being transported by air
freight compared to FY 2023/24. We will continue to focus on
driving down both costs and emissions when utilising air freight.
Business travel reductions
We identified opportunities to strengthen our Travel Policy to
maximise the efficiency of necessary travel, and increase the
visibility of sustainability-related communications to employees
at the point of booking. We saw a 61% reduction in emissions
associated with business travel during FY 2024/25, and will
continue working closely with our new travel partner to ensure
that colleagues recognise the carbon impact of their journeys
and can make informed decisions reflective of our Travel Policy.
57
Burberry Annual Report 2024/25

Strategic Report | Sustainability at Burberry
Metrics
Total Scope 1, 2 and 3 GHG emissions
FY 2024/25 FY 2023/24 FY 2022/23
Total Scope 1, 2 and 3 emissions (market-based) (tonnes CO
2
e) 371,399 411,661 415,007
Scope 1, 2 and 3 emissions intensity (tonnes CO
2
e per £1m sales revenue) 150.9 139 134
Scope 1 and 2
FY 2024/25 FY 2023/24 FY 2022/23
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 51,647,269^ 13,686,450 54,735,836 15,402,415 56,262,614 15,518,973
Scope 1 – Combustion of fuel and
operation of facilities (tonnes CO
2
e) 1,470^ 845 1,545 1,056 1,585 1,082
Scope 1 – Combustion of fuel from owned
or leased transport (tonnes CO
2
e) 68^ 2 122 3 82 2
Scope 2 – Electricity purchased and
usedfor operations (location based)
(tonnes CO
2
e) 16,347^ 1,782 17,308 1,998 17,692 1,872
Scope 1 and 2 – Total emissions
(locationbased) (tonnes CO
2
e) 17,885^ 2,629 18,975 3,057 19,359 2,956
Scope 2 – Electricity purchased and
usedfor operations (market based)
(tonnesCO
2
e) 0^ 0 0 0 0 0
Scope 1 and 2 – Total emissions
(marketbased) (tonnes CO
2
e)
1
1,538^ 847 1,667 1,059 1,667 1,084
Total emissions offset by Verified
Emissions Reduction Certificates
(tonnesCO
2
e) 0 0 1,667 1,059 1,667 1,084
Scope 1 and 2 intensity (location-based)
(tonnes CO
2
e per £1,000,000
salesrevenue) 7.27 N/A 6.4 N/A 6.3 N/A
% of energy and electricity consumption
(kWh) sourced from renewable sources (%) 84%^ 66% 84% 63% 84% 62%
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 98% 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 DESNZ (2024), and the International Energy Agency (IEA) (2024), according to geography. 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. GHG emissions data reported is based on the period from 1 April 2024
to31 March 2025. For the avoidance of doubt, the Company’s financial accounting period is from 30 March 2024 to 28 March 2025.
However, references to FY 2024/25 for the selected metrics included in the Sustainability section of Burberry’s Annual Report
2024/25 refer to the period 1 April 2024 to 31 March 2025.
More information on our methodology can be found in our Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
1. Figure used to calculate progress against our Scope 1 and 2 science-based target.
^ This metric was subject to external independent limited assurance by Ernst & Young LLP (EY). For the results of that assurance, see EY’s Independent Limited Assurance Report
andBurberry’s Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
58 Burberry Annual Report 2024/25

Energy – Own operations FY 2024/25 FY 2023/24 FY 2022/23
Total electricity (kWh) 43,369,097 45,977,503 47,332,576
Percentage of electricity from renewable sources
1
100% 100% 100%
Total gas (kWh) 8,035,291 8,246,431 8,681,523
Total fuel from owned or leased transport (kWh) 242,882 369,636 248,515
Total energy
2
(kWh) 51,647,269 54,735,836 56,262,614
Percentage of energy from renewable sources 84% 84% 84%
Energy efficiency (energy relative to net selling space) (kWh) 16.55 16.32 16.26
Energy by facility type
Internal manufacturing 6,564,238 7,009,228 6,540,272
Distribution centres 5,628,024 5,214,419 5,591,380
Stores 33,387,491 34,309,998 36,180,195
Offices 5,824,635 7,832,555 7,702,252
Total energy (facilities only – excluding energy from vehicles) 51,404,388 54,366,200 56,014,099
Number of stores with LEED or BREEAM certification
3
134 105 72
1. Renewable sources includes on-site generation, green tariffs and energy attribute certificates.
2. Includes purchase of electricity, the operation of any facility and combustion of fuel for facilities and vehicles.
3. Accepted certifications: LEED (Platinum or Gold level), BREEAM (Outstanding or Excellent Level).
^ This metric was subject to external independent limited assurance by Ernst & Young LLP (EY). For the results of that assurance, see EY’s Independent Limited Assurance Report
andBurberry’s Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
Scope 3 FY 2024/25 FY 2023/24 FY 2022/23
FY 2018/19
baseline
Cat 1: Purchased goods and services 280,338 314,688 314,750 621,110
Cat 2: Capital goods 27,470 26,440 29,834 34,074
Cat 3: Fuel – and energy-related activities (not included in Scope 1 and 2) 4,233 5,138 4,456 4,625
Cat 4: Upstream transportation and distribution 42,044 43,103 41,128 64,624
Cat 5: Waste generated in operations 1,869 3,574 3,337 11,443
Cat 6: Business travel 2,937 7,526 4,187 6,907
Cat 7: Employee commuting 2,542 1,490 1,427 4,784
Cat 9: Downstream transportation and distribution 940 901 3,117 N/A
Cat 12: End-of-life treatment of sold products 317 796 1,445 2,059
Cat 14: Franchises 7,171 6,338 9,659 8,917
Scope 3 total 369,861^ 409,994 413,340 758,542
Scope 3 total (upstream) 361,433 401,959 399,118 747,567
Scope 3 total (downstream) 8,428 8,035 14,221 10,976
Note: Scope 3 categories not included are deemed not relevant to footprint and are excluded from target and reporting boundary.
More information on our methodology can be found in our Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
Energy – Supply chain FY 2024/25 FY 2023/24 FY 2022/23
Percentage of Tier 1 supply chain partners using renewable electricity – Global 72% 70% 84.8%
Percentage of Tier 1 supply chain partners using renewable electricity – EMEIA 86% 93% 96.2%
Percentage of Tier 1 supply chain partners using renewable electricity – Asia Pacific 38% 33% 28.6%
59Burberry Annual Report 2024/25

Strategic Report | Sustainability at Burberry
CHEMICAL MANAGEMENT
Introduction
We are committed to eliminating the use of hazardous chemicals
across our supply chain and supporting the fashion industry
toshift to zero discharge of hazardous chemicals. We aim to
ensure the safety of our people and the products we create, while
at the same time protecting the environment, by implementing
best practices for pollution management acrossour supply chain.
This section covers our response to potential pollution impacts
arising from supply chain activities. It also addresses the work
we are doing to prevent and mitigate potential pollution risks,
including the management of harmful chemical substances.
Approach
Our Chemical Management Programme ensures safer products,
reduced exposure for supply chain workers and communities
adjacent to our supply chain and cleaner water, air and soil
inthe environs of our production sites. To achieve this goal,
wearecommitted to implementing, monitoring and continuously
improving our Chemical Management Programme with the use
of the latest guidelines from the Zero Discharge of Hazardous
Chemicals (ZDHC) Roadmap to Zero, the Burberry Chemical
Management Manual and the Burberry Product Restricted
Substances List (PRSL).
Policies
Our Global Environmental Policy outlines our commitment to
eliminate harmful chemicals and prevent environmental pollution
across our supply chain. The chemical management requirements
within our Global Environmental Policy are regularly reviewed
toensure latest guidelines are adopted by our supply chain
partners. More details of our Global Environmental Policy can
befound on page 55.
We believe promoting the safe use of chemicals in our supply
chain will ensure safer products and reduce production-related
air, water and soil pollution. Our policy requires partners to
adhere to our Manufacturing Restricted Substances List (MRSL).
This is aligned with the ZDHC MRSL with an addendum prohibiting
all Perfluoroalkyl and Polyfluoroalkyl Substances (PFAS).
Additionally, we are committed to the implementation of the
ZDHC Supplier to Zero (S2Z) programme across our supply chain,
to ensure best practices in chemical management are adopted.
To monitor their effectiveness and to drive continuous
improvement, we are also committed to adopting, monitoring
and disclosing wastewater quality against the ZDHC Wastewater
Guidelines (WWG); the results are published annually on
Burberryplc.com. In addition, all of our supply chain partners
must comply with our PRSL, which ensures the safety of our
products through robust testing standards.
Targets
Eliminate hazardous chemicals
Our goal is to eliminate the use of hazardous chemicals
across our supply chain.
We define annual targets for the implementation of our Chemical
Management Programme requirements. These are in line with
the three key pillars of the ZDHC Roadmap to Zero: Input,
Process and Output. ‘Input’ targets relate to the MRSL conformity
of chemicals used in our supply chain, ‘Process’ targets relate
tothe adoption of S2Z assessment requirements and ‘Output’
targets relate to the conformity of effluents against the ZDHC
WWG. These targets apply tothe timings of the financial year
(1 April 2024 to 31 March 2025) and we seek to increase target
levels each year based on the progress achieved in the
previousfinancialyear.
Targets are defined in terms of percentage of product units
delivered by partners. Progress against set targets is reviewed
monthly internally and quarterly with supply chain partners.
Anydeviations from the performance compared to the defined
targetis escalated to both business units and supply
chainpartners.
On a monthly basis, to report chemical management performance
in our supply chain, we collect data related toMRSL conformance,
S2Z achievement and wastewater test results from a dedicated
ZDHC platform.
FY 2024/25 performance
In FY 2024/25, 91.5% of products were delivered by Tier 1
andTier 2 supply chain partners who reported their chemical
inventory conformance against the MRSL. Additionally, 93%
ofour Tier 1 and Tier 2 supply chain partners obtained S2Z
certification. This is a 4.5% increase compared to the previous
financial year, reflecting continuous improvements in the
supplychain chemical management system. For a full detailed
breakdown of our S2Z achievements in FY 2024/25, refer
totheMetrics section on page 61.
During the financial year, our use of compliant chemicals and
good chemical management practices on site resulted in a high
level of conformity. In effluent, we achieved 98.8% compliance
with the ZDHC WWG MRSL parameters, 96% with conventional
parameters and 99.7% conformity with heavy metal requirements
in the ZDHC WWG. These results represent 76% of our mapped
wet processing partners across Tier 1 to Tier 3 who performed
wastewater testing during FY 2024/25 in line with the ZDHC
WWG, a 6% increase compared to the previous financial year.
60
Burberry Annual Report 2024/25

Metrics
Chemical management of supply chain partners
FY 2024/25 FY 2023/24 FY 2022/23
Tier 1 Tier 2 Tier 1 Tier 2 Tier 1 Tier 2
Percentage of products delivered
bypartners who reported MRSL
conformance
1,2
94% 89% 80% 74% – –
Average MRSL conformance
(bycountofchemicals)
1,2,3
62% 73% 54% 69% – –
Percentage of products delivered by
partners assessed against the ZDHC
Supplier to Zero programme requirements
1
96% 90% 89% 88% 91% 82%
Percentage of products delivered by
suppliers rated Level 2 (previously named
Progressive Level) by the ZDHC Supplier
toZero programme requirements
1
86% 79% 68% 57% 58% 46%
Percentage of product delivered by supply
chain partners who have disclosed their
wastewater testing as per the ZDHC WWG
4
– 76% – 70% – 69%
Conformance to the ZDHC WWG
MRSLparameters
4
– 99% – 99% – 99%
Wastewater test reports with
noMRSLdetection
4, 5
– 39% – 39% – 53%
1. Includes supply chain partners Burberry sources from directly. Does not include or apply to subcontractors.
2. Data collection began in FY 2023/24, therefore previous financial years are not available.
3. Conformant chemicals are those listed as such on ZDHC platforms. Other chemicals may not be registered, and conformance information is not readily available.
Conformityapplies to the entire facility’s chemical inventory, and is not specific to Burberry production.
4. Applies to Tier 2 and their supply chain.
5. Wastewater conformity is a reflection of the entire facility’s discharge, and is not specific to Burberry production.
Actions
1. Chemical Management Programme
Our Chemical Management Programme is applicable to all supply
chain partners involved in the manufacturing of our products.
Weregularly monitor the implementation of requirements that
areoutlined in our Global Environmental Policy and our Chemical
Management Manual across our supply chain. This includes
setting and monitoring annual internal and external targets.
Wealso conduct regular awareness sessions on our Chemical
Management Programme to ensure our internal teams and
supply chain partners are well informed with respect to our
objectives andcan implement requirements within the
definedtimelines.
Supply chain partners who use chemicals in the production
process are required to report their chemical conformance
against the MRSL at least quarterly. While we mandate our
partners to improve their chemical conformance, we provide
support for them to identify solutions to some of the challenges
encountered in their manufacturing processes. We collaborate
with formulators to explore alternatives to chemicals used
inmanufacturing processes with the aim of finding innovative
high-performing options with augmented safety profiles.
We require our supply chain partners to assess their
chemicalmanagement systems against the S2Z programme
requirements. Further, we require our supply chain wet processing
partners toperform wastewater testing in line withthe ZDHC
WWG. In November 2024, wepublished our annual wastewater
testing trend analysis report (available onBurberryplc.com).
This report outlines effluent testing carriedout by Burberry’s
supply chain partners in FY 2024/25. Inthe event of a
non-conformity against the ZDHC WWG, partners must conduct
a Root Cause Analysis (RCA) and a Corrective Action Plan (CAP)
to prevent reoccurrence.
2. Capacity building
Capacity building is a cornerstone of our Chemical Management
Programme. With the support of external stakeholders such
asZDHC, chemical formulators and solution providers, we
conduct knowledge-enhancing sessions for our supply chain
partners to assist them in their chemical management journey.
InFY 2024/25, we launched a supply chain collaborative
learning community which enables our Tier 1 and Tier 2 partners
to share best practices, addressing common challenges and
improving their chemical management practices. Additionally,
we require our supply chain partners to participate in ZDHC
training programmes, as they serve as an enabler for enhancing
their chemical management performance.
3. Joint implementation
Along with our luxury peers, third-party suppliers and external
chemical experts, we have helped to shape the direction of
theindustry on the chemical management roadmap. Since 2014,
we have been an active member of ZDHC and, in 2024, our
chemical management implementation was recognised as
‘Champion’ for the fourth consecutive year, which is the highest
attainable level in ZDHC’s Brands to Zero Leader programme.
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Strategic Report | Sustainability at Burberry
WATER CONSERVATION
Introduction
We aim to conserve water across our own operations and value
chain by working with our supply chain partners to promote
water stewardship.
This section covers our Water Conservation Programme,
whichfocuses on increasing resource efficiency, reducing
ourwater impacts and increasing water resilience in our
manufacturing operations.
Approach
Through our Water Conservation Programme, we expect
ourpartners to improve their overall level of water resilience,
particularly for those in areas of high water stress, defined as
areas with high or very high risk of water availability, adversely
impacting the ability to meet human or ecological demand
forwater.
Our approach to managing water-related risks involves
mappingour Tier 1 to Tier 3 supply chain to identify facilities
andareas ofhigh water stress. We work with our partners
toimplement our Water Resilience Assessment, which acts as
aroadmap toimprove water management by promoting a better
understanding of water demand, driving water efficiency and
recycling, and encouraging greater disclosure. This assessment
helps us identify potential hotspots, which are sites where water
management levels are disproportionate to their levels ofwater
intensity and risk.
We set targets to source more sustainable and certified raw
materials, including organic and recycled, which can significantly
reduce water impacts at the raw material extractionphase.
More information on our raw material targets can be found
onpage 64.
Policies
As part of our Global Environmental Policy, we commit to
assessing the water risk in our value chain and regularly monitor
our industrial and domestic water withdrawal, discharge and
consumption, including source and destination information.
Wealso commit to reducing water consumption across our
ownoperations, and engaging partners through our Water
Conservation Programme.
Our supply chain partners are required to ensure safe water,
sanitation and hygiene at their facilities at all times and, in line
with our commitments, assess the water risk of their facilities,
and report and track their water withdrawal and discharge.
More details of our Global Environmental Policy can be found
onpage 55.
Targets
Addressing hotspots in our supply chain
We aim to have zero hotspots by 2030.
Our target supports our commitment to ensure our supply chain
is water resilient.
To achieve zero hotspots by 2030, we work closely with
oursupply chain partners to perform their Water Resilience
Assessment. As part of our Water Assessment, we assess three
variables: basin status and risk (using the Water Risk Filter),
sites’ water intensity (absolute and relative, to understand
dependency and potential impact on availability) and our
partners’ water management against best-in-class practices.
These three variables help us identify potential hotspots.
To support our Water Conservation Programme, we also have
internal targets for monitoring the level of water resilience in
areas of water stress, including carrying out a water assessment
of all supply chain partners considered to be high or very high in
terms of physical water risk. We also set targets with respect to
the collection of water inventory data related to main materials.
This helps us to identify potential areas of improvement and
support decision-making in terms of innovation.
FY 2024/25 performance
In FY 2024/25, two facilities were identified as hotspots among
our direct partners, compared to the baseline year, FY 2020/21,
where we identified five facilities. We monitor these partners
quarterly to ensure improvements are made to change their
hotspot status.
Actions
1. Water withdrawal accounting
In FY 2024/25, we continued to develop our water accounting
methodology to encompass our wet processing manufacturing
facilities, including subcontracted and upstream supply chain
partners from Tier 1 to Tier 3. The identification of the volume
ofwater withdrawn to manufacture our products will be the
basis to better understand our impacts and dependencies
andto manage our water-related risks. Our current focus for
developing the accounting methodology is on facilities where
there is material use of water involved in manufacturing processes.
These include facilities carrying out wet operations, such as
dying, finishing and tanning of leather. The information received
from our updated accounting will enable us to identify facilities
which are operating in higher water stress areas and support us
in making informed decisions relating to our Water Conservation
Programme and targets.
62
Burberry Annual Report 2024/25

Water assessment of direct
1
supply chain partners
FY 2024/25 FY 2023/24 FY 2022/23
Tier 1 Tier 2 Tier 1 Tier 2 Tier 1 Tier 2
Supply chain coverage 88% 86% 86% 80% 81% 86%
Green/Excellent 64% 55% 45% 51% 28% 46%
Amber 23% 25% 40% 23% 44% 28%
Red/Hotspot 1% 6% 1% 7% 10% 12%
Note: Figures are weighted based on the percentage of product units delivered by direct supply chain partners.
1. Includes supply chain partners Burberry sources from directly. Does not include or apply to subcontractors.
2. Capacity building within the supply chain
In FY 2024/25, 87% of products were delivered by direct
Tier1and 2 supply chain partners assessed against our Water
Conservation Framework. We have improved our resilience
profile annually through partner engagement, capacity building
and direct support. The percentage of products delivered
bypartners with low levels of water resilience (Red/Hotspot)
decreased from 4% in FY 2023/24 to 3.5%, while the percentage
of products delivered by partners with good levels of water
resilience (Green/Excellent) increased from 48% to 59.5%.
Forpartners identified as Red/Hotspot, action plans were
requested and monitored on a quarterly basis to review the
status of the actions and ensure progress.
3. Corporate Water Leaders
We are members of the Corporate Water Leaders (CWL), a
global network of working groups dedicated to solving industrial
water challenges and furthering water stewardship. The initiative
is led by Global Water Intelligence (GWI). We are part of the
Textile and Leather Group, which brings major brands together
to pave the way for greater operational resilience and more
environmentally sustainable business practices within the
industry’s global supply chain. In FY 2024/25, along with other
brands in the Textile and Leather Group, we developed a Common
Water Framework that outlines the key guiding principles for the
fashion industry on water, while leveraging existing tools and
initiatives. The framework aims toalign and streamline increasing
requirements from brands, thus reducing the reporting burden
from the supply chain.
4. Extreme weather events mapping
In FY 2024/25, we started mapping, via a supplier survey,
theoccurrence and impact of extreme weather events in our
value chain. Our aim is to raise awareness among our stakeholders
and support strategies which help to prevent and mitigate
water-related risks.
5. Raw material sourcing and innovation
We are also taking steps to mitigate our impacts and
water-related risks at the raw material production phase of our
value chain. Burberry’s certified or responsibly sourced raw
material targets (more information on page 64) aim to embed
best practice environmental management, including minimising
water impacts. For example, organic cotton typically requires
less water for cultivation compared to conventional virgin
cotton, soGlobal Organic Textile Standard (GOTS) and Organic
Cotton Standard (OCS) certifications have been included in
ourSustainable Raw Materials Portfolio to help us mitigate our
water impact. We recognise opportunities lie in driving material
innovation. By developing new materials and technologies
todeliver high-quality fabrics we can at once reduce our
environmental impact and deliver products with sustainability
benefits. For example, in FY2024/25, we trialled an innovative
dyeing technology for polyester which does not use water.
Thistechnique represents anopportunity to help mitigate the risk
of water stress byreplacing conventional dyeing technology.
63
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Strategic Report | Sustainability at Burberry
BIODIVERSITY AND ECOSYSTEMS
Introduction
We are committed to protecting nature and contributing to
global efforts to tackle nature loss. The ongoing management
ofnatural capital requires a concerted approach to protecting
biodiversity and ecosystems across our value chain.
This section details our response to managing and mitigating
nature-related impacts within our value chain.
Approach
To meet our commitment to protect biodiversity and ecosystems
across our value chain, we continue to expand our assessment
of our most material nature-related impacts, dependencies,
risks and opportunities in line with the recommendations of
theTaskforce on Nature-related Financial Disclosures (TNFD).
We have conducted an initial biodiversity materiality assessment
using the Materiality Screening Tool developed by the Science
Based Targets Network (SBTN), which allowed us to identify
material economic activities, linked commodities and associated
pressures on nature. This assessment focused on 12 pressure
categories, grouped by five nature-related issue areas.
Theseissue areas are based on the drivers of nature loss
defined by the Intergovernmental Science-Policy Platform on
Biodiversity and Ecosystem Services (IPBES) in the 2019 Global
Assessment: land/water/sea use change, resource exploitation,
climate change, pollution, and invasive alien species and other.
Thisallowed us to conduct more detailed assessments and,
using tools such as the WWF Biodiversity Risk Filter, we have
increased our understanding of specific pressures on nature,
status of nature and ecosystem dependencies related to our
material direct operations.
To manage our material nature-related impacts, dependencies,
risks and opportunities, we follow the SBTN Nature Action
Framework (AR3T). The framework outlines measures that:
• Avoid and reduce negative impacts on biodiversity, and
support restoration and regeneration practices so that
thestate of nature can recover; and
• Transform underlying systems to address the drivers
ofnatureloss.
In particular, to reduce negative impacts on biodiversity,
weensure environmental considerations are factored into
thedecisions we take with respect to the design, sourcing and
manufacture of our products, as part of our Product strategy.
Forexample, we set a target for all key raw materials in our
products to be certified or responsibly sourced by FY 2029/30,
which is driven by our Sustainable Raw Materials Portfolio
(available within our Sustainability Basis of Reporting FY 2024/25
on Burberryplc.com). This portfolio sets out the accepted
certification and responsible sourcing criteria across our raw
materials. It is regularly reviewed to ensure credible sourcing
criteria are included.
Policies
Through our Global Environmental Policy we are committed
toassessing and reporting our biodiversity impacts, dependencies,
risks and opportunities in line with best practice. Our marketing
campaigns and activities follow our Sustainability Principles
formarketing and production. Furthermore, we require Business
Associates to undertake action related to biodiversity and
ecosystem protection, including compliance with all applicable
nature protection legislation. More details of our Global
Environmental Policy can be found on page 55.
Our work on raw material sourcing is guided by our Responsible
Raw Materials Sourcing Policy. This policy (available on
Burberryplc.com) outlines our requirements for Business
Associates and colleagues, as well as our commitments to
ensuring that our materials are sourced in a responsible way that
respects human rights and minimises negative environmental
impacts. The policy also specifies our requirements with respect
to packaging, animal welfare and testing.
Targets
Raw materials sourcing
100% of key raw materials in our products to be certified
orresponsibly sourced by FY 2029/30 (as defined in our
Sustainable Raw Materials Portfolio)
1
.
FY 2024/25 performance
In FY 2024/25, 84%^ of key raw materials in our products were
certified or responsibly sourced (as defined in our Sustainable
Raw Materials Portfolio). During the financial year, six key raw
materials (cotton, synthetics, including polyester, nylon, TPU,
PU,leather, wool, down and feather and viscose) were included
inthe scope of our target, representing over 90% of the total
volume (in weight) of materials within our products.
More details of our target calculation methodology, including
exclusions, can be found in our Sustainability Basis of Reporting
FY 2024/25 available on Burberryplc.com.
Traceability of raw materials
100% traceability of key raw materials by FY2029/30.
FY 2024/25 performance
Our traceability target to FY 2029/30 remains in place as
akeyenabler of our Burberry Beyond strategy. By leveraging
athird-party traceability tool, we have successfully implemented
atraceability project for cotton, wool and synthetics with our
keysuppliers. After having successfully concluded pilots in
FY2024/25, we have progressed into the scaling phase with
ourstrategic supply chain partners.
1. Scope of the metric applies to all main materials and down filling, where more than 50% of the composition within the specific material is either cotton, synthetics including
polyester, nylon, thermoplastic polyurethane (TPU) and polyurethane (PU), leather, wool, down and feather, or viscose.
^ This metric was subject to external independent limited assurance by Ernst & Young LLP (EY). For the results of that assurance, see EY’s Independent Limited Assurance Report
andBurberry’s Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
64 Burberry Annual Report 2024/25

Supporting zero deforestation
We are committed to contributing to the sustainable
management of natural forests and supporting zero
deforestation across our products and supply chain
byFY2025/26.
FY 2024/25 performance
Progress towards our commitment to contribute to sustainable
management of natural forests and zero deforestation
ismeasured by our performance on certified or responsibly
sourced viscose (see the Metrics section on page 66) and
performance on our percentage of Forest Stewardship Council
(FSC
®
)-certified paper-based packaging (see the Metrics
section on page 69).
Actions
Managing our nature-related impacts, risks and opportunities
means implementing actions following the AR3T approach.
1. Avoid and reduce
We continue to mitigate negative impacts on nature by
managing the materials we source. We do not permit the use
ofany material listed as endangered on the International Union
for Conservation of Nature and Natural Resources (IUCN) Red
List of threatened species or considered endangered within
anational border by an individual nation state. In addition, all
animal and plant materials used by Burberry must be sourced
incompliance with CITES (the Convention on International Trade
in Endangered Species of Wild Fauna and Flora). To monitor this,
we closely collaborate with Procurement teams to guide decisions
using risk assessment tools highlighted within TNFD guidance.
To reduce negative impacts on nature and biodiversity, we
continue to increase our sourcing of more responsible raw
materials, including recycled and organic materials, while also
supporting regenerative agricultural practices. By doing so, we
are also able to minimise water impacts, contribute to climate
change mitigation efforts and ensure supply chain resilience
forthe future.
In FY 2024/25, we continued refining our responsible sourcing
criteria to ensure they align to our ambition and industry best
practice (see our Sustainable Raw Materials Portfolio in our
Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com
for details). We have made progress with respect to all keyraw
materials, or maintained 100% certification (see Metrics section
on page 66 for more details).
In FY 2024/25, we maintained 100% of leather sourced from
certified tanneries and 100% of down sourced from certified
suppliers as a result of engagement between suppliers and
ourSourcing teams. Organic cotton is also a driving force in this
year’s performance, particularly due to our iconic trench collection,
which included gabardine made from 100% organic cotton.
Recycled synthetics also played a significant role, driven by
theexpansion of our outerwear collection and heightened
focusonperformance materials.
To support the implementation of our raw materials targets, we
delivered training to nearly 700 colleagues across the business,
including teams involved in key stages of product development,
raw material sourcing and internal manufacturing processes. We
continue to explore developments to integrate next generation
materials, including working with our Italian supplier to develop
and trial the use of hydroponic cotton. This cotton is grown
through soil-less farming in a vertical greenhouse, resulting in
high-quality cotton produced with reduced water usage.
2. Restore and regenerate
Since 2021, Burberry has partnered with PUR to support 12
Responsible Wool Standard (RWS)-certified Australian wool
farmers in adopting regenerative farming practices. The initiative
focuses on improving soil health, biodiversity and pasture
resilience through enhanced farm management. This in turn
provides key learnings for how we can work to support
regenerative principles within our sourcing.
Burberry continues to support the Hainan Net-Zero Project in
collaboration with the Department of Forestry, the Hainan
Bureau of International Economic Development and the Hainan
Reform and Development Research Foundation. This initiative is
dedicated to ecological conservation and restoration efforts
across Hainan, China, with a particular focus on preserving the
island’s tropical rainforests, mangrove ecosystems and diverse
habitats. Over the past two project years, this collaboration has
led to significant progress in ecological restoration. In the
Wuzhishan area, approximately 3 million square metres of
tropical rainforest were restored. Meanwhile, in Chengmai
County, 53,333 square metres of new mangroves were planted
and around 2 million square metres of existing mangrove
ecosystems were restored. The project is in its third year and
will continue to support ecosystem conservation in Hainan
Province.
3. Transform
We recognise the importance of collaboration to drive coordinated
action to protect and restore nature and biodiversity. Burberry
isalso a signatory to The Fashion Pact and supports its objectives
focusing on actions relating to safeguarding the planet.
ThroughThe Fashion Pact’s ‘Unlock’ programme, we support
thedevelopment of a system to create incentives for cotton
farmers to shift to lower climate impact cotton farming practices.
Wehave also supported The Fashion Pact’s work on enabling
joint action towards deforestation and conversion-free
fashionsupply chains. This collaboration involves identifying
fashion-relevant areas of key deforestation and natural ecosystem
conversion and the identification of opportunities for the
industry to act collectively.
In FY 2024/25, Burberry also became a member of the steering
committee for the Nature and Biodiversity Peer Group. With more
than 300 peers from over 250 organisations, the aim of the
group is to connect peers through regular meetings and enable
the sharing of experiences and best practice, with a view
toopening opportunities for collaborative projects.
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Metrics
Certified or responsibly sourced key raw materials
FY 2024/25 FY 2023/24
Percentage of key raw materials in our products certified or responsibly sourced
(asdefinedinourSustainable Raw Materials Portfolio) 84%^ 55%
Percentage of certified or responsibly sourced cotton 97% 56%
Percentage of certified or responsibly sourced synthetics (nylon, polyester, PU and TPU) 84% 53%
Percentage of certified or responsibly sourced viscose 100% 100%
Percentage of certified or responsibly sourced wool 58% 27%
Percentage of leather from certified tanneries 100% 100%
Percentage of certified or responsibly sourced feather and down 100% 100%
Note: Scope of the metric applies to all main materials and down filling, where more than 50% of the composition within the specific material is either cotton, synthetics (polyester,
nylon, TPU, PU), leather, wool, down and feather, or viscose. These materials are defined as key as they make up over 90% of the total volume (in weight) of main materials within our
products. More details of our target calculation methodology including exclusions can be found in our Sustainability Basis of Reporting FY 2024/25 available on Burberryplc.com.
Key raw materials
Percentage of product by volume
FY 2024/25 FY 2023/24 FY 2022/23
Cotton 48% 44% 50%
Synthetics (nylon, polyester, PU and TPU) 24% 24% 15%
1
Viscose 0.2% 0.5% 0.45%
Wool 10% 10% 9%
Leather 7% 10% 10%
Feather and down
2
3% 2% 7%
Note: Percentage of product by volume refers to the percentage of total number of products containing the commodity as a main material. Only raw materials with FY 2029/30
certification targets, as of FY 2024/25, are included in this table. This means that the aggregate percentage of all materials referenced does not equal 100% of product volume.
1. TPU was excluded in FY 2022/23.
2. Feather and down refers to the percentage of products containing feather and down filling as opposed to the percentage of products with feather and down as main materials.
RESOURCE USE AND CIRCULAR ECONOMY
Introduction
Circularity and minimising the environmental and social impacts
of resource use within our value chain are a core part of our
Burberry Beyond strategy. We are dedicated to reducing the
impacts of our material and product use by scaling our circular
efforts. We support efforts to drive a more circular economy.
This section details our work across our circular business
models, packaging and waste.
1. Circular business
Approach
We are working to create a more sustainable luxury fashion
industry and meet changing consumer expectations. Burberry
products are expertly crafted using materials of the highest
quality and they are designed to last. Through innovations in
circular business models and expanding our ReBurberry services,
we aim to keep products and materials in use for longer.
Targets
Embed circular business models
Continue to evolve our aftercare offer and trial new circular
business models.
FY 2024/25 performance
By the end of FY 2024/25, 390 stores across 33 countries
andterritories offered one or more of our ReBurberry aftercare
services. Over 37,500 products were repaired or refreshed
using these services during the year. The 12% year-on-year
decrease is a result of changes to our calculation methodology,
which resulted in personalisation services no longer being
counted under aftercare services. For a detailed breakdown
ofour ReBurberry aftercare services, see page 68.
We also expanded our rental and resale initiatives in the UK
andcontinued our remake trials (see details in the Actions
section on page 67).
^ This metric was subject to external independent limited assurance by Ernst & Young LLP (EY). For the results of that assurance, see EY’s Independent Limited Assurance Report
andBurberry’s Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
66 Burberry Annual Report 2024/25

Actions
1. ReBurberry aftercare services
Our ReBurberry aftercare services help to extend the life of our
products. In FY 2024/25, we expanded our aftercare services,
Sneaker Refresh, Shoe Repair, Trench Reproofing, Canvas
Cleaning and Leather Repair, across four new geographies:
theUnited Arab Emirates, Canada, Italy and Taiwan Area, China.
In addition, we launched rewaxing and repairs in the UK and
expanded our Scarf Refresh service to include new fibre blends.
We also onboarded 10 new service vendors to support our
aftercare service network.
2. Rental
This year, we continued exploring alternative ways for
customers to experience our products, including through rental
partnerships and adapted product offerings. We continued our
rental subscription partnership with Cocoon in the UK for bag
rental. We also launched a new rental partnership with luxury
fashion marketplace, HURR, in the UK, which focuses on renting
our most iconic products: a selection of womenswear pieces,
including trench coats and cashmere scarves.
3. Resale
During FY 2024/25, we continued our partnership with global
luxury resale platform Vestiaire Collective in the UK and the
USA. On the Burberry x Vestiaire Collective platform, customers
can trade in women’s outerwear, ready-to-wear, shoes and
handbags as well as men’s outerwear, in exchange for aBurberry
gift card which can be used in store or online. Pre-loved
Burberry pieces are available to purchase globally through
Vestiaire Collective.
4. Remake
We expanded our cashmere upcycle service, which was
launched in the UK in FY 2023/24, to the USA and Mainland
China, enabling customers to repair their Burberry cashmere
scarf with custom embroidery and darning. This service helps
extend the life of the product while at the same time giving
itabespoke finish.
We also reinforced our commitment to supporting a circular
economy through an exclusive childrenswear capsule made
using excess raw materials.
5. Creative partnerships and education
We launched our first ‘Reimagining Materials’ competition in
partnership with the London College of Fashion and its Centre
for Sustainable Fashion. The competition reinforces Burberry’s
focus on circularity through design by using surplus materials.
We challenged students to repurpose our materials in a creative
and innovative way, providing them with an opportunity to
gainfirst-hand experience of managing a real industry brief.
Over130students applied, and we selected nine finalists and
one winner.The winning student was awarded a cash prize
andaninternshipat Burberry.
6. Trench Restored
We continue to celebrate our iconic trench coat and look for new
and innovative ways to bring the trench to life for our customers.
Our Trench Restored initiative sources trench coats from
pre-1999, each one carefully authenticated, repaired, cleaned
and reproofed in the Burberry factory in Castleford, Yorkshire.
These collectable pieces feature a ‘Proudly restored by Burberry’
neck chain and come with custom-designed packaging,
including a numbered swing ticket.
In FY 2024/25, we hosted a trench pop-up within Isetan
department store in Shinjuku, Tokyo, with 100 restored trenches
available to purchase. We also launched a ReBurberry pop-up
atSelfridges in London, celebrating our shared commitment
tocircularity. The space offered customers the chance to
discover repair, resell and customisation services, and explore
second-hand and archive pieces, including a selection
ofrestored trenches.
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2. Packaging
Approach
Managing our use of plastic is key to reducing the environmental
impacts associated with our products and operations. In FY
2024/25, we maintained our plastic-free consumer packaging
1
and we are committed to exploring lower impact alternatives
across new packaging developments. We also aim to eliminate
unnecessary plastics in our operational packaging and increase
the use of fully recycled materials by FY 2029/30.
To track and monitor the origin of timber products used for
packaging, we aim to ensure that all our packaging is FSC
®
certified. FSC
®
certification provides a globally recognised
standard for responsible forest management, mitigating
deforestation risks.
7. Supporting a more circular economy
We are working to support a more circular economy through
ouraftercare services and circular business models.
We are members of the Circular Fashion Innovation Network
(CFIN) which is an industry-led programme steered by the British
Fashion Council (BFC) and UK Fashion and Textile (UKFT).
Itsupports and guides the creation of a circular fashion ecosystem
in the UK. As part of this, we contributed to the ‘CFINInterim
Report 2024: One Year of Convening, Listeningand Testing’.
During FY 2024/25, we contributed to an industry-led Extended
Producer Responsibility (EPR) Sandbox Project. With support
from UKFT, the BFC and the British Retail Consortium (BRC),
theproject resulted in an industry-backed White Paper launched
at the UKFT’s Sustainability Conference in London. The paper’s
key findings emphasised theneed for UK Government action
toenable a more circular economy and create a variable EPR
textile scheme that worksfor all.
Metrics
ReBurberry aftercare services
FY 2024/25 FY 2023/24 FY 2022/23
Number of stores offering one or more aftercare services 390 383 >300
Number of countries and territories with stores offering one or more aftercare services 33 33 33
Number of stores offering Repair services 382 379 332
Number of stores offering Refresh services 339 312 146
Total number of products repaired using our aftercare offer 34,950 39,495 42,457
Total number of products refreshed using our aftercare offer 2,685 3,163 1,920
Breakdown of number of products repaired using our aftercare offer
1
Trench coats 8,278 9,525 10,662
Leather 7,876 9,127 9,385
Outerwear 6,434 4,550 5,509
Ready-to-wear 10,079 4,614 4,638
Scarves
2
345 – –
Footwear
2
702 – –
Other 1,236 10,997 12,263
1. Prior year data is not comparable to FY 2024/25 following an update in calculation methodology which excludes personalisation services.
2. Categories were included from FY 2024/25, therefore data for previous years is not available.
Policies
Our Global Environmental Policy provides detailed guidance
topackaging suppliers on sustainable manufacturing practices
regarding chemical and water usage, as well as Nature Protection
Legislation, such as the EU Deforestation Regulation. More details
on our Global Environmental Policy can be found on page 55.
In addition, our Responsible Sourcing Policy outlines our
requirements for value chain partners and our commitments to
responsible raw materials sourcing, including materials used for
our business-to-consumer (B2C) and business-to-business (B2B)
packaging. Our Responsible Raw Materials Sourcing Policy
alsoincludes a commitment to protecting endangered species’
habitats, ancient forests, endangered forests and areas known
for illegal logging.
1. Excluding Outlet consumer packaging. As part of our efforts to minimise waste and deplete existing stock of previous branded oak and pistachio packaging, we utilise existing
stock in global outlet stores.
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Metrics
Packaging
FY 2024/25 FY 2023/24 FY 2022/23
Percentage of plastic packaging made with a minimum of 50% recycled plastic 87% 86%
1
82%
1
Percentage of paper-based packaging procured that is FSC
®
certified 98% 96% 93%
Note: In order to calculate the percentages of recycled content and FSC
®
-certified paper-based packaging, we have relied on the accuracy of the information supplied to us
bypackaging manufacturers directly managed and/or nominated by Burberry regarding the packaging sold to Burberry. Figures are based on total spend on in-scope packaging,
where the packaging is made entirely, or at least more than 50% by weight, from plastic or paper materials.
1. In FY 2023/24, we reported the percentage of plastic packaging made with a minimum of 20% recycled plastic. In FY 2024/25, we increased our KPI threshold for recycled plastic
content from a minimum of 20% to a minimum of 50%. Therefore, previously reported data has been updated to reflect the new threshold.
Targets
Consumer packaging
Eliminate plastic from our consumer packaging
byFY2025/26.
Eliminate plastic packaging
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.
FY 2024/25 performance
As part of our packaging rebrand in FY 2023/24, we removed
plastic from our consumer packaging
1
and we continued to
useplastic-free alternatives in FY 2024/25. Our paper-based
packaging is widely recyclable and in FY 2024/25, 98%
ofallpaper-based packaging procured was FSC
®
certified.
In FY 2024/25, we increased our KPI threshold for plastic
packaging from 20% recycled content to a minimum of 50%
recycled content. This resulted in 87% of plastic packaging
being made from a minimum of 50% recycled content. In
addition, 87% of cotton used in our consumer packaging was
made from a minimum of 50% recycled content.
Actions
1. Regulatory preparation
During FY 2024/25, we focused our efforts on preparing for
upcoming regulations, including the Ecodesign for Sustainable
Products Regulation (ESPR). This included creating a packaging
material impact matrix to inform all future packaging
developments and reducing the weight of B2C packaging
without jeopardising quality and functionality.
1. Excluding Outlet consumer packaging. As part of our efforts to minimise waste and deplete existing stock of previous branded oak and pistachio packaging, we utilise existing
stock in global outlet stores.
2. Consumer packaging
To reduce resource use linked to seasonality, we have replaced
seasonal check box wraps with a standard cotton ribbon made
from 50% recycled cotton. We continue to offer a pared back
consumer packaging option, with over 45% of digital consumers
selecting this over signature gift wrapping in FY 2024/25.
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3. Waste management
Approach
We are committed to minimising resource use and reducing
waste across our operations and supply chain in line with the
waste hierarchy. This gives priority to waste prevention, followed
by reuse, recycling and finally disposal. Ourpreferred approach
is to avoid waste before it is created bydesigning and planning
with circularity in mind. Where waste still occurs, we aim to
maximise the proportion sent for reuse orrecycling.
Policies
Our Global Environmental Policy sets out our commitment
tominimise resource use and reduce waste across our own
operations and supply chain in line with the waste hierarchy.
This policy also commits us to quantifying, tracking and publicly
reporting our waste and management progress.
More details of our Global Environmental Policy can be found
onpage 55.
Actions
1. Operational waste
1
To minimise and reduce waste across our own operations in
FY2024/25, we diverted 100% of operational waste from landfill
with an average recycling rate of 75% in our own operations
(compared to 74% in FY 2023/24). We continue to implement
waste segregation within our own operations, minimising
contamination within the waste streams and maximising the
volume that can be reused or recycled in line with the Burberry
waste hierarchy. In FY 2024/25, nearly five tonnes of plastic
from our polybags and hangers from all UK sites were recycled
into new polybags and hangers as part of our ongoing closed
loop project with an external partner.
In FY 2024/25, teams returned to our refurbished Horseferry
House head office in London. As part of our efforts to improve
office waste segregation and promote recycling among
colleagues, we increased the number of bin types available and
implemented clearer signage in all our UK sites. This aligns our
locations with the Department for Environment, Food & Rural
Affairs’ new business waste regulation.
1. Operational waste consists of dry mixed recycling (cardboard, plastic, paper), confidential paper, general waste, organic waste, glass, wood and metal leftovermaterials.
2. Non-stock waste
We continue to champion our Sustainability Principles to reduce
the overall impact of marketing, events, visual merchandising
and gifting. A key component of the Sustainability Principles
isdetailed guidance for extending the life of materials where
possible, as aligned to our waste hierarchy. We prioritise
internalreuse where possible, including giving props a second
life. Forexample, we decreased window rotations through
ourIconicStore Windows initiative, which aims to eliminate
unnecessary set builds and reduce resource use for store
fixtures. InFY2024/25, we expanded the initiative from
62stores inFY2023/24 to 125 stores globally.
While we promote internal reuse of our visual merchandising
across our store network and client events, we continue to
foster creativity within our local communities through donations
of props, furniture and materials. In FY 2024/25 we established
a partnership with immersive theatre company Punchdrunk Ltd,
with donations of 2,000 square metres of bespoke lilac carpets
previously used in FY 2024/25 shows. Following our Harrods
takeover in February 2024, we donated 1,600 metres of fabric
and rope to Reloved Revolution, a creative re-manufacturing
initiative working in partnership with people who have experienced
homelessness, to upcycle materials into furniture.
In FY 2024/25, we also introduced a new volunteering concept
for colleagues with our longstanding partner OnSide Youth.
Witha focus on fostering circular design principles, we donated
materials such as plinths, decorative sculptures, flooring,
roofing and upholstery samples to Legacy Youth Zone and
OnSide West London for a ‘Burberry Store Design Challenge’.
The challenge saw young people design and pitch their own
store concept to a panel ofjudges, guided by volunteer mentors
from Burberry’s Architecture team. Participants gained hands-on
experience in applying design principles and architectural
concepts to retail spaces, with the winning team receiving a trip
to our Sloane Street store.
More information on our colleague volunteering programmes
can be found onpages 82 to 85.
70
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Metrics
Operational waste
FY 2024/25 FY 2023/24 FY 2022/23
Percentage of operational waste diverted from landfill 100% 100% 99.5%
Percentage of average recycling rate in our own operations 75% 74% 71%
Note: Operational waste consists of dry mixed recycling (cardboard, plastic, paper), confidential paper, general waste, organic waste, glass, wood and metal leftover materials.
Thescope of this metric covers key UK and Italy operations, comprising Burberry’s internal manufacturing facilities and distribution centre in Northern England, Burberry’s head office,
Burberry’s office in Leeds, retail stores in the UK, Burberry’s manufacturing site and distribution centres in Italy, as well as Burberry’s distribution centres in Vineland and Shanghai.
3. Manufacturing
In FY 2024/25, we established our waste management programme
with our supply chain partners, focusing on reducing production
waste, including production losses, off-cuts and defective
material, and reevaluating waste where it cannot be avoided.
The waste programme focuses on the following priority areas:
• Reduction: Our first priority is to prevent and minimise waste
in manufacturing by enhancing material utilisation efficiency.
In FY 2024/25, we performed a case study to analyse
therootcauses of inefficiencies in our processes and find
opportunities by optimising current processes and exploring
technologies capable of improving manufacturing efficiencies
• Revaluing: When waste cannot be prevented, we seek
opportunities to repurpose it at the highest possible level in
the waste hierarchy. This involves transforming manufacturing
waste into valuable resources. For example, we are working
closely with our internal Innovation team to identify suitable
textile-to-textile recycling solutions
• Mindset shift: We aim to drive a zero-waste culture among
internal and external stakeholders by raising awareness
ofwaste’s impact and its connection to other resources.
Wealso aim to enhance processes to improve material
utilisation efficiency and explore revaluation opportunities.
This includes training programmes for supply chain partners
Manufacturing waste
FY 2024/25
Tier 1
Total textile waste
1
(tonnes) 760.5
Textile waste diverted from disposal
2
(tonnes) 359.3
Note: Data for previous financial years is not comparable due to updates in the data collection and calculation methodology for these metrics.
1. Textile waste refers to production-related textile and leather waste.
2. Waste diverted from disposal refers to production waste that is prepared for reuse and recycling.
Textile donations
FY 2024/25 FY 2023/24 FY 2022/23
Metres (m) of fabric donated
1
127,297 362,000 468,000
1. Includes donations to a variety of global non-profit organisations, including the BFC, Leeds Beckett University and Progetto Quid.
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SOCIAL DISCLOSURES
OUR WORKFORCE
Introduction
Our purpose, Creativity Opens Spaces, articulates the core
belief that has guided Burberry since it was founded in 1856:
through imagination, innovation and ingenuity, we can push
boundaries and open new opportunities for ourselves, our
customers and our communities. Our purpose is supported
byour values of being open and caring, creatively driven,
forward thinking and proud of our heritage. Our values are
intrinsic toBurberry and express who we are when we are at
ourbest. Underpinning our culture, our values help to ensure
that workingat Burberry means entering an inclusive space
where perspectives are shared freely, creativity is encouraged
and employee development and wellbeing is prioritised.
Approach
During a year of transformation, our approach to our people
hasbeen defined by the Burberry Forward strategy and our
objectives to organise for growth, strengthen our leadership,
ensure that talent is at the centre of our efforts and help each
colleague feel connected to our purpose.
Diversity, equity and inclusion remains essential to fulfilling our
purpose. We believe that attracting diverse talent and fostering
an inclusive culture in which all communities feel a sense of
belonging enables greater creativity and innovation, increased
collaboration and improved business performance.
People, our direct colleagues andthose in our supply chain, are at the heart
ofour business and operations.
We respect and uphold human rights wherever we operate and we work
toenhance the wellbeing of all workers in our supply chain through
dedicatedinitiatives.
This section highlights our commitment to diversity, equity and inclusion and
the initiatives that not only safeguard the health, human rights and wellbeing
of our people, but also enable us to make a positive impact on society.
72 Burberry Annual Report 2024/25

Accountability: Further to our participation in benchmarks
including the FTSE Women Leaders Review and voluntary
disclosure of ethnicity data in our annual Gender Pay Gap
reporting, this pillar builds on our commitment to transparency
and will drive greater data disclosure and governance.
Engagement: Building on our suite of learning tools this pillar
continues the diversity, equity and inclusion learning journey
ofour global colleagues and will consolidate all groups into
oneGlobal Equity Council in FY 2025/26.
Systems: Alongside our Anytime Feedback platform and
partnerships with organisations including The Outsiders
Perspective and the Business Disability Forum, this pillar focuses
on how we can leverage partnerships to better support
representation and inclusion.
As we continue to enact our strategy, we recognise the
importance of continually listening to colleagues and ensuring
that we are aware of both their views and those of the world
around us. With a prominent colleague and customer base
inAsia, we launched a dedicated Asia Council in FY 2024/25,
comprising 17 colleagues from across the continent. The Council’s
focus has been to share the scope and insights of what
mattersmost in the region from a diversity, equity and inclusion
perspective, and to explore how we can evolve our strategy
tobetter support local needs, with cultural nuances in mind.
Wealso continued to work closely withour global network
ofEmployee Resource Groups (ERGs) to raise awareness and
champion inclusion, as well as our Cultural Advisory Council
togarner insights and offer an external lens toour initiatives.
Building awareness and allyship
Alongside our diversity, equity and inclusion training, we actively
cultivate opportunities throughout the year to raise awareness
among colleagues, encourage critical thinking and promote
allyship. We believe that the most authentic and inclusive culture
is fostered when our people are enabled to lead conversations
on the issues that matter most to them. In FY 2024/25, colleagues
hosted a number of events and discussions around key topics
and calendar moments, including:
Disability
In December 2024, we celebrated International Day of Persons
with Disabilities by hosting a talk with Yasmin Sheikh, Founder
and Director of Diverse Matters and a renowned disability
advocate. The talk discussed the importance of disability
inclusion in business, the meaning of disability beyond
stereotypes and themedical versus social models of disability.
Ethnicity
For UK Black History Month, we invited colleagues from across
thebusiness to participate in an In Conversation event to
explore theimportance of representation and why reclaiming
narratives isempowering. We also hosted a virtual book club
tocelebrate Black authors and the power of storytelling.
Gender
As part of our International Women’s Day celebrations,
wehosted a webinar, ‘Invest in Yourself, Uplift Others’, with
wellness expert Clare Kenny, exploring how to live in alignment
with what matters to you and sharing practical tools to protect
mental wellbeing. For International Men’s Day we hosted an
InConversation event with our Vice President of Reward, and
Cultural Advisory Council Member, Hussain Manawer, to discuss
‘Men’s Mental Health Champions’ and how men can actively
participate in educating young people about healthy masculinity.
Policies
Our people-focused policies and procedures are aligned
toourcommitment to being an open and caring employer,
andassist us in supporting colleagues throughout their career
atBurberry.
Our Code of Conduct supports this commitment by outlining
thekey policies, processes and behaviours that colleagues must
adhere towhile following all local laws and regulations. Available
in 14languages, the Code enables our people to make informed,
ethical and sustainable decisions, and acts as a daily guide for
how colleagues and partners should behave and interact with
one another. Included within the Code is our Burberry Confidential
Policy, which protects both colleagues and external parties
byproviding them with an independent method of speaking
upabout serious concerns. Available in countries and territories
where we are present and where it is legally permitted, Burberry
Confidential is a global helpline available 24/7 online as well as
via telephone.
We believe that fostering an inclusive culture enables us to
better support our people and be more creative in everything
wedo, and our policies support this. Our Global Diversity, Equity
and Inclusion Policy sets out global standards to ensure we are
creating a culture that minimises barriers and creates more
moments for colleagues to feel represented, listened to and
celebrated throughout the business. We make reasonable
adjustments for people with disabilities (including any colleagues
who have become disabled) throughout their career at Burberry
and ensure our online materials, policies and processes are
inclusive of people with both visible and non-visible disabilities.
For example, to support fair and objective performance
management, we provide training and guidance for line managers
that emphasises evaluating colleagues based on skills, capability
and demonstrated performance. We also continue to work with
external organisations, including the Business Disability Forum,
to ensure that people with disabilities are equally considered.
InFY 2024/25, we expanded our guidance on sexual harassment
to further clarify what to look out for and how to use our
reporting mechanisms.
Our Global Parental Leave Policy offers 18 weeks’ paid leave
forall employees with 12 months or more of continuous service,
regardless of their gender. The policy is applicable to all colleagues
who have responsibility for the care of a child, including a
biological mother or father, an adoptive parent, guardian or
step-parent. Similarly, our Bereavement Leave Policysupports
bereaved parents, including foster, adoptive and intended
parents, for both pregnancy loss and the loss of a child.
Our commitment to diversity, equity
andinclusion
Our Diversity, Equity and Inclusion strategy underscores our
commitment to living Burberry’s values, and is underpinned by
our belief that everyone at Burberry is responsible for bringing
this commitment to life. By listening to, valuing and amplifying
the voices of colleagues 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. The principles of our Diversity, Equity and Inclusion
strategy are woven into our global colleague journey, from
fostering an open and inclusive culture, to investing in global
education programmes which encourage our people tobe
curious and challenge behaviours. In FY 2024/25, we focused
our strategy on three key areas:
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LGBTQIA+
To celebrate Pride Month we organised a colleague-led panel
about lived experiences and how we can support people of
different sexual orientations throughout the year. We also invited
a range of external speakers to discuss their experiences,
inclusivity and allyship. This included Dave Wilkin, Founder
oftalent development platform Ten Thousand Coffees, Jacqui
Rhule-Dagher, Founder of Legally Lesbians, and Jerome Yau,
CEO of Aids Concern and Co-founder of Hong Kong
MarriageEquality.
Growing our inclusive talent pipelines
We believe that our collective strength lies in the diversity of our
backgrounds and experiences, and we continue to review our
recruitment process to ensure it is fair and impartial. In addition
to using tools like gender decoders, diversity data monitoring
and standardised interview forms, we also continue to deliver
‘Interviewing with Impact’, a programme that supports hiring
managers with best-practice interviewing and decision-making.
Our inclusive talent acquisition processes are supported by a
range of talent partnership and sponsorship programmes, which
help us to ensure that individuals from both underrepresented
and minority ethnic backgrounds are given access to career
opportunities at Burberry. These programmes include our creative
arts scholarships with Central Saint Martins in London, our
Stepping Stones Bursary Prize in partnership with The BRIT
School, our ongoing partnership with The Outsiders Perspective,
and our Burberry Inspire programme, which helps young people
across the globe to build better futures.
In addition to the above programmes, we also continue to
nurture talent by supporting institutions globally with Burberry
Insights days and surplus material donations. A recent example
includes our Burberry Saturday Club in partnership with the
British Fashion Council and non-profit organisation, National
Saturday Club. See below for further information.
Our commitment to fair and equitable pay practices
At Burberry, we are committed to paying our colleagues equally
for work of equal value, and to providing all colleagues across
the organisation with competitive total reward. As part of our
reward reviews, we regularly undertake pay analysis to ensure
we meet our commitment to pay all colleagues in line with their
level and experience, and at a competitive and fair market rate.
We were also proud to be the first luxury retailer and manufacturer
to achieve accreditation as a UK real Living Wage Employer by
the Living Wage Foundation, and are dedicated to the promotion
of the UK real Living Wage within our own operations. In April
2025, we again implemented a pay increase above the
recommended real Living Wage increase.
Gender and Ethnicity Pay Gap reporting
Since 2017 and in line with regulations, we have reported
genderpay gap figures annually for our UK employee population,
which makes up about a third of our global workforce.
ForFY2024/25, we also voluntarily reported ethnicity pay gap
figuresfor thefourth consecutive year, reflecting our commitment
totransparency and to creating lasting change by continually
monitoring our progress. The gender and ethnicity pay gaps
aredistinct from equal pay, which is a comparison of the pay
formen and women carrying out the same or equivalent roles.
ForFY 2024/25, we reported a median gender pay gap of 14.9%,
a mean gender pay gap of 21%, a median ethnicity pay gap
of0.3% and a mean ethnicity pay gap of 12.3%.
As we strive to impact our pay gaps positively, we will continue
to focus our efforts on creating opportunities for development
as well as monitoring our progress with the support of industry
reports and benchmarks. This includes the FTSE Women Leaders
Review, which recognised Burberry for the seventh consecutive
year as a top performer for women in leadership, and the
Investing in Ethnicity Maturity Matrix, for which we were rated
aLevel 2 Star Employer for our commitment to creating amore
inclusive and equitable workplace.
A Burberry Saturday Club
In March 2025, Burberry held its first masterclass in partnership
with the British Fashion Council and National Saturday Club,
anon-profit organisation. With a focus on engaging young
people from disadvantaged backgrounds and underrepresented
communities in the UK, the masterclasses aimto develop
skills,encourage creativity and provide insight into future
careerpathways.
At a Fashion&Business Saturday Club hosted by The London
College of Fashion, Burberry’s Textile Design Team spoke to18
young people aged 13 to 16 about the day-to-day responsibilities
of a textile designer as well as their role in thewider creative
process at a global luxury brand. To replicate the textile design
process, the young people were set a group-based activity,
which called on them to work collaboratively and create
amoodboard exploring a set theme.
Burberry’s masterclass was one of a series of events which
sawthe British Fashion Council connect the National Saturday
Club with industry professionals to help inform young people
about further education choices and rewarding career pathways.
The initiative’s aim is to embolden young people to become
thenext generation of innovators and imaginative thinkers.
74 Burberry Annual Report 2024/25

Metrics
Our workforce
FY 2024/25 FY 2023/24 FY 2022/23
Total employee headcount in direct operations 8,459^ 9,336 9,201
Percentage of employee headcount by significant operating location
EMEIA 51%^ 51% 50%
Americas 14%^ 14% 15%
Asia Pacific 35%^ 35% 35%
Percentage of employee headcount by business function
Consumer 13% 14% 13%
Design 1% 1% 1%
Enabling
1
14% 14% 13%
Retail 55% 55% 56%
Supply chain 17% 17% 16%
Percentage of employee headcount in each age category
Under 30 years old 21% 25% 27%
Between 30 and 50 years old 65% 63% 60%
Over 50 years old 14% 13% 13%
Employee engagement score
2
69 points
3
74 points 75 points
Note: Data as of 31 March 2025.
1. Function that provides essential support services/activities that keep Burberry’s core business running smoothly and efficiently, including Finance, Human Resources, IT,
LegalandFacilities Management.
2. Our engagement score is derived from our colleague listening surveys conducted through the Microsoft Viva Glint platform. It is based on two key questions and reflects
theaverage of voluntary responses.
3. Our FY 2024/25 annual employee Engagement Survey ran in October. The reduction in our score compared with the prior year reflects the challenges faced in the first half
ofFY2024/25. However, following the launch of the Burberry Forward strategy in November, we continued to measure engagement and found that in general, colleagues
showedincreasing levels of optimism as the fiscal year progressed.
More information on our methodology can be found in our Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
Our workforce by gender
FY 2024/25 FY 2023/24
All workforce 8.459^ 9,336
Female 67%^ 67%
Male 33%^ 33%
Junior managers 1,058 1,142
Female 63% 65%
Male 37% 35%
Senior managers
1
414 452
Female 56% 57%
Male 44% 43%
Leadership (Director and above) 293 331
Female 58% 57%
Male 42% 43%
Executive Committee 9 11
Female 33% 27%
Male 67% 73%
Note: Data as of 31 March 2025.
1. Senior managers as defined in the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013.
More information on our methodology can be found in our Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
^ This metric was subject to external independent limited assurance by Ernst & Young LLP (EY). For the results of that assurance, see EY’s Independent Limited Assurance Report
andBurberry’s Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
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Supporting inclusion
FY 2024/25 FY 2023/24 FY 2022/23
Percentage of employees completing episodes of our online diversity, equity and inclusion
learning journey:
Episode 1 Mitigating Bias 86% 89% 90%
Episode 2 Allyship 85% 90% 96%
Episode 3 Microaggressions and Intersectionality
1
62% – –
1. Episode 3 of our online diversity, equity and inclusion learning journey was launched in FY 2024/25. Therefore, it is not applicable to previous financial years.
Increasing representation
FY 2024/25 FY 2023/24 FY 2022/23
Shortlists across recruitment campaigns
1
Female 59% 57% 60%
Male 39% 41% 38%
Other 2% 2% 2%
1. These values are based on candidates who choose to voluntarily disclose.
OCCUPATIONAL HEALTH AND SAFETY
Introduction
With a safety-first mindset, the global Health and Safety
teamaims to ensure the wellbeing of employees, customers,
contractors and all those who visit our locations, by implementing
measures to prevent accidents, injuries and ill health. This involves
proactively identifying potential hazards, assessing risks and
implementing effective control measures tosupport our teams
across our global operations. Through our committees,
communications, training and internal management standards,
we empower our colleagues to support their own health, safety
and wellbeing, aligning with Burberry’s internal standards and
local legal requirements in their place of work.
Approach
Aligned with industry best practice, we adopt a Plan/Do/Check/
Act approach to managing health and safety at Burberry.
• Plan: We plan health and safety considerations into all
ourglobal activities. We set out our commitments to health
and safety through the statement of intent within our Global
Health and Safety Policy, with targets in place to continuously
risk assess in order to improve health and safety standards
across our operations
• Do: We put our health and safety risk reduction plans into
action to mitigate or eliminate hazards using a hierarchy
ofcontrols. This includes training employees, implementing
new safety procedures and making necessary changes
toequipment or processes and preparing for emergencies
• Check: We continuously evaluate the performance of health
and safety measures to determine whether they are effective
and aligned with our established policies, objectives and goals.
This involves tracking incident reports, conducting audits and
safety inspections and collecting data on safetymetrics
• Act: Depending on the outcome of our evaluations, we take
proactive actions to improve non-compliance with safety
standards, correcting unsafe conditions and rectifying
procedural deficiencies. Where incidents occur, we have
aninvestigation process which incorporates root cause
analysis to identify any underlying causes of issues
Policies
We are committed to providing a safe and healthy environment
for our colleagues, customers and anyone who visits or works
onBurberry premises. Our Global Health and Safety Policy details
the key processes involved in ensuring we maintain the highest
standards of health and safety throughout our global operations.
The policy is reviewed by all key stakeholders, renewed on an
annual basis and contains an overarching statement of intent,
signed and endorsed by the CEO. The policy is publicly available
on Burberryplc.com, as well as on our internal intranet and
displayed on noticeboards in locations accessible to employees.
Targets
Burberry sets annual health and safety objectives and internal
targets, which are supported by a safety management system
and programmes aimed at continually improving our performance.
We strive to ensure that we maintain a safe and healthy
environment for employees, customers and all who visit and
workon our premises.
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Actions
1. Continuous improvements
Global Health and Safety team
During FY 2024/25, the global Health and Safety team continued
to support all operational areas with proactive advice and
achievable solutions to help our global teams across corporate,
retail and supply chain. The team supported the business with
effective risk reduction strategies with respect to enabling the
creative vision.
Health and wellbeing
The Health and Safety team has played a supporting role
inhelping drive the global Wellbeing strategy at ground level.
Theteam led the focus on mental health support while
strengthening partnerships around mental health education and
wellbeing support for our teams globally. Working in partnership
with internal functions to support colleagues, visitors, contractors
and customers, the health agenda is delivered across five
working pillars: Wellbeing, Mental Health, Ergonomics,
Occupational Health and Assistive Technology.
2. Training, governance and communications
Health and safety management system
In FY 2024/25, we updated, refined and refreshed our health
and safety policies and standards related to our operations
andactivities. We relaunched our Global Health and Safety
Policy in several languages and continued to review and add
new management standards to our suite of over 100 guidance
documents and standards. These cover our 16 health and safety
topics, including Health and Safety Management, Chemical
Management, and Fire and Emergency Planning.
Training and development
Health and safety training remains a key focus area for
theCompany. We have developed new, interactive and
business-relevant training content specific to colleague roles
though our Training Needs Assessment (TNA) tool. We set
ourselves objectives to deliver training through classroom, digital
and targeted content to support and enable teams toconfidently
manage and drive our high health and safety standards across
all business areas. Our Health and Safety Essentials training
module is a mandatory training requirement for all colleagues
globally. In FY 2024/25, 326 classroom courses were delivered
to over 3,200 attendees, which equates to 800 hours of training
delivered. The global Health and Safety team continues to
remain up to date with the latest developments inoccupational
health and safety.
Global Assurance Audit Programme
During FY 2024/25, in partnership with external partners, we
completed 104 unannounced health and safety assurance audits
across all global business areas as part of the Global Assurance
Audit Programme. Every year, we review, update and republish
our audit protocol to align with trends, changes and safety
developments, including collaborating with other departments,
and incorporating diversity, equity and inclusion, and
sustainability information.
3. Targeted risk reduction
Fire safety and emergency planning
The Health and Safety team continued to prioritise fire safety
management as an area of importance and ongoing focus.
Emphasis remained on embedding our global minimum standards
and education programmes to prevent fire safety issues and
reduce GAAP fire findings. Additionally, we continued to set
targeted training in relation to emergency preparedness, with
86% of retail locations completing thetraining.
ISN third-party accreditation
Partnering with the Commercial Procurement function,
theglobal Health and Safety team launched an ISN contractor
accreditation project across the UK, Europe, the Middle East
and the Americas. This addresses risks related to ongoing
monitoring and due diligence of higher-risk third-party suppliers
that are required to carry out works in Burberry-managed
environments. The scope of this new process will cover contractors
providing Burberry with maintenance, facilities, cleaning, visual
merchandise, construction and security activities.
4. Evolving the organisation
Global supply chain
In FY 2024/25, the Health and Safety team continued to evolve
aglobally consistent health and safety supply chain strategy for
Burberry-managed locations and, where appropriate, evaluated
the performance of local fulfilment centres, particularly where
Burberry employees are located.
Events, campaigns and brand moments
Throughout the financial year, the Health and Safety team
builton collaborations with internal colleagues and external
specialist support to ensure the safe delivery of global brand
moments, including two runway shows.
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PEOPLE IN OUR SUPPLY CHAIN
Introduction
Our commitment to supporting our people and their wellbeing
extends to those across our value chain. Core to this agenda
isrespecting and upholding human rights, combating the risk
ofmodern slavery and increasing transparency throughout our
supply chain. We collaborate across our sector with our partners
and with external experts, to protect and nurture luxury
craftsmanship and traditional techniques.
Approach
To identify our most material human rights impacts, risks and
opportunities, we conduct a Human Rights Impact Assessment
(HRIA) of our operations and activities and those of our extended
supply chain every two years. We implemented this process
in2014 and continue to evolve and develop our due diligence
approach (as detailed on page 42) as well as ourEthical
TradingProgramme.
Our most recent impact assessment identified four 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, specific to providing remedy
• Diversity, equity and inclusion
• Modern slavery, including migrant worker recruitment journeys
In FY 2024/25, we implemented several mitigation actions
focused on these areas (as detailed on pages 78 to 80).
Policies
Our Code of Conduct guides our actions and supports our
partners to make informed, ethical and sustainable decisions
and has been developed in line with our commitments and
experience over many years. The Code includes our Ethical
Trading Code ofConduct and Human Rights Policy, which sets
out standards to protect the rights of workers across our supply
chain, as wellas policies that aim to protect vulnerable workers,
such asaMigrant Worker Policy and Child Labour and Young
Worker Policy. Our policies within the Code of Conduct are
underpinned by the Ethical Trading Initiative Base Code, the
International Bill ofHuman Rights and the Fundamental Conventions
of the International Labour Organization. We review our policies
against the latest best practice guidelines and emerging
regulatory requirements, and update them where needed.
We seek to apply the Code of Conduct to all our Business
Associates, which include, but are not limited to, raw material
suppliers, finished goods suppliers, subcontractors, supporting
facilities, non-stock suppliers, construction contractors, licensees
and franchisees. Compliance with the Code of Conduct is a
condition of working with Burberry (whether directly or indirectly).
All our policies are made publicly available on Burberryplc.com
and shared with new Business Associates during onboarding.
They are available to colleagues via Burberry World, our internal
colleague intranet.
Targets
Advance ethical trading in our supply chain
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).
FY 2024/25 performance
During the financial year, 383^ on-site social compliance audits
were carried out across our Tier 1 and 2 supply chain. Among our
Tier 1 supply chain partners, 75% were either audited or remained
in scope of their most recent audit. Our Vendor Ownership
Programme (VOP) was expanded to four new partners and
isnow in place at 28 partners globally. In addition, our pilot due
diligence initiative that manages risks associated with migrant
workers, with the support of external consultants, has seen
veryencouraging results.
We also strengthened our accountability processes to support
internal teams to make responsible sourcing decisions that
assist in managing risks across our supply chain.
Enhance supply chain engagement
Continue to implement our Supply Chain Engagement
Programmes to further advance wellbeing, livelihoods,
inclusivity and worker voice across our supply chain.
FY 2024/25 performance
In FY 2024/25, we continued to make significant progress
inenhancing and expanding our social impact programmes,
including expanding our Worker Wellbeing Programme to 11 new
supply chain partners and launching a grievance mechanism
forour EMEIA Tier 1 supply chain partners, which will be available
toapproximately 41,000 workers.
Actions
In FY 2024/25, we continued to implement actions focusing
onour key impact and risk areas across our operations and
oursupply chain.
1. Working conditions
Ethical Trading Programme
During the financial year, we continued to implement robust
auditing and compliance programmes to effectively identify,
manage and mitigate potential violations of our Code ofConduct.
^ This metric was subject to external independent limited assurance by Ernst & Young LLP (EY). For the results of that assurance, see EY’s Independent Limited Assurance Report
andBurberry’s Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
78 Burberry Annual Report 2024/25

1. Material is based on production volumes, value and length of relationship withBurberry.
2. For example, inadequate training around health and safety, or inadequate fire safetymanagement.
3. Supply chain partners are selected based on volumes, value and length of relationship, this ensures that the programme addresses risk within the majority ofour Tier 1
supplychainin EMEIA.
We have a target that all our material
1
Tier 1 suppliers are audited
against our Ethical Trading standards. In FY 2024/25, 75% of our
Tier 1 suppliers were either audited or remained in scope of their
most recent audit. Only 1% of these supply chain partners were
identified to have Critical or Business Critical findings and were
managed in line with our Critical procedure. We analyse all our
audit findings on a global scale, to understand where to focus
our remediation and social impact programmes.
Duringthe financial year, the main areas of non-conformance
with our standards across all audits conducted were related to
health and safety
2
and working hours. We will continue to work
with our partners to identify the root cause of these issues and
implement actions to address and prevent them. Where there
isnon-compliance, we require our supply chain partners to
implement a corrective action plan to make progress and meet
all our ethical trading standards. More information onour ethical
trading programme can be found in our Modern Slavery and
Transparency in the Supply Chain Statement FY2024/25 on
Burberryplc.com.
One area of focus for risk mitigation in FY 2024/25 was the
potential risks associated with migrant workers. As a small
number of our partners in Italy employ migrant workers, we have
implemented a reinforced due diligence process to assess,
remediate and prevent instances of actual or potential negative
impacts on these workers.
Our approach includes:
• An extensive assessment (conducted on an unannounced
basis) of the supply chain partner’s operating procedures,
spanning working rights, employment practices and fiscal
duediligence
• An internal due diligence review of Burberry’s purchasing
practices, to identify any connections between our sourcing
policies and any non-conformities identified during our
auditprogramme
• Action plans tailored to each supply chain partner to support
their capacity to address and prevent negative impacts
All our partners have now been assessed and some were identified
to have non-conformities around working hours. Thesehave
been issued with action plans and are working onremediating
any impacts observed. They will be reassessed in the quarter
following their initial assessment to validate improvements.
Vendor Ownership Programme
Our Vendor Ownership Programme (VOP) is a core element of
how we prevent risk in our supply chain. The VOP provides our
key
3
supply chain partners with support to develop and run their
own due diligence programme within their extended supply
chains in line with our standards.
The VOP supports our efforts to uphold our ethical standards
and actively works to prevent modern slavery risks through our
partners’ continued engagement, along with extensive support
and training. Regular audits focused on human rights as well
ashealth and safety are conducted by our VOP partners and,
incertain cases, third-party auditors, using our Ethical Trading
Code of Conduct as a guide. Based on the results of the audit,
improvement action plans are developed and shared with our
partners’ supply chain, who in turn bridge the gaps identified.
Worker grievance mechanisms
We ensure that employees and workers in our supply chain have
access to confidential support and advice. Burberry Confidential
is our global grievance mechanism and is available to all of our
stakeholders, including key rightsholder groups (employees,
supply chain workers, communities and our customers).
InFY2024/25, we expanded Burberry Confidential and launched
an online hotline for workers in the EMEIA region. The initiative
was disseminated across our Tier 1 suppliers, starting inearly2025.
We also sponsor confidential hotlines run by NGOs for workers
in our Asia Pacific (APAC) supply chain, which provide advice
onworkers’ rights and wellbeing as well as confidential support.
Throughout the year, together with our NGO partner, we
continued to conduct awareness-raising sessions to promote
the use of the confidential hotlines to supply chain workers,
highlighting benefits and the services provided. Approximately
99% of all complaint calls were addressed, with the remaining
cases still being addressed by the suppliers with the support
ofthe NGO. Grievance resolution is regularly monitored
bytheCorporate Responsibility team.
2. Human rights
Supply chain training
Training our supply chain partners to understand, identify,
mitigate and manage modern slavery risks is a key component
of our Ethical Trading Programme. Suppliers receive training
during onboarding to ensure they have a strong understanding
of the importance of transparency during social compliance audits
and of our critical issues. We have continued our collaboration
with the International Organization for Migration (IOM), broadening
our global programme of training on modern slavery to cover
country-specific risks facing migrant workers, fair and ethical
recruitment, employer responsibilities, migrant workers’ risks
and integration of migrant workers. This training reached
227supply chain partners across 15 countries and territories
andimpacted approximately 51,250 workers in FY 2024/25.
Internal colleague training
In FY 2024/25, we worked with an external learning developer
tocreate an online Modern Slavery training programme.
Thisallowed us to designate this form of training as mandatory
for key teams, including Supply Chain, Product Development,
Corporate Responsibility and Human Resources. The new
approach to internal training meant we were able to provide vital
training to a much larger group of internal employees. During
thefinancial year, 883 employees completed the training.
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Strategic Report | Sustainability at Burberry
3. Equal treatment and opportunities for all
Migrant workers
In FY 2024/25, as part of our continued risk prevention efforts,
we extended our collaboration with the IOM to co-develop a
pilot project to raise awareness on fair and ethical management
of migrant workers. This aimed to build the capacities of our Tier
1 partners from our internal manufacturing facilities inItaly, to
effectively manage migrant worker recruitment and employment
practices, as well as meeting the standards set out in our
Migrant Worker Policy.
Worker Wellbeing Programme
In FY 2024/25, 18 Tier 1 suppliers participated in our Worker
Wellbeing Programme, reaching 13,670 workers in our supply
chain. The programme aims to identify hidden risks through
proactive worker engagement. Additionally, it is intended to
educate suppliers on ways to enhance worker wellbeing, foster
higher employee satisfaction and support talent attraction
andretention.
We engage with stakeholders to inform response actions,
including launching surveys to measure worker wellbeing,
meeting with supply chain partners to identify opportunities
forimprovement and formulating site-specific action plans.
InFY2024/25, the performance achieved by our participating
suppliers is as follows: 17% Very High Satisfaction, 39% High
Satisfaction, 44% Acceptable Satisfaction and 0% Low
orVeryLow Satisfaction
1
.
Health Programme
In FY 2024/25 we extended our Health Programme to new
supply chain partners across Asia. In the 12-month period,
991supply chain workers participated in the programme and
received approximately two hours’ training each. To ensure the
training is effective and relevant for the workers participating,
we collaborate with the supply chain partners and medical
practitioners conducting the training to determine the health
topics to be covered. The four broad training modules are:
women’s health, men’s health, general health and mental health.
They focus on topics such as reproductive health, cancer
awareness and nutrition.
Metrics
People in our supply chain
FY 2024/25 FY 2023/24 FY 2022/23
Number of Tier 1 supply chain partners 687 679 640
Number of total workforce
1
in Tier 1 supply chain 61,495 62,230 56,073
Percentage of female workers in Tier 1 supply chain 71% 71% 68%
Percentage of male workers in Tier 1 supply chain 29% 29% 32%
Percentage of Tier 1 production sites covered by national and/or industrial collective
bargaining agreements 78% ~80% >70%
1. This refers to the number of workers employed by the facilities in our finished goods supply chain.
Social compliance audits and assessments
FY 2024/25 FY 2023/24 FY 2022/23
Number of on-site social compliance audits carried out in the year
(fullauditon-site,followupaudit on-site) 383^
1
495 419
Number of desktop social compliance assessments carried out in the year 86 100 32
Percentage of our Tier 1 supply chain partners that have had a social compliance audit
orremained in scope from previous audit 75% 71% N/A
Percentage of Tier 1 supply chain partners that do not meet our ethical trading standards 1%
2
1% 2%
Breakdown of Tier 1 supply chain partners’ social compliance audit performance
% Critical 1% 1% N/A
% Major 61% 44%
% Minor 26% 27%
% Excellent 12% 14%
% Other
3
0% 14%
Note: Where data is denoted as N/A, this is due to changes in scope or calculation methodology taking place. Previous years’ data is therefore not applicable.
1. There was a decrease in the number of on-site audits conducted in FY 2024/25 compared to the previous financial year due to our transition to a risk-based approach tomanaging
human rights and modern slavery risks which began in FY 2023/24. More details of our approach can be found on page 78.
2. Only 1% of our finished goods supply chain partners were identified to have Critical or Business Critical findings and were managed in line with our Critical procedure in
FY2024/25. The main areas of non-conformance with our standards were related to health and safety and working hours. We will continue to work with our partners to identify
theroot cause of these issues and implement actions to address and prevent them. More details can be found in our Transparency in the Supply Chain and Modern Slavery
Statement 2024/25 available on Burberryplc.com.
3. Other grading refers to Accepted, Pre-approved or Audit to be confirmed.
1. Responses are aggregated and converted into a score ranging from 1.00 to 0, which determines the overall level of satisfaction. The different score ranges are structured as
follows: 1.00 - 0.85 = Very high satisfaction, 0.84 - 0.70 = High satisfaction, 0.69 - 0.55 = Acceptable satisfaction, 0.54 - 0.40 = Low satisfaction, 0.40 - 0.00 = Very low satisfaction.
^ This metric was subject to external independent limited assurance by Ernst & Young LLP (EY). For the results of that assurance, see EY’s Independent Limited Assurance Report
andBurberry’s Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
80 Burberry Annual Report 2024/25

Human rights training
FY 2024/25 FY 2023/24 FY 2022/23
Number of our colleagues in Sourcing, Procurement and Human Resources teams to receive
trainingonhumanrights 883 125 89
Number of supply chain partners participating in IOM training 227 246 77
Number of workers impacted by IOM training 51,250 57,691 >9,500
Vendor Ownership Programme
FY 2024/25 FY 2023/24 FY 2022/23
Number of Tier 1 supply chain partners involved in the VOP 28 24 22
Number of subcontractors reached in the VOP 315 310 252
Number of workers reached in the VOP 26,505 20,547 >16,500
Percentage of Tier 1 supply chain partners in EMEIA involved in the VOP 52% 52% 47%
Worker hotlines
FY 2024/25 FY 2023/24 FY 2022/23
Number of calls to Burberry-sponsored worker hotlines 451 473 502
Number of complaints 34 22 18
Number of consulting requests 413 447 464
Number of psychological support requests 4 4 20
Number of factories
1
covered by hotlines 42 40 38
Number of workers covered by hotlines 29,442 33,364 27,404
1. Factories include finished goods vendors, subcontractors, supporting facilities, licensees and raw materials suppliers.
Health Programme
FY 2024/25 FY 2023/24 FY 2022/23
Number of supply chain workers impacted by the Health Programme 991 832 N/A
Note: Where data is denoted as N/A, this is due to the KPI not being collected during this time period. The first reported year is the first year the data became available.
Wellbeing Programme
FY 2024/25 FY 2023/24 FY 2022/23
Number of Tier 1 supply chain partners participating in the Wellbeing Programme 18 9 15
Number of Tier 1 supply chain workers covered by the Wellbeing Programme 13,670 11,650 >5,000
81Burberry Annual Report 2024/25

COMMUNITIES
Introduction
We strive to do the right thing for our customers, our communities
and the world around us. We continue our founder’s legacy
bysupporting young people, championing our communities
andcollaborating with organisations to make a positive impact.
Since 2010, we have committed to giving at least 1% of profit
before tax (PBT) annually to charitable causes, including amounts
donated to The Burberry Foundation (UK registered charity
number 1154468).
Established in 2008, The Burberry Foundation is governed as
aseparate entity and operates independently to Burberry Group
plc. As such, it follows the regulations and laws applicable to
charitable organisations in the UK. The Burberry Foundation’s
Board of four trustees meets quarterly and is chaired
byChristopher Holmes, Baron Holmes of Richmond, MBE.
Approach
Our contributions are directed towards advancing our Communities
strategy, ensuring meaningful impact and sustainable progress
in our core focus area of improving the lives of young people.
Today, there are 1.8 billion young people aged 10 to 24, making
up the largest generation in history. By 2035, they are set
tomake up 50% of the global workforce
1
.
We believe that supporting young people from an early
age,particularly those who have experienced challenging
circumstances, is crucial to preventing youth unemployment
andits associated long-term effects on mental health, while
alsobuilding a positive future for both our global communities
and economy.
Focusing on the geographic locations our operations reach,
wesupport charitable initiatives which inspire young people to
come together in safe environments and explore their creativity,
develop life skills and broaden career horizons. Our Burberry
Inspire programme implements the Creative Youth Development
(CYD) Framework, a commitment to respecting the diversity
ofyoung people’s lived experiences, valuing their perspectives,
elevating their authentic voices and supporting their creative
development and expression. This approach to youth development
recognises that creativity takes different forms. For example,
some young people may demonstrate their creative spark
through painting, music, theatre or dance, while others may
express themselves in areas relating to science, technology,
engineering and mathematics (STEM). Drawing on insights
fromthe CYD Framework, Burberry Inspire channels the power
of creativity to cultivate young people’s self-confidence, mental
health and wellbeing, sense of identity and belonging and
aspirations for the future. The programme’s theory of change
revolves around engaging and nurturing young people’s
creativity, providing well-designed opportunities for growth
andlearning, and empowering them to contribute positively
totheircommunities.
Burberry colleagues receive three volunteer days per year,
withaccess to an internal volunteering platform that connects
them with charitable organisations and opportunities within
theirlocalcommunities. Facilitating volunteering and fundraising
opportunities for our colleagues allows us to positively impact
their wellbeing while supporting the communities where we
operate. Our colleagues can volunteer their time to causes
which are particularly meaningful to them or aligned to Burberry’s
Communities strategy. This approach means we canpositively
impact both our local and global communities.
Policies
Our Community Investment Policy and Procedures sets out
ourapproach to community investment, charitable donations,
humanitarian aid, employee volunteering and fundraising.
Ourcommunity investment methodology aligns with the Business
for Societal Impact (B4SI) Framework.
The policy extends to all Burberry Group plc operations, including
wholly or majority-owned subsidiaries. We believe that by
implementing this policy consistently across our operations, we
can make a more significant, lasting impact on our communities.
Burberry’s Corporate Responsibility team and Ethics
Committeeoversee and govern the implementation of this
policy. Thepolicy is available to staff via Burberry World,
ourinternal colleagueintranet.
Targets
Inspire young people to create betterfutures
Positively impact 500,000 people between FY 2022/23
andFY 2025/26, particularly young people hailing from
under-served communities.
FY 2024/25 performance
During the financial year, 273,435 people were positively
impacted
2
through community programmes supported by Burberry
Group plc and The Burberry Foundation. This achievement adds
to our cumulative total of 653,597 people since FY 2022/23,
exceeding our target of 500,000 by FY2025/26.
Increase volunteering opportunities for colleagues
25% of Burberry colleagues to engage in volunteering
andfundraising activities by FY 2025/26.
FY 2024/25 performance
In FY 2024/25, 12%^ of Burberry colleagues actively engaged
involunteering and fundraising activities. This is a 4% increase
compared to 8% of colleagues engaged in FY 2023/24.
1. World Health Organization, Adolescent Health, www.who.int, accessed March 2025.
2. Positively impacted refers to the number of people directly reached by our community programmes, in line with the Business for Societal Impact (B4SI) framework. This includes
individuals who directly participate in or benefit from our initiatives, such as training, mentoring, or access to resources and services.
^ This metric was subject to external independent limited assurance by Ernst & Young LLP (EY). For the results of that assurance, see EY’s Independent Limited Assurance Report
andBurberry’s Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
Strategic Report | Sustainability at Burberry
82 Burberry Annual Report 2024/25

The Burberry Inspire programme’s global reach
1. The International Youth Foundation
(global partner)
2. OnSide, UK
3. Save the Children, Poland
4. Girls Inc. of New York City
5. New York Edge
6. Heart of Los Angeles
7. Community Youth Center of San Francisco
8. CSV Milano
9. Co&So, Florence, Italy
10. Future for Youth Foundation, South Korea
11. Girl Scouts of Japan
Funded by The
Burberry Foundation
Funded by Burberry
12. Hong Kong Youth Arts Foundation
13. The BRIT School, UK
14. Castleford Tigers Foundation
15. The Outward Bound Trust
16. Shanghai Youth Development Foundation
17. China Soong Ching Ling Foundation
18. Haja Center, South Korea
Actions
1. Expanding Burberry Inspire
Burberry Inspire is our global flagship programme, dedicated
toproviding safe spaces for young people to explore their
creativity, develop new skills and build a more positive future.
With a focus on young people from underserved communities
aged 10 to 24, Burberry Inspire brings all youth-focused
activities conducted by The Burberry Foundation and Burberry
Group plc together under a single identity. Burberry Group plc
partnerships focus on in-school programmes, and The Burberry
Foundation on community-based youth organisations.
Through a network of partnerships in nine regions across the
world, the initiative has impact at both global and local levels.
Burberry Inspire offers skills development in a variety of fields,
from creative arts and design to sports and STEM-related
activities, entrepreneurship and initiatives aimed at breaking
down educational barriers. The programme’s ambition is to
create opportunities for more than 500,000 young people
between FY 2022/23 and FY 2025/26 by unlocking their
creativity and driving positive change in their lives as well as
intheir communities. In FY 2024/25, the Burberry Inspire
programme introduced two new partners, Co&So in Italy and
Haja Center in South Korea. This expansion broadened the
programme’s reach, positively impacting more young people
and bringing the total number of partners to 18.
2. Inspiring Young Leaders
We also introduced our first cohort of Young Leaders as part of
anewly launched Young Leaders programme. To ensure that the
diversity of young people’s lived experiences and perspectives
remains at the core of Burberry Inspire and its programming, we
developed an initiative to bring together young leaders, amplify
their voices and address social issues in their local communities.
Comprised of 20 young change-makers from nine Burberry
Inspire partners around the world, the initiative was designed
todevelop the next generation of leaders by offering unique
development opportunities and fostering greater confidence
inself-expression. During FY 2024/25, the programme involved
a series of bi-weekly skills workshops, learning sessions, work
experience and round-table discussions.
To support the development of each young leader and
provideinsight into how their passions can be transformed
intomeaningful careers, participants were matched with
Burberry mentors. These mentors guided them throughout the
programme and helped them navigate their next steps into the
workforce. This initiative also provided a valuable volunteering
opportunity for Burberry employees, allowing them to engage
more deeply with the programme and contribute to its impact.
The Young Leaders programme will continue annually throughout
the duration of the Burberry Inspire programme.
5
4
7
6
11
12
13
14
15
2
9
3
17
16
1
8
10
18
83Burberry Annual Report 2024/25

3. Showcasing the creativity of BurberryInspire
In August, The Burberry Foundation hosted its first Burberry
Inspire showcase, bringing together young people from across
the United Kingdom in celebration of collaboration and creativity.
Hosted with Burberry Inspire partner OnSide at the Burberry
Business Services office in Leeds, the event saw over 60 young
people from 12 OnSide Youth Zones present a project that
theyhad worked on within the last year. From the unveiling
ofanarts mural and performance of a scene from ‘Oliver!’,
tothedemonstration of a Burberry Inspire Kit Car Project and
the presentation of an anti-knife crime lifestyle apparel brand,
the showcase highlighted the transformative impact of the
BurberryInspire programme.
4. Developing Design Camps with Future forYouth,
SouthKorea
With support from Burberry Inspire, Future for Youth (FYF)
developed Design Camps to introduce young people to creative
problem-solving and hands-on opportunities to build sustainable
design models. The interactive workshops are specifically
developed to introduce participants to new concepts and
encourage them to see themselves as creators. FYF focuses on
young people in rural communities where creative opportunities
are not as readily available as in neighbouring cities.
FYF’s Year One programme results showed that young people
made significant gains in creativity and self-expression, including
one young person who shared, “I enjoyed the freedom to create
whatever I wanted without any set constraints in thisactivity.”
5. Elevate Her Essence with Girls Inc. ofNewYorkCity
In March 2025, we supported Burberry Inspire partner, Girls Inc.
of New York City, with their annual conference. Named ‘Elevate
Her Essence’, the conference brings together more than 1,000
young women from schools across New York City for a day
ofactivities centred on mental health and wellness. A host
ofBurberry volunteers, including our Vice President Human
Resources and Vice President Marketing and Communications,
joined to support the day’s events, from being a part of the
Welcome Cheer Squad to helping with activity stations,
workshops and mainstage educational presentations.
6. Empowering our colleagues through volunteering
At Burberry, we offer all our colleagues three paid volunteering
days a year to give back to the causes they care about most.
InFY 2024/25, a volunteering highlight included our colleagues
coming together ahead of the festive season to support two
ofour Burberry Inspire partners.
Wearing festive jumpers in aid of Save the Children UK’s annual
Christmas Jumper Day, our colleagues orchestrated a ‘Wrapped
by Burberry’ gift drive to support national youth charity OnSide.
Using an array of items donated by our corporate teams, all
giftswere wrapped by hand in festive packaging and distributed
toyouth zones across London and Leeds, ensuring that all their
young people had something special to open at Christmas.
Strategic Report | Sustainability at Burberry
84 Burberry Annual Report 2024/25

Metrics
Positively impacted
FY 2024/25 FY 2023/24 FY 2022/23
Number of people positively impacted
1
through community programmes supported
byBurberry Group plc and The Burberry Foundation in FY 2024/25 273,435
2
219,377 160,785
Number of people positively impacted cumulatively through community programmes
supported by Burberry Group plc and The Burberry Foundation since FY 2022/23 653,597 380,162 160,785
1. Positively impacted refers to the number of people directly reached by our community programmes, in line with the Business for Societal Impact (B4SI) framework. This includes
individuals who directly participate in or benefit from our initiatives, such as training, mentoring, or access to resources and services.
2. This figure may not align with the financial year of contribution for certain partners, as Burberry reports impact in the year the impact reports are received from those partners.
Colleague volunteering
FY 2024/25 FY 2023/24
Percentage of colleagues actively engaged in volunteering and fundraising activities 12%^
1
8%
1
Number of volunteering and fundraising projects supported by Burberry colleagues 201 139
Total number of volunteering hours 5,519 2,799
Number of charities supported through volunteering, match funding and in-kind donations 118 92
Note: Prior year (FY 2022/23) data is not comparable as a result of a change in data collection methodology following the launch of our new volunteering platform in FY 2023/24.
1. Figure excludes colleague headcount where the volunteering platform is subject to data restrictions, including Mainland China and the United Arab Emirates (except Dubai).
^ This metric was subject to external independent limited assurance by Ernst & Young LLP (EY). For the results of that assurance, see EY’s Independent Limited Assurance Report
andBurberry’s Sustainability Basis of Reporting FY 2024/25 on Burberryplc.com.
85Burberry Annual Report 2024/25

Strategic Report | Sustainability at Burberry
GOVERNANCE –
BUSINESS CONDUCT
DISCLOSURES
Our commitment to being a responsible business drives us forward and
supports the long-term success of our people and our Company. Ethical
practices are embedded in our ways of working and we mitigate risks
toreduce potential negative impacts associated with operating a business.
Everyone working for or with Burberry is expected to adhere to our
Codeof Conduct.
This section describes our Company’s approach to key ethical business
conduct topics, including anti-bribery and corruption, animal welfare and
tax transparency. Other key ethical business conduct topics are covered
within the relevant sections, including our Social and Environmental
statements. It lays out the policies, processes and behaviours that we and
third parties associated with Burberry must comply with to ensure we are
acting in accordance with our values and doing right by our stakeholders.
Further details of these policies and processes can be found in our
CodeofConduct.
86 Burberry Annual Report 2024/25

ANTI‑BRIBERY AND CORRUPTION
Introduction
Burberry is an open and caring organisation, a value which
isunderpinned by our desire to be responsible. We strive to do
the right thing by our people, our customers, our communities
and the world around us. Complying with applicable laws and
regulations and doing the right thing are embedded in our
Company’s culture. As such, we adhere to and support international
efforts to combat bribery and corruption in accordance with
theUnited Nations Convention against Corruption, including
theUK’s Bribery Act 2010.
Failure to comply with applicable anti-bribery and anti-corruption
laws, whether by Burberry directly or within our wider operations,
could expose us to legal liabilities, financial penalties, reputational
damage and loss of stakeholder trust.
Approach
Our Anti-Bribery and Anti-Corruption Policy is in place to
ensureintegrity in our direct and indirect business operations.
Compliance with the policy is mandatory for our employees,
contractors and all third parties associated with Burberry, with
the policy being shared during our onboarding process and
apart of mandatory employee training.
We are committed to investigating any reports or concerns
promptly, thoroughly, independently and objectively. We have
multiple channels for concerns to be raised, including via line
management, Asset and Profit Protection, Human Resources,
and Burberry Confidential (which can be used by employees,
contractors and Business Associates). Reports are handled in
accordance with our Burberry Confidential and Whistleblowing
Policy (available on Burberryplc.com).
We have an open culture with high standards of accountability
and ethical behaviour. As such, we have zero tolerance for
retaliation when concerns are raised.
Policies
Our Anti-Bribery and Anti-Corruption Policy outlines the steps
taken to prevent bribery and corruption in connection with
Burberry. Itexplains what bribery, corruption and facilitation
payments are, sets out the obligations of Business Associates,
and details Burberry’s expectations in respect of gifts
andhospitality.
Burberry’s General Counsel is responsible for implementing
thepolicy.
The policy is made available to our employees, contractors and
third-party Business Associates at all times via Burberryplc.com.
We share a copy of the policy with third party Business Associates
as part of our onboarding process, and we require contractual
assurances that they will comply with the policy as a condition
ofworking with us. The policy is also made available to Burberry
employees as part of mandatory annual anti-bribery and
anti-corruption training, which covers the content of the policy.
Actions
1. Responsible Business Principles
In FY 2024/25, we sent 862 Responsible Business Principles
letters to key vendors. Dispatched every two years, the letters
serve as reminders for vendors regarding our business practices
and Burberry’s Code of Conduct.
2. Gifts and Hospitality Policy update
We amended our Gifts and Hospitality Policy in relation
toclientengagement gifting, revising parameters around
frequency. The new approach provides a narrower focus and
isdesigned to lead to more impactful gifting from our Client
Engagement teams.
87Burberry Annual Report 2024/25

ANIMAL WELFARE
Introduction
Burberry is deeply committed to principles and practices
thatrequire animals in its supply chain to be treated with
careand respect and believes that animal welfare is of the
utmostimportance.
Approach
The capture, maintenance, breeding, raising, transportation and
handling of animals must be undertaken observing the highest
animal welfare standards, and in compliance with all applicable
local animal welfare, social and environmental laws. Burberry
has defined specific sourcing requirements for animal-based
materials and identified certification programmes which promote
ethical farming practices and enhance supply chain transparency.
Burberry has a ban on the use of real fur and exotic skins.
Policies
With respect to animal welfare, our Responsible Raw Materials
Sourcing Policy outlines our requirements for value chain partners
and colleagues, as well as our commitments toresponsible raw
materials sourcing.
The policy (available on Burberryplc.com) also outlines our
requirements with respect to packaging, and animal welfare
andtesting. Our Beauty licensee, Coty, publishes its own Against
Animal Testing Policy & Program, which is availableon Coty.com.
Actions
1. Raw materials target progress
In FY 2024/25 we made good progresses in our journey to
achieving our target of 100% of our key raw materials being
certified or responsibly sourced, as defined in our Sustainable
Raw Materials Portfolio (available within our Sustainability Basis
of Reporting FY 2024/25 on Burberryplc.com). The Portfolio
isbased on certification programmes and sourcing criteria
which promote ethical farming practices and enhance supply
chaintransparency.
2. Industry collaboration
Burberry is also part of the Textile Exchange animal welfare
working group. It aims to create strategies and propose
approaches to setting long-term material commitments
toachieve industry change.
TAX TRANSPARENCY
Introduction
As a global luxury retailer, wholesaler and manufacturer,
operating in over 400 retail locations worldwide, we take our
environmental, social and corporate governance responsibilities
seriously. Our Tax Strategy enables us to fulfil those
responsibilities in respect of all applicable taxes.
Approach
Burberry 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 strive to ensure that all tax filings are accurate and
submitted on a timely basis. If we discover any inadvertent
errors in tax returns or correspondence with tax authorities,
wedisclose them promptly. In the UK, the Vice President, Tax
and the global Tax and Trade Compliance teams have regular
communication with our HM Revenue & Customs (HMRC)
Customer Compliance Manager and specialist HMRC teams
topromote a professional, collaborative working relationship.
Burberry has a low tolerance for tax risk and proactively
engages with advisors to achieve certainty on our tax position.
The Group’s processes, policies and governance are designed
to identify and mitigate material tax risks. The complex and
ever-changing international tax environment, national regulatory
developments and changes in the way we do business mean that
there is always an element of tax risk and uncertainty inherent
inthe Group’s operations. To this end, we have formalised our
taxrisk identification, measurement, monitoring and reporting
processes to manage these risks and ensure appropriate
mitigation steps are taken. Significant tax risks andprogress on
mitigating actions are reported regularly to the Audit Committee.
Burberry seeks to engage in open and constructive dialogue
with HMRC in the UK and with tax authorities in all the territories
in which we operate.
Policies
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
can be found on Burberryplc.com.
Actions
In FY 2024/25, the total taxes borne and collected globally
bythe Group amounted to £383 million. In the UK, where the
Group is headquartered and has significant operations, Burberry
paid business taxes of £74 million and collected a further
£52 million of taxes on behalf of the UK Exchequer. We paid
£0.3 million in plastic packaging tax and other environmental
taxes. Further information on this can found on the Total Tax
Contribution section at Burberryplc.com.
Strategic Report | Sustainability at Burberry
88 Burberry Annual Report 2024/25

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
• Code of Conduct
• Sustainability at Burberry section, pages40 to 88
• Impact section on Burberryplc.com
• Task Force on Climate-related Financial Disclosures
(TCFD), pages 47 to 71
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 158 to 161
• Directors’ Remuneration Report, pages 136 to 157
• Our Purpose and Values, page 19
• Stakeholder Engagement, pages 43 to 45
• Gender and Ethnicity Pay Gap Report on Burberryplc.com
• Sustainability at Burberry section, pages40 to 88
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
• Impact 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
• Impact section on Burberryplc.com
Anti-corruption
and anti-bribery
• Anti-Bribery and Anti-Corruption Policy
• Cash Acceptance Policy
• Fraud Risk Management Policy
• Reflecting the needs of our stakeholders, People,
page45
• Reflecting the needs of our stakeholders, Customers,
page 44
Additional
disclosure
• Our Business Model, pages 18 and 19
• Environmental and Social Measures (Non-financial KPIs),
pages 55 to 85
• Risk and Viability Report, pages 90 to 101
• Our Purpose and Values, page 19
89
Burberry Annual Report 2024/25

Strategic Report | Risk and Viability Report
RISK AND VIABILITY REPORT
Risk management at Burberry supports growth and protects existing value.
Our approach to risk
Group Risk
Effective risk management is fundamental to achieving our
business objectives, protecting our reputation and delivering
added value to our stakeholders. The Group Risk team,
encompassing enterprise risk management, business resilience,
and insurance, supports the integration of risk into decision-
making. By collaborating with teams across the business, Group
Risk enhances risk identification and analysis, establishing
therequired mitigation profile to meet the Group’s strategic
objectives and manage risk within Burberry’s risk appetite.
Our business resilience approach focuses on critical risks and
controls to business operations, and supports the management
of continuity plans in the event of the risk occurring or a control
failure. We conduct risk simulations with our business functions
and the Group Incident Management team, chaired by our CEO,
to manage global incidents.
Our Insurance strategy, informed by our risk appetite, tolerance
and profile, ensures sufficient cover for insurable risks through
close collaboration with the Enterprise Risk Management and
Business Resilience teams.
Regulatory developments
A management steering committee has been established to
review current practices and recommend any changes required
by the revised provision 29 of the 2024 Corporate Governance
Code which will apply to the Group from FY 2026/27.
During FY 2024/25, we focused on identifying and defining
material controls, to ensure that we are addressing the most
impactful areas. Our approach facilitates the continuous
improvement of our Control Framework. In FY 2025/26, we will
concentrate on further refining these controls and enhancing
Board reporting within our existing Risk Management Framework
while preserving the agility needed to drive sustainable business
growth and operational efficiency.
Risk Management Framework
The Group Risk Management Framework encompasses risk
governance, risk appetite and risk processes as demonstrated
by Figures 1 and 2 on pages 91 and 92, respectively.
Theframework is aligned with the objectives of ISO 31000:2018,
toassist business functions in conducting risk management
activities to support the achievement of business objectives;
and to provide clear governance for communicating the outcomes
of risk management to relevant internal and externalstakeholders.
The foundation for the Group Risk Management Framework
involves assessing the internal and external environment in
theshort to medium term. The internal environment includes,
forexample, our employees, suppliers, capabilities, resources,
infrastructure, resilience, culture and objectives. The external
environment concerns customer and shareholder expectations,
regulations, competitors, luxury industry trends, raw material
volatility, the economy and the geopolitical environment.
GroupRisk continually assesses potential changes in both
environments to support business areas with the Risk
Management Framework.
90 Burberry Annual Report 2024/25

Risk governance
Board
• Responsible for the Risk Management and Internal Control
Framework across Burberry
• Setting and monitoring Burberry’s risk appetite
• Review of the principal risks facing the business, alongwith
the corresponding mitigation strategies implemented
Audit Committee
• Oversight and advice to the Board on current risk exposures
• Assessing the effectiveness of the Risk Management and
Internal Control Framework on an ongoing basis on behalf
ofthe Board
Risk and Ethics Committees
• Oversight of key risks reporting to the Audit Committee
• Formal groups for ongoing risk monitoring and
decision-making onrisks and issues escalated from
businessfunctions
• The Committees can be found on page 117
Leadership teams
• Monitoring the risk landscape and communicating insights
within the function
• Maintaining a business area register of enterprise risks and
controls, and tracking control performance by implementing
appropriate governance
Leadership teams
Risk and Ethics
Committees
Audit Committee
Board
Figure 1. Risk governance
Bottom-up approach
Top-down approach
Risk appetite
The Group’s risk appetite is defined by the Board and outlines
the nature and extent of risk the Group is willing to take to support
responsible and sustainable growth. The Board is ultimately
responsible for challenging management’s development and
implementation of effective systems of risk identification,
assessment and mitigation to within risk appetite.
The Board has delegated 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 governance
(Figure 1). Our Internal Audit team provides independent
assurance to management and the Audit Committee on the
effectiveness of management actions.
The Group’s risk appetite was reviewed by the Risk Committee
and approved by the Board in May 2025.
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Strategic Report | Risk and Viability Report
Risk assessment: The Group Risk Management Framework
supports colleagues with quantifying the likelihood and impact
of identified risks.
Risk response: Risks are prioritised based on their risk
positionrelative to their defined risk tolerance. We develop and
implement strategies to prevent, detect, direct and remediate
risks, including risk transfer through insurance and the creation
of contingency plans where necessary to manage risks to within
our risk tolerance. Controls are developed with clear ownership,
governance, reporting and effectiveness criteria.
Risk reporting and monitoring: Our risk governance is set out
inFigure 1 on page 91. The framework allows us to monitor risk
factors and the effectiveness of mitigation strategies, ensuring
ongoing protection and alignment to our risk appetite and
tolerance, with a clear escalation process. Where events occur,
we analyse the root causes and identify opportunities to enhance
controls. We maintain clear, open communication channels and
provide training to support colleagues with continuous risk
monitoring and escalation.
Audit and assurance: Internal Audit performs assurance
activities, including regular risk-based internal audits directed
by the annual internal audit plan, which is reviewed and approved
by the Audit Committee. Our culture supports positive dialogue
between the business and internal audit, fostering two-way
information flow to enable the identification and implementation
of process improvements. The annual internal audit plan is
aligned to the principal risks and remains dynamic to incorporate
changes in the risk profile throughout the year.
Principal risks
The Board considers principal risks to be the most significant
risks faced by the Group, including those most material to
theGroup’s performance and those which could threaten the
business model or the future long-term solvency or liquidity
ofBurberry. For the purpose of risk management the Group
considers short term to be up to two years, medium term to be
two to five years and long term more than five years. The principal
risks outlined in the Annual Report do not encompass all risks
and mitigating actions associated with our business, nor are
they listed in order of priority. We continuously conduct horizon
scanning to identify emerging risks which could adversely
impact our business.
Each principal risk is linked to one of our risk categories:
External, Strategic, Operational and Compliance, and may
impact one or more of our strategic priorities.
Principal risk assessment
We identify and manage risks that could hinder our ability
tocreate and protect value in achieving the Group’s strategic
objectives. Throughout the year, we continually review these
risks, providing summaries to the Risk Committee and Audit
Committee at least twice annually. Risks are reviewed within the
context of both the external and internal operating environment.
The review includes an assessment of the comprehensiveness
of the Group’s principal risks, their descriptions, movements,
tolerance levels, associated risks, and the effectiveness
ofmitigating actions to manage risks to within tolerance.
Ifanyrisks are outside tolerance, we develop additional plans
tomitigate the risk exposure within a reasonable time frame
andmonitor the implementation of these plans.
Risk identification: We continuously identify risks across
allareas of the business, evaluating their potential impact
onorganisational objectives within the internal and external
environment. Risks are categorised by principal risk and aligned
with our risk categories: External, Strategic, Operational
andCompliance.
Figure 2. Risk process
Audit and
assurance
Risk
identification
Reporting
and
monitoring
Risk
assessment
Risk
response
Risk
culture
Risk appetite statement
We seek to protect the long-term value and reputation of our
brand in our operations, 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 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 an essential part of our culture and underpin
our strategic ambition. In evaluating risks and opportunities,
weprioritise the interests and safety of our customers, people,
communities, and the environment.
Risk process
At the core of our Risk Management Framework lies our
riskculture, which is intrinsically linked to our risk appetite.
Wecultivate a risk-aware environment through strong
communication from leadership, integration of risk into daily
activities, continuous learning, consistent risk terminology,
accountability, transparency, and top-down and
bottom-upcommunication.
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Strategic risk
Using our Principal Risk Framework and risk management
process, Group Risk supports business functions in embedding
risk management within their annual strategic plans before
Board approval. Additionally, scenario analysis and risk appetite
mechanisms are employed to identify key mitigating actions
required to manage these risks.
The Board reviewed the risks embedded within the strategic
plans in October 2024 and March 2025.
Emerging risks
The Board considers emerging risks to be still evolving and
tohave impacts and likelihoods that are highly uncertain.
Wecontinuously assess emerging risks alongside our principal
risks as part of our risk management process. Horizon scanning
is undertaken through insights from top-down and bottom-up
risk workshops with internal stakeholders, attending industry
forums and seeking specialist professional consultation
whererequired.
Review of principal risks and the Risk
Management Framework
The Risk Committee endorsed the half-year and year-end risk
assessment of the principal and emerging risks in October 2024
and April 2025, and they were approved by the Audit Committee
in November 2024 and May 2025, respectively.
At the year-end assessment of the Group’s principal risks,
thefollowing changes were implemented:
• The Foreign Exchange principal risk was expanded to
Financial Risk, now encompassing foreign exchange, interest
rates, credit risk and liquidity risk
• A new principal risk, Strategic Transformation, was introduced
to reflect the large transformation programme currently
underway within the Group
• The principal risk for Cyberattack/Loss of Data was renamed
Cybersecurity, with Loss of Data which results in non-compliance
with data regulations addressed within the Regulatory Risk
and Ethical/Environmental Standards principal risk
• The Business Interruption risk was removed and incorporated
within other principal risks, predominantly Supply Chain,
toeliminate duplication. Additionally, operational business
interruption risks are now addressed within IT Operations,
People, Regulatory Risk and Ethical/Environmental Standards
and Cybersecurity, and market risks addressed within Global
Consumer Demand
• The risk tolerance level for the People principal risk was
updated to moderate to reflect the changes within the
transformation programme
Principal risk movements:
The following principal risks have increased during the
financialyear:
• Geopolitical Uncertainty, reflecting the heightened volatility
and instability across key regions. This includes trade tariffs
and divergent government policies that may have implications
on the macroeconomy, financial markets and supply chains
inour core operating regions
• Global Consumer Demand, driven by economic pressures
impacting purchasing behaviours worldwide
• People Risk, following the transformational changes within
theorganisation alongside the wider uncertainty in the
macroeconomic environment
Strategic pillars
B
(Brand) Timeless British Luxury
P
(Product) Lead with outerwear
D
(Distribution) Align distribution with Product
andCustomerstrategy
C
(Culture) Reignite a high-performance culture
Risk movement
Risk has remained stable since the prior financial year
Risk has increased since the prior financial year
Risk has decreased since the prior financial year
Risk tolerance
Low
We adopt a focused risk-based approach, seeking
toallocate resources to mitigate related key risks
wherever possible
Moderate
We adopt a risk-based approach that allocates
resources inline with strategic priorities
High
We have a greater willingness to tolerate risk
andprioritise resources in pursuit of other
strategicobjectives
Viability assessment
V Risk included in the viability assessment
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Strategic Report | Principal Risks
Principal risk summary
Principal risk Movement Tolerance Link to strategy Category
1. Financial Risk New Low*
D
External
2. Geopolitical Uncertainty Increased Moderate
D
3. Climate Change Stable Low
P
Strategic
4. Global Consumer Demand Increased Moderate
B
P
D
C
5. Image and Reputation Stable Low
B
P
D
C
6. Strategic Transformation New Moderate
B
P
D
C
7. Cybersecurity Stable Low
B
P
D
C
Operational
8. Supply Chain Stable Low
D
9. IT Operations Stable Moderate
B
P
D
C
10. People Increased Moderate
C
11. Intellectual Property (IP) and Brand Protection Stable Low
B
Compliance
12. Regulatory Risk and Ethical/Environmental Standards Stable Low
C
* While our overall tolerance remains low, we maintain a high tolerance for foreign exchange risk.
94 Burberry Annual Report 2024/25

External risks
1. Financial Risk
D
V
Risk movement: New
Risk tolerance: Low*
Burberry’s global operations are exposed to risks from currency
volatility, interest rate fluctuations, and credit exposure with
wholesale partners, suppliers, and financial institutions.
Significant volatility in foreign exchange rates could impact
reported results, while fluctuations in interest rates and
borrowing positions may affect financial performance.
Maintaining sufficient liquidity is essential to meeting financial
obligations and supporting operations. Increased leverage could
impact the cost and availability of financing.
Mitigating actions
• 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
• Treasury and Group Finance teams, overseen by the Treasury
Committee, monitor Burberry’s foreign currency and interest
rate exposure and liquidity risk
• The Treasury Committee monitors the Group’s cash position
and manages financing requirements to ensure that sufficient
cash is maintained to meet foreseeable needs and close out
market positions
• The Group’s cash flow and liquidity position is regularly
reported to the Board
• The Group performs scenario testing over the four-year plan
which includes various risk scenarios and their impact on cash
flow and available liquidity
• We review the financial position of third parties before
engaging in contractual agreements and receive management
information to review their financial positions regularly
• Further details on Burberry’s approach to managing foreign
exchange, interest rates and liquidity are given in note 26
tothe Financial Statements
2. Geopolitical Uncertainty
D
V
Risk movement: Increased
Risk tolerance: Moderate
The Group operates in a wide range of markets and is exposed
to geopolitical uncertainty stemming from political instability,
wars, civil unrest, terrorism, and changes in government policies
which may lead to sanctions, tariffs, and quotas. Geopolitical
instability could impact consumer demand and affect our people,
reputation, supply chain, trade and ability to source and operate
within markets.
Mitigating actions
• The Group engages external partners to support our specialist
teams with horizon scanning and monitoring of emerging and
current geopolitical developments relevant to our operations
• In the event of a geopolitical incident, our Incident Management
Framework would be invoked to assess the severity of the
incident and take appropriate remedial action
• Updates on geopolitical developments, scenario analysis
anddeep dives are reported to the Risk Committee,
AuditCommittee and Board as appropriate
• Assessment of geopolitical risk is integrated into our approval
processes for investment and new growth opportunities,
including expanding our store network and engaging
prospective franchise and wholesale partners. Within our
supply chain, our Onboarding Risk Framework considers
geopolitical risk in the selection of suppliers and vendors
• Our strategy leverages its global reach across multiple
customer segments and regions to mitigate reliance
onaparticular customer group or nationality
* While our overall tolerance remains low, we maintain a high tolerance for foreign exchange risk.
95Burberry Annual Report 2024/25

Strategic Report | Principal Risks
Strategic risks
3. Climate Change
P
V
Risk movement: Stable
Risk tolerance: Low
We recognise the importance of addressing long-term
environmental sustainability challenges and the impacts of
climate change on our business in reputational, operational,
compliance and financial terms. Failure to comply with
regulatory changes aimed at addressing global GHG emissions,
such as carbon taxation and ESG reporting requirements, could
result in financial penalties and impact our reputation.
Mitigating actions
• Our response to managing climate-related risks is detailed
within our TCFD section from pages 47 to 71.
4. Global Consumer Demand
B
P
D
C
V
Risk movement: Increased
Risk tolerance: Moderate
Global consumer demand for Burberry products is subject to
several factors, including external influences such as changes in
the macroeconomic environment (including inflation), extreme
weather, or a public health crisis, which may impact consumer
spending in the luxury market and, consequently, our
profitability. The commercial appeal of Burberry products, which
is impacted by design choices, sustainability preferences,
perceived quality, breadth of range, pricing architecture,
distribution channels, marketing activities, and customer
experience, as well as changes in market competition, could
impact consumer demand and growth opportunities. Significant
differences between global inventory planning and allocation
and consumer demand could also impact our profitability.
Mitigating actions
• The Group consults with industry specialists to discuss
emerging risks and consumer preferences in the luxury
industry, the market outlook and opportunities for growth.
These discussions inform our global inventory planning and
allocation, Marketing strategy and financial plan
• The Group continually reviews stores’ commercial
performance alongside market opportunities in the region
toinform our Commercial Investment strategy
• The product range plan and balance of carry-forward,
replenishment and newness are informed by analysis of
previous seasonal performance and a collection of inputs
from the regions on market trends and opportunities,
customer feedback and competition
• The pricing architecture considers an offering at each price
tier to appeal to a broad luxury consumer audience.
Ourexecution considers foreign exchange and market
movements
• The Group tracks the customer journey using key
performance metrics (for example, Net Promoter Score) to
identify and address areas of improvement and track progress
towards our strategic objectives
5. Image and Reputation
B
P
D
C
V
Risk movement: Stable
Risk tolerance: Low
The Group invests in building trust in the brand and protecting
its image and reputation globally. Unfavourable incidents,
unethical behaviour, failure to demonstrate cultural and social
sensitivity or negative media coverage relating to the Group’s
people, practices, products or third party suppliers could
damage the Group’s image and reputation. This could lead to
aslowdown in sales or loss of customers, and could negatively
impact the value of our brand.
Mitigating actions
• Governance of reputational risks, issues and mitigations
isprovided by the Ethics, Sustainability, Risk and
AuditCommittees
• The Group undertakes due diligence processes prior
toengagements with collaborators, influencers and/or
celebrities, and performs documented risk assessments
ahead of all campaigns, runways and events
• The Group operates strict approval processes and editorial
controls to ensure all product and content is reviewed
andsigned off prior to external release
• The Group ensures adherence to sustainability, cultural and
ethical practices throughout the organisation by providing
training and guidance materials to support our teams
• The Group provides annual training and monitors adherence
to the requirements of our Code of Conduct for our
employees and associated third parties
• The Group maintains an Incident Management Framework,
which includes continuous monitoring of social networks
andresponse procedures
6. Strategic Transformation
B
P
D
C
V
Risk movement: New
Risk tolerance: Moderate
Failure to successfully deliver the Group’s Burberry Forward
strategy, including delivering the benefits of the transformation
programme to foster resilience and commercial growth, could
result in underperformance against our peers.
Mitigating actions
• We have established a Programme Management Office
(PMO)overseen by the Senior Vice President Strategy
andTransformation that governs delivery of our strategic
programmes. The PMO hosts a regular cadence of steering
committees and meetings to assess and manage progress,
risks, dependencies and impacts, which are tracked using
project management tools and frequently communicated
tothe Audit Committee and the Board
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• Executive Committee sponsors manage aligned workstreams
and collaborate with the business cross functionally, operating
with clear and transparent communication to support efficient
and effective decisions that will enhance the business over
the long term
• Partnering with topical specialists, the transformation
programme frequently scans for changes in the external
environment which may impact the strategy, and conducts
benchmarking of the business’s capabilities and performance
against peers and the market
Operational risks
7. Cybersecurity
B
P
D
C
V
Risk movement: Stable
Risk tolerance: Low
A cyberattack may result in a system outage, impacting core
operations and/or resulting in a major data loss leading to
regulatory non-compliance and/or reputational and/or financial
damage. The nature of the attack could include social engineering,
ransomware, credential compromise of accounts or externally
facing assets that target Burberry or those of a third party provider.
Mitigating actions
• The Group implements continuous improvement of 24/7/365
global security monitoring and analytics capability supported
by security incident response processes
• The Group manages solutions to help detect personal
andsensitive data loss with improved control over user
access management
• The Group conducts second line assurance checks with
reporting on control effectiveness to executive and
ITmanagement
• Governance is provided through a cross-functional
Cybersecurity Steering Group and separate Data Privacy
Steering Group with executive membership and sponsorship.
Specialist steering groups oversee emerging data regulations
• The Group has cybersecurity incident response plans via
system backups, continuity strategies and simulation exercises
• The Group works to build a culture of security that encourages
and positively reinforces secure employee behaviours, and
issupported by mandatory security training and awareness
activities, including phishing tests
• Maintenance of business financial controls to support fraud
detection/prevention
• Enhancement of our third party due diligence and risk
reporting capabilities
8. Supply Chain
D
V
Risk movement: Stable
Risk tolerance: Low
Internal and external factors could impact our ability to source
raw materials, or to manufacture, procure and distribute finished
products from suppliers on a timely basis at the required quality,
quantity and cost in accordance with Burberry’s ethical and
environmental standards. Disruptions can stem from various
events, including a delay to our critical path and external events
such as extreme weather (for example, floods), natural hazards
(for example, earthquakes), geopolitical events (for example,
trade restrictions and trade sanctions), terrorism, industrial
strikes, social unrest, cyberattacks, critical supplier or vendor
insolvency, IT outages, data loss, property damage or infectious
diseases. As a result, production can be halted and/or deliveries
delayed, which could lead to financial and/or reputational losses.
Mitigating actions
• The Group has a defined Onboarding Risk Framework for
theselection of new vendors and suppliers. We foster strong
relationships with our vendors and suppliers and review
ourportfolio annually
• The Group has a detailed critical path aligned to target
seasonal delivery dates with key milestones for each design
stage, which include prototype review and engineering
validation before industrialised production
• The Group’s Responsible Business Principles and Responsible
Raw Materials Sourcing Policy are included within our Code
ofConduct, which forms part of our contractual agreements
with our suppliers and vendors
• The Group continues to evolve its supply chain organisational
design to develop its manufacturing and distribution and
reduce dependence on key sites, suppliers and vendors
• Product suppliers and vendors are subject to a quality control
programme which includes regular site inspections and
independent product testing to ensure compliance with
allapplicable regulatory, chemical and safety standards.
Wealsoperform quality and quantity checks upon receipt
anddispatch of finished goods at our distribution centres
andretail stores
• The Group closely tracks global shipments and performance
to advance forward planning and timely issue resolution
tomeet its delivery targets
• The Group has business continuity plans for its major
distribution and manufacturing sites. The Minimum
ViableCompany (MVC) assessment, focusing on the most
time-critical processes, is central to the Group’s Business
Continuity and Resilience strategy
• The Group has a comprehensive insurance programme
supported by natural catastrophe modelling and insurance
optimisation studies to offset the financial consequences
ofinsured events, including fire, flood, extreme weather
andproduct liabilities
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Strategic Report | Principal Risks
• The Group regularly reviews its Diversity, Equity and Inclusion
Policy and practices. We use industry best practice to attract
external talent and to design and deliver initiatives and policies
that are most important to our colleagues at global and
regional levels
• The Group offers various colleague engagement moments
and channels (such as employee forums, global and functional
town halls, enterprise-wide working groups, and colleague
surveys) to listen, gather feedback and take action
Compliance risks
11. Intellectual Property and Brand Protection
B
Risk movement: Stable
Risk tolerance: Low
Counterfeiting, copyright, trademark and design infringement
inthe marketplace could reduce demand for genuine Burberry
merchandise and impact the luxury positioning of the brand.
Challenges against Burberry’s IP rights or allegations
ofinfringement against Burberry pose a risk to our brand.
Distribution outside of our authorised network and parallel
tradecould negatively impact demand for Burberry products
and harm our luxury reputation.
Mitigating actions
• We are proud of our heritage and seek to protect our brand
and reputation. Our Brand Protection Policy provides details
of how we manage these risks. The policy is available to all
colleagues and is reviewed annually to ensure relevance
• We conduct brand protection enforcement globally. The Group
partners with enforcement agencies, digital and social media
platforms, external lawyers and peer brands to disrupt the
flow of counterfeit and infringing products by monitoring the
market, reducing visibility of counterfeits and infringing items,
and enforcing to source level. This includes online monitoring
and take-down activities, and legal action where appropriate
• Existing branding and new brand signifiers are protected
bytrademarks, copyright and by registering designs across
allappropriate categories in relevant markets
• The Brand Protection team partners with Product Design
andCreative Content teams to ensure that our products and
content respect the rights of third parties, and to establish
adequate protections
9. IT Operations
B
P
D
C
V
Risk movement: Stable
Risk tolerance: Moderate
Inadequate technology support and/or recovery of an IT system
or service outage underpinning critical processes across the
Group, including Retail, Digital, Supply Chain, Human Resources
and Finance, could significantly impact the Group’s ability
tooperate. Failure to provide technology that meets consumer
expectations and empowers innovation could impact consumer
demand for our products and services.
Mitigating actions
• The Group has an established IT operating model, aligned
withthe Burberry Forward strategy and functions
• The Group’s mature Governance Framework is embedded
with executive representation to support IT investment
decisions, key risk management and operating budgets
• The Group continuously implements controls to improve the
operation of IT systems, including preventative maintenance,
landscape health and third party management
• The Group leverages technology partners to support service
delivery and continuous improvement
• The Group builds resilience through Business Continuity and
IT Disaster Recovery plans and exercises. A Group Incident
Management Framework is in place to report, escalate and
appropriately respond to incidents
10. People
C
Risk movement: Increased
Risk tolerance: Moderate
Changes and challenges in the internal and external
environment may impact our ability to attract, motivate,
developand retain employees and to maintain a workforce that
encompasses diverse backgrounds with the right capabilities
todrive performance and meet our strategic objectives.
Mitigating actions
• The Executive Committee and senior leaders are committed
toreviewing key talent and capabilities to align with evolving
business needs, prioritising inclusive hiring practices and the
internal movement of talent. Our reward philosophy provides
colleagues across the Group with a competitive total reward
package, including fixed pay, variable pay linked to
performance, and a suite of benefits that are market-aligned.
Regular pay analysis is conducted to ensure our reward
offering is competitive
• The Group focuses learning and development efforts ontwo
key populations: leaders (all director and above colleagues)
and line managers (anyone who manages people).In FY 2024/25,
we launched Leading Forward, which addresses how leaders
drive Burberry forward through our new B:Leaders Leadership
Framework and B:Managers, a new suite of linemanager
training programmes that will be rolled out inFY2025/26
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12. Regulatory Risk and Ethical/
Environmental Standards
C
V
Risk movement: Stable
Risk tolerance: Low
The Group is subject to a broad spectrum of laws and
regulations in the various jurisdictions in which it operates.
These include laws and regulations relating to our products,
compliant use of technology, corporate fraud, anti-bribery and
corruption, anti-money laundering, competition, data, corporate
governance, employment, ESG, tax, trade compliance, sanctions,
human rights, and employee and customer health and safety.
Changes to laws and regulations, potential non-compliance
oramajor compliance breach, could have a material impact
onthe business and our financial performance.
Mitigating actions
• Specialist teams at corporate and regional levels, supported
by third party specialists where required, provide advice
tosupport the Group’s compliance with applicable laws, tax
requirements, ethical and business policies and regulations.
The teams aid colleagues in their understanding of the
policies, laws and regulations relevant to their roles. Teams
provide detailed reports to specialist committees (such as the
Sustainability Committee, Risk Committee, Ethics Committee,
Data Privacy Committee and Audit Committee) and to the
Board as appropriate
• The Code of Conduct 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. For our
supply chain partners and other key partners, the Code
ofConduct forms part of our contractual agreements
• Our vendor due diligence covers new and existing supply
chain partnerships, and our Ethical Trading Programme
includes announced and unannounced vendor audits.
Wereview third party performance against our Human
RightsPolicy and Governance Framework
• Our Global Health and Safety Policy sets out clear
commitments to our health and safety standards, risk and
hazard identification, and continuous improvement strategies
within our global operations. We operate a global risk
assessment process for retail stores, corporate offices and
supply chain environments, which are reviewed quarterly.
Incident and audit trends are discussed quarterly at our
Global Health and Safety Committee
• The Group believes in fostering a culture where everyone
feels comfortable speaking up, whether to propose an idea,
raise concerns or ask for help. To support this, we have
established two platforms for communication: our Burberry
Resolution Hub, and our whistleblowing line, Burberry
Confidential. Our whistleblowing line is available to employees
and supply chain partners, and supports the identification
andprevention of fraudulent activities within the Group
orassociated third parties
• International tax developments are a key focus of attention,
with Burberry’s Tax strategy reported to the Audit Committee
on an annual basis
• Our Authorised Economic Operator (AEO) and trade
compliance programme is in place to ensure we keep up
todate with all relevant regulations. We work closely with
ourthird party specialists to ensure compliance
• The Group operates a monthly fraud investigation forum which
supports the identification and prevention of fraudulent
activities within the organisation
99
Burberry Annual Report 2024/25

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 plans 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 by 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 and balance sheet strength.
Where appropriate, we have adjusted our planning process
toinclude scenarios relating to key assumptions as a result
ofthe uncertain macroeconomic and geopolitical environment.
Assessment of prospects
In November 2024, we announced Burberry Forward, our
strategic plan to reignite brand desire, improve performance
and drive long-term value creation.
In this next phase, our focus is on reconnecting our brand with
its founding principle, which is to design clothing to protect
people from the weather. We are leaning into our heritage and
leveraging our strengths with a disciplined approach, as we
believe we have the greatest opportunity where we have the
most authenticity. We are evolving our product offer to appeal
toa broad base of luxury customers.
The Group’s strategy is set out on pages 13 to 17.
The Group’s key priorities for FY 2025/26 are a continued
focuson productivity, simplification and financial discipline.
Toimplement Burberry Forward, we have optimised our
operating model and are improving our ways of working across
the organisation. Throughout our retail network we are focused
on improving productivity and we have reassessed our contracts
and third parties to drive procurement savings.
We are positioning the brand for a return to sustainable
profitable growth, supported by a strong cash generation and
balance sheet strength. We remain confident that our strategic
plan will improve our performance and drive long-term
valuecreation.
The Group’s approach to balance sheet and liquidity 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.
Considering the continuing uncertain global consumer demand
and geopolitical environment, we have prepared several
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 92, and the principal risks and
uncertainties as set out on pages 95 to 99.
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 2028. 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, which were informed
by a comprehensive review of macroeconomic scenarios using
third party projections of macroeconomic data for the luxury
fashion industry which reflects the current uncertain outlook
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 aligned to the group’s strategy, a balanced assumption
for economic uncertainty and investment in capital expenditure
and marketing.
It consists of FY 2025/26 and the subsequent two-year period
toMarch 2028.
As a sensitivity, this central planning scenario has been stressed
by a 22% downgrade to revenues in FY 2025/26 and a 18%
reduction in revenues across the full three-year period, as well
as the associated consequences for EBITDA and cash.
100
Burberry Annual Report 2024/25

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 geopolitical and macroeconomic
uncertainty together with the potential impacts of the Group’s
other principal risks, as described on pages 95to 99.
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 2028 was, in the Group’s
opinion,implausible.
The severe but plausible downside modelled the following risks
occurring simultaneously:
• A more severe and prolonged reduction in the GDP growth
assumptions across the markets in which we operate
combined with a reduction to our global consumer demand
arising from a change in consumer preference compared
toour central planning scenario
• An increase in geopolitical tension which leads to incremental
unmitigated tariff risks compared to the central planning model
• A significant reputational incident such as negative sentiment
propagated through social media
• The impact of a business interruption event, resulting in a
two-week interruption arising from the supply chain impact,
and interruption to one of our channels
• The occurrence of a one-time physical risk relating to climate
change in FY 2026/27 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
• The impact of not delivering the anticipated cost savings
fromthe Burberry Forward transformation programme
• 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 26 of the Financial Statements), financial risk
management objectives and hedging activities (set out in note
26 of the Financial Statements). In our central planning and
severe but plausible downside scenarios, the Group maintained
the necessary liquidity levels.
The Group has a £300 million 1.125% unsecured sterling
Sustainability Bond which is due for repayment in September
2025, within the going concern and viability period.
The Group’s central planning scenario includes the repayment
ofthe £300 million Sustainability bond with existing cash and
drawing the £75 million Revolving Credit Facility (RCF).
The viability assessment does not rely upon either the
£75 million or £300 million RCFs being drawn, and instead
assumes mitigating actions within management control would
be taken including working capital measures, limiting capital
expenditure and/or variable marketing costs.
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 2028.
The Strategic Report up to and including page 101 was approved
for issue by the Board on 13 May 2025 and signed onits behalf by:
Gemma Parsons
Company Secretary
101
Burberry Annual Report 2024/25

Chair’s Introduction 103
Board of Directors 104
Executive Committee 109
Corporate Governance Report 110
Governance Structure and Division
ofResponsibilities
117
Composition, Succession and Evaluation 121
Report of the Nomination Committee 123
Report of the Audit Committee 128
Directors’ Remuneration Report 136
Directors’ Report 158
CORPORATE GOVERNANCE STATEMENT
102 Burberry Annual Report 2024/25

Corporate Governance Statement | Chair’s Letter
CHAIR’S INTRODUCTION
We have also announced that Fabiola Arredondo, Antoine de
Saint-Affrique and Sam Fischer will not stand for re-election
atthe 2025 AGM. I would like to thank Debra, Fabiola, Antoine
and Sam for their service to the Company and the extensive
knowledge and experience they brought to Board discussions
throughout their tenures.
More information on the appointment processes and induction
programmes for Josh and Stella can be found in the Nomination
Committee Report on page 126.
Board effectiveness
The Board conducted an internally facilitated evaluation of its
effectiveness during the year and I am pleased to report that
theoutcome of the review confirmed that the Board and its
committees continue to operate effectively. We also identified
areas of focus for FY 2025/26 which are summarised on page
121. An update on our progress against the actions identified
inthe effectiveness review conducted in respect of FY 2023/24
is also provided on page 121.
One of my duties as Chair of the Board is to review the
performance of my fellow Directors annually. The aim of this
process is to ensure Board members are able to contribute
tothe best of their ability. Similarly, our induction process
isdesigned to support new Directors and me help them to
beeffective in their roles as quickly as possible and, as such,
itis critical to the continuing effectiveness of the Board.
TheNomination Committee performed the annual review of
Directors’ time commitments and independence on behalf of
theBoard. Further information on its considerations are contained
within the Nomination Committee Report on pages 123 to 127.
Colleague voice
During this period of change the Board continues to take
opportunities to hear and understand the views of Burberry
colleagues. We do this in a variety of ways, including through
theGlobal Workforce Advisory Forum and town hall meetings.
Attending these meetings provides my fellow Non-Executive
Directors and me with opportunities to shine a light on Burberry’s
culture, witness how our values are embedded and hear about
key issues and concerns directly from our colleagues across
thebusiness. The Global Workforce Advisory Forum meetings
are a particularly valuable feedback mechanism andIam grateful
to our Forum members for their participation aswell astheir
frank and constructive comments and advice.
UK Corporate Governance Code reforms
Further to the reforms to the UK Corporate Governance Code
published by the FRC in January 2024, we have been reviewing
our governance framework and practices to understand the
impact and ensure readiness to report against the new Code
forFY 2025/26.
It was an active year for the Board as reflected in the number
ofadditional Board and Board committee meetings held during
the year. I am grateful to my fellow Board members for their
engagement and continued commitment. I am pleased with
theway our governance processes operated during the year
andserved to support Burberry for the long term.
Gerry Murphy
Chair
“The Board
continues to
takeopportunities
to hear and
understand the
views ofBurberry
colleagues.”
Dear Shareholder,
On behalf of the Board, I am pleased to present the Corporate
Governance Report for the year ended 29 March 2025. This report
describes Burberry’s corporate governance framework and
procedures. It also summarises the work of the Board andits
committees to illustrate how we have discharged
ourresponsibilities this year.
Areas of focus
As reported elsewhere in this Annual Report, FY 2024/25
brought a number of challenges both as a result of a difficult
andvolatile macroeconomic environment and matters specific
to Burberry. It was more important than ever for the Board to
focus on key issues to the benefit of all stakeholders. During
thecourse of the year, I held 35 meetings with shareholders
andalso attended a meeting hosted by the Investor Forum
todiscuss business performance and governance topics,
includingin relation to our change of CEO. In all meetings
Isought toreassure shareholders regarding the Board’s focus
on understanding and addressing reasons behind the decline
inBurberry’s performance.
Burberry Forward, our refreshed strategic plan, launched in
November 2024, is a clearer articulation of Burberry’s priorities
and marks a return to focusing on our strongest categories and
traditional core customers. Our Board meetings, which included
an extended strategy session in October 2024, provided
theDirectors with a number of opportunities to engage with
executive management from across the business during
thisperiod of transformation.
Further information on the Board’s areas of focus during the
year is set out on page 114.
Board changes during FY 2024/25
There were a number of Board changes during the year.
Jonathan Akeroyd stepped down from the Board on 15 July 2024
and Debra Lee retired as a Non-Executive Director following
theAnnual General Meeting (AGM) on 16 July 2024.
We appointed Joshua Schulman to the Board as Chief Executive
Officer on 17 July 2024. Josh’s proven ability to build global
brands and drive profitable growth are key credentials for leading
Burberry into its next phase of transformation. In December
2024, we announced the appointment of Stella King who joined
the Board as a Non-Executive Director and member of the
Nomination Committee on 1 April 2025.
103
Burberry Annual Report 2024/25

Corporate Governance Statement | Board of Directors
BOARD OF DIRECTORS
Burberry’s Board is responsible for the long-term success of our Company and is accountable to its shareholders.
Committee key
Chair
A
Audit Committee
N
Nomination Committee
R
Remuneration Committee
Skills key
Retail/sales and marketing
Financial expertise
Luxury fashion
Operational excellence/general
management
Digital and media
Regional markets
(ChinaandAsiaPacific/Americas)
Luxury brands (excluding fashion)
Sustainability
Dr Gerry Murphy (69)
Chair
N
Appointed as Chair: 12 July 2018
Appointed: 17 May 2018
Nationality: Irish/British
Board skills:
Key skills and experience
Gerry brings substantial international
andsenior management experience
tothe Board, in addition to in-depth
knowledge of managing business
transformations. His understanding
ofUKcorporate governance requirements
and extensive experience in the retail
sector 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, Tesco plc
• Trustee, The Burberry Foundation
• Senior Advisor, Perella Weinberg
• Mentor, J&A Mentoring
Previous appointments
• Chair: Tate & Lyle plc and The
Blackstone Group International
(andpartner in the firm’s private equity
investment unit)
• 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
Joshua Schulman (53)
Chief Executive Officer
Appointed: 17 July 2024
Nationality: American
Board skills:
Key skills and experience
Joshua is an accomplished Chief
Executive Officer who has held a
numberof CEO and senior executive
roles at global luxury, fashion, and retail
businesses. His extensive retail industry
experience spans over 30 years across
merchandising, wholesale and brand
management in the US, Europe and Asia,
with a strong track record of delivering
brand transformations and driving growth
globally. Joshua shares the Board’s
ambition to build on Burberry’s unique
British heritage to deliver growth and
unlock the brand’s full potential.
Current appointments
• Trustee and Director of the Elton John
AIDS Foundation
Previous appointments
• CEO: Michael Kors, Coach, Jimmy Choo
• President: Bergdorf Goodman
&NMGInternational
• Non-Executive Director: Farrow & Ball
• Senior executive roles: Yves Saint
Laurent, Gucci
104
Burberry Annual Report 2024/25

Orna NíChionna (69)
Senior Independent Director
R
N
Appointed: 3 January 2018
Nationality: Irish
Board skills:
Key skills and experience
Orna is a highly experienced
Non-Executive Director and brings
extensive international business
knowledge, particularly in the consumer
and retail sectors. She has a passion for
sustainability as demonstrated through
her role as Chair of The Eden Trust.
Having co-led the European Retail
Practice at McKinsey & Company and
subsequently held a number of advisory
roles across retail and luxury goods
businesses, she has a deep understanding
of retail strategy, transformations and
operating efficiency.
Current appointments
• Trustee and Deputy Chair, Institute
forFiscal Studies
• Trustee and Chair, The Eden Trust
Previous appointments
• Senior Independent Director: Saga,
Bupa, HMV, Northern Foods and
RoyalMail
• Non-Executive Director, Bank
ofIreland UK
• Interim Chair, The National Trust
• Chair, Founders Intelligence
• Partner, McKinsey & Company and
co-lead of its European Retail Practice
Kate Ferry (52)
Chief Financial Officer
Appointed: 17 July 2023
Nationality: British
Board skills:
Key skills and experience
Kate is a highly experienced Chief
Financial Officer, having held roles
inboth public and private companies.
Inaddition to her financial acumen,
Katehas extensive experience driving
business transformation and strategic
development, and a deep understanding
of public markets. She has particular
expertise in the retail sector, as well
asan excellent understanding of the
luxuryindustry. In her early career,
Katewas involved in numerous IPOs,
including Burberry’s in 2002. Kate is
aCharteredAccountant.
Current appointments
• Non-Executive Director and Chair
ofthe Audit Committee, Greggs plc
• Trustee and Chair of the Audit
Committee, British Olympic Foundation
Previous appointments
• Chief Financial Officer, McLaren
GroupLimited
• Group Chief Financial Officer, Talk Talk
Telecom Group PLC
• Corporate Affairs Director,
DixonsCarphone PLC
• Director within the retail sector equity
research team at Merrill Lynch
Fabiola Arredondo (58)
Independent Non-Executive
Director
R
N
Appointed: 10 March 2015
Nationality: American
Board skills:
Key skills and experience
Fabiola built and led a major division
ofYahoo! Inc. and brings relevant
international, strategic and operational
experience of internet and media
sectorsto the Board. Through her deep
engagement with the World Wildlife
Fund,Fabiola’s background also includes
overseeing sustainability initiatives.
Herdigital and consumer knowledge,
coupled with her extensive international
non-executive directorship experience
equips her to provide critical insight
intoglobal market dynamics, digital
innovation and sustainability challenges.
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
105
Burberry Annual Report 2024/25

Corporate Governance Statement | Board of Directors
Alessandra Cozzani (62)
Independent Non-Executive
Director
N
A
Appointed: 1 September 2023
Nationality: Italian
Board skills:
Key skills and experience
Alessandra brings to Burberry both
financial expertise and a profound
understanding of the luxury market,
having spent over 20 years at Prada
Group. A highly experienced Chief
Financial Officer, Alessandra’s career
spans a variety of finance roles, including
financial management and control,
accounting, tax, treasury and insurance,
as well as investor relations. She started
her career as an auditor at Coopers
&Lybrand.
Current appointments
• Executive Director, Esselunga SpA
(Italian grocer)
Previous appointments
• Group Chief Financial Officer and
Executive Director of Prada SpA (listed
in Hong Kong S.A.R., China), previously
Group Investor Relations Director and
other financial management roles
within Prada Group
Sam Fischer (57)
Independent Non-Executive
Director
R
N
Appointed: 1 November 2019
Nationality: Australian
Board skills:
Key skills and experience
Sam has a wealth of global leadership
experience, including leading premium
heritage brands from across the lifestyle
and consumer sectors. He has a track
record in driving business growth and
adeep understanding of key Asian
markets, which is an 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
Ron Frasch (76)
Independent Non-Executive
Director
A
N
R
Appointed: 1 September 2017
Nationality: American
Board skills:
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 at Saks,
he was instrumental in developing the
company’s private-label collections.
Ron’s merchandising skills and experience
within the fashion industry will continue
to play a pivotal role as 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
106
Burberry Annual Report 2024/25

Danuta Gray (66)
Independent Non-Executive
Director
A
N
R
Appointed: 1 December 2021
Nationality: British
Board skills:
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 understanding of UK
governance requirements make her
astrong asset to our Board.
Current appointments
• Chair: Direct Line Insurance Group plc
and Croda International plc
• Board member, Employ Autism
Development
• Trustee, The Resolution Foundation
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
Antoine de Saint-Affrique (60)
Independent Non-Executive
Director
N
A
Appointed: 1 January 2021
Nationality: French
Board skills:
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 Danone, Antoine has
put sustainability at the heart of the
company’s strategy, setting priorities
which align purpose and performance.
While CEO of Barry Callebaut, Antoine
addressed the most pertinent challenges
in the chocolate supply chain. His
understanding of sustainability and 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
Previous appointments
• Non-Executive Director,
BarryCallebaut
• CEO, Barry Callebaut
• President, Unilever Foods and member
of the Group Executive Committee
atUnilever plc
• Non-Executive Director, Essilor
International
Stella King (52)
Independent Non-Executive
Director
N
Appointed: 1 April 2025
Nationality: Italian
Board skills:
Key skills and experience
Stella brings a wealth of luxury industry
experience and a deep understanding
ofAsian consumers, having worked in
theAsia Pacific region for more than 30
years. As Chief Chinese Business Officer
for Moncler, Stella was responsible for
developing strategies to meet the needs
of Chinese consumers all over the world.
Prior to this role, Stella was President,
Asia Pacific for Moncler where she
played a pivotal role in driving growth
inthe region.
Current appointments
• Senior Advisor, Fountainvest
AdvisorLimited
Previous appointments
• Chief Chinese Business Officer, Moncler
• President Asia Pacific, Moncler
• President Asia Pacific, Sergio Rossi
• Non-Executive Director, Stone Island
(part of the Moncler Group)
107Burberry Annual Report 2024/25

Alan Stewart (65)
Independent Non-Executive
Director
N
R
A
Appointed: 1 September 2022
Nationality: British
Board skills:
Key skills and experience
Alan has extensive 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
For Sustainability CFO network. His keen
interest in sustainability is important to
the Board in driving Burberry’s climate
change strategy. Alan qualified as
achartered accountant with Deloitte.
Current appointments
• Non-Executive Director and Chair
ofAudit & Risk Committee, Haleon plc
Previous appointments
• Non-Executive Director and Chair
ofAudit Committee, Diageo plc
• Non-Executive Director and Chair
ofRemuneration Committee, Reckitt
Benckiser Group plc
• Non-Executive Director and Audit
Committee Chair, Games
WorkshopGroup
• Chief Financial Officer, Tesco PLC
• Chief Financial Officer, Marks
&Spencer PLC
Gemma Parsons
Company Secretary
• Appointed: 1 October 2018
• Nationality: British
Gemma is a Fellow of the
Chartered Governance Institute
and has 30 years’ company
secretarial experience. She is
amember of the Chartered
Governance Institute’s
Company Secretaries’ Forum
and of the Association of
General Counsel and Company
Secretaries of the FTSE 100
(GC100).
Previous appointments
• Company Secretary, The
Berkeley Group Holdings plc
• Deputy Company Secretary,
Smith & Nephew plc
• Deputy Company Secretary,
TSB Banking Group plc
Directors whose tenure ceased
during FY 2024/25:
• Jonathan Akeroyd
steppeddown as CEO
on15 July 2024
• Debra Lee stepped down
asNon-Executive Director
on16 July 2024
Corporate Governance Statement | Board of Directors
108 Burberry Annual Report 2024/25

Corporate Governance Statement | Executive Committee
EXECUTIVE COMMITTEE
Edward Rash
General Counsel
Changes to the Executive Committee since FY 2023/24
• Jonathan Akeroyd was a member of the Committee until 15 July 2024
• Joshua Schulman joined the Committee on 17 July 2024
• Gianluca Flore was a member of the Committee until 27 July 2024
• Jonathan Kiman joined the Committee on 9 September 2024
• Paul Price joined the Committee on 9 December 2024
• Mark McClennon was a member of the Committee until 31 December 2024
• Nick Pope was a member of the Committee until 31 December 2024
• Rod Manley was a member of the Committee until 31 December 2024
• Delphine Sonder was a member of the Committee until 31 December 2024
• Giorgio Belloli was a member of the Committee until 31 January 2025
• Charlotte Baldwin joined the Committee on 31 March 2025
Klaus Bierbrauer
Chief Supply Chain
andIndustrial Officer
Kate Ferry
Chief Financial Officer
Joshua Schulman
Chief Executive Officer
Charlotte Baldwin
Chief Information Officer
Paul Price
Chief Product,
Merchandising
andPlanning Officer
Jonathan Kiman
Chief Marketing Officer
Alexandra McCauley
Chief People Officer
109Burberry Annual Report 2024/25

Corporate Governance Statement | Corporate Governance Report
CORPORATE GOVERNANCE REPORT
UK Corporate Governance Code compliance
For FY 2024/25, Burberry has applied the principles and provisions of the 2018 UK Corporate Governance Code (the Code) which
ispublished by the Financial Reporting Council (FRC) and can be found on its website: frc.org.uk. The Board considers that the
Company complied in full with the provisions of the Code during the year.
In January 2024, the FRC published a new version of the UK Corporate Governance Code, which will apply to Burberry from FY 2025/26,
save for provision 29, which will apply from FY 2026/27. During the interim period, we have been assessing the impact of the new
Code on our current governance framework and any changes we may want to consider to ensure alignment.
This Corporate Governance Report provides an overview of the Board’s approach to governance and the work it has undertaken
during FY 2024/25. Details on how we have complied with the Code’s provisions and applied the Code’s principles can be found
throughout the Annual Report. Key highlights of the Company’s compliance 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 103
Strategic Report 2 to 101
The role of the Board 118 to 120
Purpose and culture 112 and 113
Stakeholder and workforce engagement 43 to 45, 111
Division of responsibilities
Board composition 119, 127
Role of the Chair, Senior Independent Director, Non-Executive Directors and Company Secretary 119
Time commitment, external appointments, independence and tenure 120, 125
Composition, succession and evaluation
Appointment to the Board and succession planning 123 to 127
Skills, experience and knowledge of the Board 124
Board diversity 126 and 127
Board evaluation 121 and 122
Audit, risk and internal control
Auditor independence and effectiveness of the audit 132
Principal and emerging risks 90 to 99
Risk management activities 90 to 99
Fair, balanced and understandable assessment 134
Viability Statement 100 and 101
Remuneration
Directors’ Remuneration Report 136 to 157
Directors’ Remuneration Policy 140
Engagement with stakeholders on remuneration 138 and 139
110 Burberry Annual Report 2024/25

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 117.
Sustainability
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 117)
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 and Social
priorities see pages 40 to 88.
Stakeholder engagement
At Burberry, we recognise that identifying our stakeholders and
engaging purposefully is vital for informed decision-making and
long-term success. In line with the Code, the Board prioritises
understanding the perspectives andvalues of our key
stakeholders, ensuring their voices are reflected in strategic
decisions. Examples of key decisions that the Board made
during the year and how key stakeholder groups were
considered can be found on page 115.
Workforce engagement
The Board has chosen to engage with the workforce through
theformally constituted Global Workforce Advisory Forum, in
accordance with Code Provision 5. This forum facilitates direct
dialogue with employees, enabling their perspectives to shape
decision-making. The Board uses additional ways to understand
employee views including the Employee Engagement Survey,
site visits and town halls. During the year, Board members
visited stores and operational sites worldwide, engaging directly
with colleagues to gain first-hand insights into local challenges
and opportunities.
Shareholder engagement
Our Investor Relations team conducted over 565 meetings
withmore than 280 investors during the financial year.
Inaddition, our Chair, Independent Non-Executive Directors,
Executive Committee andother members of senior management
conducted in excess of 140 meetings with around 65 investors.
This engagement included presentations to investors and analysts
following the release ofthe Group’s quarterly, half- and full-year
results (available onthe Group’s website, Burberryplc.com) and
meetings withthemajority of the Group’s 20 largest investors.
Topics discussed in investor meetings included governance
matters, such as management changes and remuneration,
aswell as strategy, regional performance and financial outlook.
The team also arranged specific ESG engagements with
investors andanalysts.
Transparency and accountability underpin our approach to
shareholder and wider stakeholder engagement. At the 2024
AGM, all resolutions were passed, but we acknowledged
concerns as over 20% of votes opposed the reappointment
ofAntoine de Saint-Affrique as a Non-Executive Director.
TheBoard discussed concerns with shareholders and investors
explaining that the Board was fully satisfied that Antoine devoted
exemplary time, effort and commitment to his role atBurberry,
consistently upholding his time commitment and making
significant contributions to decision-making. As announced
on18 December 2024, Antoine has since decided not to stand
for re-election at the 2025 AGM.
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 from these
departments as well as through direct contact.
Further information on how Burberry has engaged with its key
stakeholder groups can be found on pages 44 and 45.
111
Burberry Annual Report 2024/25

The Board supports Burberry’s purpose, culture and values
through its decisions, strategy and policies. The Board monitors
how the culture is embedded throughout Burberry using a number
of mechanisms which are described in this report. There have
been a number of significant changes during FY 2024/25,
including the appointment of a new CEO, changes to the Executive
Committee and the launch of an updated strategic plan, Burberry
Forward. Following most of these changes, colleagues’ feedback
from the annual B:Heard Engagement Survey on company
culture was generally neutral.
Corporate Governance Statement | Corporate Governance Report
MONITORING OUR CORPORATE CULTURE
Throughout this period of transition, colleagues have exhibited
resilience and confidence in the brand’s rich heritage. The arrival
of our new CEO, Joshua Schulman, has been metwith a spirit of
hopeful optimism, and his approach of transparency, consistency
and open communication has been well received. One of the
four Burberry Forward pillars, ‘Reignite a High-Performance
Culture’, aims to cultivate a culture that willsupport the creation
of sustainable value and advance ourbusiness objectives.
Asweembark on this strategic journey, weare evolving from
thesix indicators previously used to measure culture to a refined
set offour indicators that more closely align with our vision.
Our Culture Indicators
FY 2023/24 Culture Measure FY 2024/25 Culture Measure Description
Purpose
Collaboration
Purpose and Belonging
• We create an environment where
colleagues strive to achieve a clear
goal and have a sense of pride
working for Burberry
Execution Organising for Growth
• We act with integrity, transparency
and consistency to build trust,
inspire engagement, and promote
ethical behaviours
Humanity
Integrity
Authentic Leadership
• Our leaders are genuine,
self-aware, and guided
bystrongvalues
Learning Talent at the Centre
• We prioritise the growth and
development of our colleagues
112 Burberry Annual Report 2024/25

Culture indicators
Purpose and Belonging
The path to reigniting a high-performance culture includes
building a sense ofbelonging by aligning our colleagues’ intrinsic
motivations toour Company values. During the significant
transitions in the summer and autumn of FY 2024/25, we noted
a neutral engagement score on the Pulse and Engagement Surveys.
The neutral response is balanced by a strong and consistent
sense of pride in Burberry’s heritage across the Company.
Following the launch of Burberry Forward, representatives
oftheBoard met with the Global Workforce Advisory Forum to
gather feedback on theBurberry Forward strategy. Colleagues
shared encouraging feedback, with many expressing increasing
optimism that the updated strategy and changes toleadership
represent proactive stepstoward securing Burberry’sfuture.
Organising for Growth
We are committed to creating a culture where colleagues
feelempowered, equipped and driven to consistently deliver
world-class standards. The Engagement Survey revealed that
colleagues have a have a good understanding of what is expected
of them. However, some dissatisfaction exists regarding
Burberry’s decision-making processes. In light of these insights,
the Executive Committee promptly established a Decision-Making
Working Group that includes colleagues from various business
areas to examine how to improve decision-making atBurberry.
At the date of this report, the working group had metten times
and identified key areas tofurther explore to enhance
decision-making at Burberry.
Authentic Leadership
Recognising that leaders are pivotal in cultivating a strong
company culture, we are committed to creating an environment
where leaders exemplify Burberry’s values. Through the surveys
we hear that in general, colleagues feel supported by their line
managers and are encouraged to seek new and better ways to
accomplish tasks. To empower our leaders with the necessary
tools and insights to effectively guide their teams, we have made
significant strides in increasing the number of engagement
moments with our leaders.
Talent at the Centre
The growth of our colleagues is a priority, and we are focused
onensuring they have the effective frameworks and support
toempower their professional development. To provide all
colleagues with the opportunity to own and enhance their career
development, we launched the Go1 learning platform. Go1 is a
world-leading, one-stop content library that gives all colleagues
access to training from over 200 external providers and industry
leaders, as well as our custom compliance and learning content.
In addition to the self-paced learning opportunities through
Go1,we also offered three targeted development programmes
forcolleagues in management positions. Burberry continues
toprovide apprenticeship programmes for our permanent
colleagues based in England, in collaboration with an accredited
external provider. These courses cover a wide range of topics
relevant tovarious functions within our organisation. More
information about these can be found on page 38.
Conclusion
To drive Burberry Forward, we are focused on reigniting
ahigh-performance culture where our people feel a sense
ofbelonging, motivation and responsibility, and have a desire
tosucceed. We will continue to listen to our colleagues and
show that we have heard them by following through onactions
and communicating those changes at pace.
Culture insight tools
The Board employs a range of strategies to actively listen to colleagues and collect feedback, gaining deeper insight into
Burberry’sculture.
• These hybrid sessions are attended by the Chair and one other Non-Executive Director to hear directly from
colleagues from acrossthe Group on topics that relate to Burberry’s culture
Global Workforce
Advisory Forum
• Employee Resource Groups (ERGs) are voluntary, colleague-led groups that help fosteradiverse, inclusive
culture within Burberry. Current ERGs include Disability andNeurodiversity Inclusion, LGBTQIA+, MOSAIC,
Sustainability, Women in Tech andWorkingParents
Employee Resource
Groups
• Engagement and pulse surveys provide valuable insights into colleague sentiment. Byassessing overall job satisfaction,
perception of culture, leadership and organisational values, they help identify areas for improvement. As part of our
B:Heard Listening Strategy, Burberry hosts two surveys annually, an Engagement Survey and a Pulse Survey
Colleague surveys
• After each global town hall, we encourage colleagues at all levels to share their thoughts and concerns on the
topics discussed. This open feedback loop fosters transparency, buildstrust and keeps leadership connected
to colleague perspectives
Global town hall
feedback
• We leverage our internal communication platforms to measure engagement, reach and cultural alignment.
Insights from these platforms help refine our communication strategies, enhance transparency and foster
aculture of growth and open communication across theorganisation
Internal communications
platforms
• We use our newly deployed learning platform, Go1, to assess and strengthen a culture ofcontinuous
development by analysing learning trends through participation rates, populartopics and collaboration levels
that reveal how well our culture supports growth, innovation and inclusivity
Learning platforms
113Burberry Annual Report 2024/25

Area of focus Outcome
Strategy and Operations
• Approve the Burberry Forward strategic refresh, supported
by the four pillars representing strategic objectives
• Review marketing plan
• Review of regional updates
• Receive progress report on organisational
designprogramme
• Consider market trends and their implications for areas
ofstrategic focus, including operational priorities,
productevolution and marketing
• Communication of the Burberry Forward strategic plan
withthe half-year results in November 2024
• Questioning, challenging and providing feedback to the
leadership team and supporting the programmes undertaken
Finance
• Review of the FY 2024/25 budget and review of the
FY2025/26 budget and three-year budget forecasts
• Review and scrutinise full- and half-year financial results
and trading announcements
• Review of capital allocation and financing
• Consider optimal store portfolio and capital expenditure
for flagship store offering
• Review operational expenditure
• Approval of the FY 2024/25 budget and support for
theFY2025/26 budget
• Approval of Annual Report and Financial Statements
• Approval of a £450 million 5.75% bond due June 2030
tobeused for general corporate purposes
• Approval of an extension to the term of the Group’s
£300 million Revolving Credit Facility (RCF) to November
2027 and anadditional £75 million RCF to March 2027
• Decision to suspend dividend payments for FY 2024/25
• Approval of store openings, closures and refurbishment
Culture and Colleagues
• Assess and monitor culture through the colleague
Engagement Survey and various metrics
• Review progress against the Diversity, Equity
andInclusionstrategy
• Consider People priorities for FY 2024/25
• Support for the initiatives presented by leadership including
those which support the Reignite a High-Performance Culture
pillar of the Burberry Forward transformation programme
Corporate Responsibility
• Consider proposals for charitable and community activities
and investment forFY2024/25
• Review environmental targets
• Review of the Company’s Modern Slavery Statement
• Review of proposed environmental priorities further
toupdates from the Sustainability Committee
• Approval of donation of £3.7 million for social and community
causes worldwide
• Approval of the Company’s Modern Slavery Statement
• Approval of environmental targets
Risk
• Review of Group’s risk appetite
• Review of emerging and principal risks
• Approval of tolerance levels of principal risks
• Approval of the Group’s risk appetite
Governance
• Conduct the annual Board effectiveness review
• Review of investor sentiment
• Engage with employees, including through attendance
atthe Global Workforce Advisory Forum
• Annual review of governance-related policies
• Agree the key areas of focus arising from the Board
effectiveness review
• Approve the appointment of a new CEO and a new
Non-Executive Director
• Board insight and awareness of colleague sentiment
Corporate Governance Statement | Corporate Governance Report
PRINCIPAL AREAS OF FOCUS
FORTHEBOARD DURING FY 2024/25
114 Burberry Annual Report 2024/25

KEY DECISIONS DURING FY 2024/25
Review of the Capital Allocation Framework
and decision to withdraw the dividend
forFY2024/25
How the Board reached the decision
In July 2024, the Board decided to suspend dividend payments
to shareholders for FY 2024/25 and to take other financial
measures to protect the balance sheet and the capacity toinvest
in Burberry’s long-term growth. The Board reviewed the forecast
for financial performance, the likely impact of macroeconomic
factors and the Group’s funding position. The Board had detailed
discussions, supported by the Company’s brokers.
Likely long-term consequences of the decision
The Board considered the impact that conserving cash and
protecting the balance sheet would have on the Company’s
ability to make investments which would support Burberry’s
growth and viability in the long term.
How stakeholder interests were taken into account:
Shareholders – The Board determined that it was in
shareholders’ interests to take these measures in order
topreserve the long-term financial health of the Group.
People – The measures taken to improve the financial position
would assist in preserving and creating jobs in the long term.
Partners – Securing Burberry’s long-term future would support
our business partners’ and suppliers’ future.
Lenders and debt holders – The impact of not paying dividends
on whether the business remained within the financial covenants
agreed with lenders.
Approve the Burberry Forward
strategicrefresh
How the Board reached the decision
The Board of Directors conducted an in-depth review of the
strategy during the year. The Board’s deliberations included
presentations, led by the CEO, from members of the Executive
Committee and senior leaders covering all aspects of the
business including brand and communications, product, channel
optimisation, supply chain and financial performance, as well
astrends in luxury fashion. The Board approved the Burberry
Forward strategic refresh and four supporting pillars which
areexplained in the Strategic Report on pages 13 to 17.
Likely long-term consequences of the decision
Implementation of Burberry Forward is expected to support
growth and a positive financial performance in the long term.
How stakeholder interests were taken into account:
Customers – The Board considered how to reignite desire
forthe brand and develop a product strategy to delight the
customer, as well as how to ensure a customer-focused
approach across all channels.
Shareholders – The Board’s view is that the strategic refresh
promotes the sustainable performance of the Group for
thelongterm.
People – The focus on a high-performance culture which should
lead to improved colleague engagement and an enhanced
senseof belonging.
As explained in the Section 172 statement on page 43, the Board took the views of key stakeholders into
account when making decisions and conducting Board business. Two of the key decisions taken by the Board
during FY 2024/25 are set out below, with an explanation of the stakeholder engagement methods used and
how the information gathered from stakeholders informed the Board’s decisions.
Key stakeholders
Customers Communities
Shareholders Government
People Partners
115Burberry Annual Report 2024/25

Board meetings and attendance
The Board held eight formal meetings during the financial year,
including an in-depth strategy session in London. If any Director
is unable to attend a meeting, they are given the opportunity
toprovide feedback on the accompanying material in advance
of the meeting. Details of attendance at Board and Committee
meetings can be found below.
During the year, 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
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 22 to 29 and 37 to 39.
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.
Further information regarding the Group Tax strategy can be
found on page 88 and is provided on Burberryplc.com.
during the year, such as changing macroeconomic and
geopolitical conditions. The Group’s ongoing performance
against strategic priorities is reviewed at all scheduled meetings.
The Chair and Non-Executive Directors held a closed session
without management present at each Board meeting.
Throughout the year, Directors spent time meeting 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.
Share capital
Information about the Company’s share capital, including
substantial shareholdings, can be found in the Directors’ Report
on page 158.
Directors’ attendance at Board and Committee meetings during FY 2024/25
The attendance record below shows total eligible meetings.
Board Audit Nomination Remuneration
Gerry Murphy 8/8 – 5/5 –
Joshua Schulman 4/4 – – –
Jonathan Akeroyd
1
1/1 – – –
Kate Ferry
2
7/8 – – –
Orna NíChionna 8/8 – 5/5 7/7
Fabiola Arredondo
4
8/8 – 5/5 5/7
Alessandra Cozzani 8/8 5/5 5/5 –
Sam Fischer
4
7/8 – 5/5 6/7
Ron Frasch
4
7/8 5/5 5/5 7/7
Danuta Gray 8/8 5/5 5/5 7/7
Debra Lee
3
4/4 1/1 1/1 –
Antoine de Saint-Affrique 8/8 5/5 5/5 –
Alan Stewart 8/8 5/5 5/5 7/7
1. Jonathan Akeroyd retired from the Board on 15 July 2024.
2. Kate Ferry was unable to attend one meeting due to a short period of medical leave.
3. Debra Lee retired from the Board following the last AGM on 16 July 2024.
4. All Directors attended all scheduled meetings. Any absences noted above were due to a meeting being held at short notice.
Corporate Governance Statement | Corporate Governance Report
116 Burberry Annual Report 2024/25

Governance structure at Burberry
The diagram below illustrates Burberry’s governance structure, flowing from the Board, which comprises
committees and advisory forums. Each has a defined scope, covering one or more of our key Environmental,
Social and Governance topics, and has a formalised reporting line. This structure ensures important matters are
monitored by the right people and establishes an information flow to the Board, enabling it to make informed
decisions and deliver its strategy. Further information on the role of the Board and its principal Committees
isonpage 118.
Corporate Governance Statement | Division of Responsibilities
GOVERNANCE STRUCTURE
ANDDIVISIONOF RESPONSIBILITIES
Burberry Group plc Board
CEO
Nomination
Committee
Audit
Committee
Remuneration
Committee
Global Workforce
Advisory Forum
Executive
Committee
Sustainability
Committee
Group Treasury
Committee
Risk
Committee
Ethics
Committee
Cultural Advisory
Council
Data Privacy
Steering
Committee
Cybersecurity
Steering Group
Global Health and
Safety Committee
Key
Decision-making
Advisory
Environmental, Social and Governance topics covered
Environment Ethics
Finance and Risk Legal/Compliance
People Communities
117Burberry Annual Report 2024/25

The Board is responsible for promoting Burberry’s long-term sustainable success. This is achieved through the establishment
ofaneffective governance framework, which the Board oversees, and keeping the interests of stakeholders at the fore in
decision-making. Information flows up and down the governance framework to ensure that all decision-making is well-informed,
transparent and balanced.
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 internal control and risk management, including the Group’s risk appetite.
Specific matters have been reserved for approval by the Board. Details of the Board’s key areas of focus during FY 2024/25 can
befound on page 114, and a full schedule of matters reserved for the Board’s decision is available in the Corporate Governance
section of Burberryplc.com. Biographies of the members of the Board can be found on pages 104 to 108, and the individual roles
ofDirectors and the division of responsibilities between them can be found on page 119.
The Board has established Committees to assist with exercising its authority.
The Board
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 the management and development
ofthestrategic direction of the Group, for consideration and approval by the Board.
CEO
The Executive Committee assists the CEO in implementing the strategy as approved by the Board. Executive Committee members
are invited, as appropriate, to Board, Board Committee and strategy meetings to inform and update the Board on their areas
ofresponsibility.
Executive Committee
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.
The terms of reference for the Audit Committee, Remuneration Committee and Nomination Committee can be viewed
intheCorporate Governance section of Burberryplc.com.
Monitors the integrity of Financial
Statements, including disclosures
associated with the TCFD and
provides assurance to the Board
thatthe Group’s internal financial
controls and risk management
systems are appropriate and
regularly reviewed. Reviews the
Internal Audit programme, and
oversees the work of the external
auditor, approving their remuneration
and recommending their appointment
on behalf of the Board.
The Audit Committee is supported
bythe Ethics Committee, the
RiskCommittee and the Group
TreasuryCommittee.
The Audit Committee Report can
befound on pages 128 to 135.
Determines the policy for Executive
Director remuneration, aligning with
Burberry’s long-term strategic goals,
and having regard to the views
ofshareholders or stakeholders.
Sets the remuneration for the Chair,
Executive Directors and senior
management.
Oversees the wider employee
rewardpolicies.
The Directors’ Remuneration Report
can be found on pages 136 to 157.
Reviews the composition of
theBoard to ensure it remains
appropriate, so the Board is best
placed to fulfil its role. Ensures
plansare in place for the orderly
succession of both Board and senior
leadership positions. Oversees the
formal, rigorous and transparent
procedure for the appointment
ofnew Directors, keeping in mind
theimportance of diversity in all
itsforms and balancing skills
andexperience, and ensuring
alignment to purpose, values
andculture.
The Nomination Committee Report
can be found on pages 123 to 127.
Audit Committee
Chaired by Alan Stewart
Remuneration Committee
Chaired by Danuta Gray
Nomination Committee
Chaired by Gerry Murphy
Roles and responsibilities
Corporate Governance Statement | Division of Responsibilities
118 Burberry Annual Report 2024/25

Board roles and the division
ofresponsibilities
Our Board currently comprises 12 members: the Chair, the
CEO,the CFO 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.
Directors’ biographies, tenures, key skills and experience
andexternal appointments are set out on pages 104 to 108.
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, all Directors,
with the exception of Fabiola Arredondo, Sam Fischer and
Antoine de Saint-Affrique, will retire and offer themselves
forre-election at the 2025 AGM. Joshua Schulman and Stella
King,who joined the Board on 17 July 2024 and 1 April 2025,
respectively, will offer themselves for election, having joined
theBoard since the last AGM.
To ensure the Board performs effectively, there is a clear
division of responsibilities between the leadership of the Board
and the executive leadership. The roles of the Chair, CEO and
Senior Independent Director are agreed by the Board and
areavailable to view in the Corporate Governance section
ofBurberryplc.com.
Our Chair
• Responsible for the Board’s overall effectiveness
indirectingBurberry
• Chairing Board meetings, Nomination Committee meetings
and the AGM, setting the Board agenda, and ensuring
Directors receive accurate, timely and clear information
• Ensuring there is effective communication between the
Board,management, colleagues, shareholders and the
Group’s wider stakeholders
• Promoting a culture of openness and constructive debate,
andfacilitating effective contributions from all
Non-ExecutiveDirectors
• Overseeing the annual Board effectiveness 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
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
Our Non-Executive Directors
• Providing effective and constructive challenge to the Board
and scrutinising the performance of management against
agreed performance objectives
• Leading the appointment process for Executive Directors
• 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
• Offering specialist knowledge to the Board
Our CEO
• Day-to-day management of the Group and leading the
Executive Committee
• Responsible for all commercial, operational, risk and financial
elements of the Group
• Developing the Group’s strategic direction and implementing
the agreed strategy, as approved by the Board
• 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, Corporate
Communications and IT
• Responsible for oversight of Burberry’s sustainability agenda
and climate goals
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 and carry out its duties
• Assisting the Chair and Committee Chairs in setting the
agenda for Board and Committee meetings
• Advising and keeping the Board up to date with all matters
ofcorporate governance through regular papers and updates
at meetings
• Facilitating the induction programme for new Directors and,
together with the Chair, assessing ongoing training needs
forall Directors
119
Burberry Annual Report 2024/25

Time allocation
Executive Directors
Our Board’s Executive Directors are permitted to hold one
external non-executive directorship. Joshua Schulman is a director
and trustee of The Elton John AIDS Foundation, a charitable
foundation. Kate Ferry is an independent non-executive
directorof Greggs plc.
Non-Executive Directors
Each of our Non-Executive Directors has a letter of appointment
which sets out the terms and conditions of their 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 the extra responsibilities
their roles entail. A summary of these roles can be found on
page 119 and full descriptions 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 responsibilities to the
Company. In accordance with the authority delegated by the
Nomination Committee, the Chair reviewed and approved in
advance the appointment of Alan Stewart as a non-executive
director of Haleon plc. In making this decision, the Chair was
satisfied that Alan would be able to continue to devote the
necessary time for the proper performance of his role at Burberry.
The Board also considered Gerry Murphy’s appointment as a
non-executive director and chair of Tesco plc and Danuta Gray’s
appointment as a non-executive director and chair of Croda
International plc; and were content that both Gerry and Danuta
continue to have sufficient time to undertake their roles
atBurberry.
The Board considers that the Chair and all Non-Executive
Directors have fulfilled their required time commitment during
FY 2024/25. 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 on page 111.
Independence of Non-Executive Directors
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.
As part of their deliberations for FY 2023/24, the Nomination
Committee gave particular regard to Fabiola Arredondo who was
appointed to the Board in March 2015 and has therefore served
on the Board for just over 10 years. Following the review, the
Nomination Committee concluded that Fabiola’s independence
was not compromised and that all Non-Executive Directors
continue to be independent.
Please see page 125 for further information on the independence
assessment performed by the Nomination Committee.
Induction and training
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 and in their country or territory of residence.
Following the initial induction for Non-Executive Directors,
anunderstanding of the business is developed through ongoing
meetings and engagements as appropriate. Details of the
induction programmes implemented for Joshua Schulman
andStella King are set out in the Nomination Committee Report
on page 126.
The Chair considers the training needs of individual Directors
onan ongoing basis, and the Board has direct access to the
advice and services of the Company Secretary. To carry out
theirduties, Directors may also obtain independent professional
advice, if necessary, at the Group’s expense.
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.
Corporate Governance Statement | Division of Responsibilities
120 Burberry Annual Report 2024/25

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 review is facilitated externally in accordance with
theCorporate Governance Code. The last externally facilitated
review was completed for FY 2023/24.
This financial year the Board decided to conduct an internal
effectiveness review utilising the Board Outlook platform
whichprovides a customisable questionnaire-based framework
designed to use data and analytics to identify both strengths
and opportunities for improvement. The questionnaires were
finalised by the Chair and the Chairs of the Audit, Nomination
and Remuneration Committees, supported by the Company
Secretary. In addition to Board members, members of the
executive and senior management team who regularly attend
Board and/or Board Committee meetings were invited to complete
the questionnaires. The Chair also met with each Director to
consider individual performance to supplement the review.
The challenging market conditions and leadership changes
experienced during FY 2024/25 were reflected through the
feedback and highlighted the need for the Board to embed key
lessons learned during the period, strengthen ways of working
and refocus on long-term value creation to ensure sustained
resilience and growth. Key themes and takeaways were
identified across areas of stronger performance and
opportunities for improvement.
Corporate Governance Statement | Composition, Succession andEvaluation
COMPOSITION, SUCCESSION
ANDEVALUATION
A number of strengths were identified through the review
process, including:
• The Board is aligned on the key operational priorities for
thebusiness
• The Board culture is collaborative, responsive and built ontrust
• The commitment to sustainability is well-articulated, aligning
the Board with global standards and demonstrating strong
ethical sourcing and supply chain oversight
• Stakeholder management is proactive, particularly
withshareholders
• The Board/management relationship is collaborative and
theinformation flow is timely
The review also identified potential areas for development and
action which have been agreed by the Board and are set out
below. Progress against these areas of focus will be monitored
during FY 2025/26.
Having discussed the results of the review, the Board confirmed
its view that the Board continues to operate effectively within
aninclusive and transparent environment and that the Audit,
Nomination and Remuneration Committees continue to operate
well and to provide effective support to the Board in carrying out
its duties. Further information about the effectiveness evaluations
of each of the Committees and of individual Directors conducted
during the year can be found on pages 123, 128 and 139.
TheNomination Committee Report includes details on page 124
of the evaluation of skills and experience of the Directors.
In addition to the formal Board effectiveness review process,
theSenior Independent Director held a meeting of the
Non-Executive Directors, without the Chair being present, to
review his performance during the year. The review confirmed
that Gerry Murphy is an effective Chair who is well respected
bythe Board. He has continued to provide strong leadership
throughout FY 2024/25.
Areas of focus for FY 2025/26
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.
Area for development Action
Strategy and operations • Further embed leading indicators and risk dashboards into the Board’s ways of working to
strengthen oversight of commercial and operational performance, enhance decision-making
and support the delivery of short- and long-term strategic goals
• Enhance monitoring of digital transformation, disruption and innovation
• Enhance monitoring of supply chain efficiency, resilience and geopolitical risk
• Enhance the Board’s awareness of current and evolving competitive landscape
andconsumertrends
People and resources • Undertake a thorough review of Board members’ collective critical skills and experience relative
to Burberry’s future business needs to optimise Board succession planning
Board ways of working • Review of Board processes and papers to support better oversight and decision-making
121
Burberry Annual Report 2024/25

Progress update on focus areas identified following FY 2023/24 Board effectiveness review
Area for development Action
Strategy and operations
• The Board and management team will
worktogether to refine the key strategic
priorities and determine a definitive plan
and timetable for their implementation.
Clear operational milestones and KPIs will
be agreed in order to measure progress
and enable effective oversight of strategy
implementation
Management instigated a review of the value proposition in conjunction with
external advisors to consider proposed adjustments to brand positioning,
product and customer segment prioritisation and the outputs were discussed
with the Board.
Building on this work, the CEO presented a refreshed strategy and ambition
tothe Board across four strategic pillars: Brand and Communications, Product,
Channel and Supply Chain together with proposals to Reignite aHigh-Performance
Culture in order to translate the strategy into action anddeliver the ambition.
Specific action plans for each of the strategic pillars werealso discussed
withthe Board.
The Board confirmed its support for the strategic direction outlined by
management and the plan was further refined and finalised as Burberry Forward,
which was announced in November 2024 alongside the 2025 half-year results.
A schedule of KPIs to track delivery of the plan was subsequently developed.
• Develop a clear action plan to deliver
growth in Burberry’s e-commerce business
together with key metrics which enable
progress to be measured
The Board received updates on Burberry’s e-commerce business in July
andOctober 2024 and new KPIs have been identified to enable progress
tobemeasured.
People and resources
• Ensure the organisation structure, roles,
responsibility and accountability are
clearand configured to support
strategyexecution
There were a number of changes to key roles during FY 2024/25. Since joining
Burberry in July 2024, the CEO has reviewed the leadership team to ensure
itisappropriately configured to support the execution of Burberry Forward.
• Ongoing focus on the talent agenda,
including leadership team succession and
development. The Board will also welcome
opportunities for Non-Executive Directors
to engage with management on a more
informal basis
The Nomination Committee has received updates from the CEO and
ChiefPeople Officer on organisational evolution and key talent, succession
anddevelopment.
Board members continue to attend town halls, visit stores and factories
andattend public events when possible, all of which enable them to engage
withmanagement and colleagues regularly.
Board ways of working
• Revisit Board agendas and papers to
ensure sufficient focus on key strategic
pillars and areas where Board input will
help drive the business forward
This is an ongoing action with additional items being introduced where
necessary to ensure that Board meetings are focused on discussing key
strategic topics.
Corporate Governance Statement | Composition, Succession andEvaluation
122 Burberry Annual Report 2024/25

Corporate Governance Statement | Report of the Nomination Committee
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. While my introductory letter
focuses primarily on changes to Board membership, this report
also covers the Committee’s responsibilities, new Director
selection and induction processes, Board composition and
diversity, and Directors’ time commitments.
See page 124 to read about Board succession planning.
See page 126 to read about CEO and Non-Executive
Directorinduction.
See pages 126 and 127 to read about Board diversity.
Succession planning
During FY 2024/25, the Committee continued to focus on
Boardsuccession planning. Our aim is to build a Board which
has the requisite skills and experience to support executive
management in the execution of Burberry’s strategy and in
realising Burberry’s full potential. To be effective, the Committee
must react to Burberry’s circumstances and consider the skills
and attributes required to address Burberry’s long-term needs.
In July 2024, the Committee recommended to the Board the
appointment of Joshua Schulman as CEO. Josh is a proven
leader with an outstanding record of building global luxury brands
and driving profitable growth. He had initially been short-listed
in our search for a new Non-Executive Director with luxury
experience and so was well known to the Nomination Committee
when our search extended to include potential future CEOs.
The Committee also oversaw the search and appointment
ofStella King as a Non-Executive Director and member of the
Nomination Committee on 1 April 2025. Stella brings considerable
experience in Burberry’s core category of outerwear and has
extensive knowledge of Asian markets.
In line with the Committee’s ongoing work to refresh Board
composition, it was announced in December 2024 that Fabiola
Arredondo and Antoine de Saint-Affrique would step down
asNon-Executive Directors following the AGM in July 2025.
InMay 2025 we announced that Sam Fischer would also step
down as a Non-Executive Director following the AGM in July 2025.
In the second half of FY 2024/25, the Committee considered
and approved updates from the CEO on his review of the
leadership team ahead of implementing changes.
The Committee remains committed to ensuring Burberry has a
balanced Board which supports the Company’s long-term success.
Committee effectiveness
The Committee’s annual performance review confirmed that
theCommittee operates effectively and took account of the
long-term needs of the business in its approach to Board
succession planning and recruitment during the year.
Gerry Murphy
Chair, Nomination Committee
Gerry Murphy
Chair, Nomination Committee
Areas of focus during FY 2024/25
> Recruitment of new CEO
> Board succession planning
> Board composition and diversity
> Annual review of corporate
governancerequirements
“To be effective, the Committee
must react to Burberry’s
circumstances and consider
theskills and attributes
requiredto address Burberry’s
long-termneeds.”
123Burberry Annual Report 2024/25

Corporate Governance Statement | Report of the Nomination Committee
Committee member Member since Meeting attendance
Gerry Murphy (Chair) 17 May 2018 5/5
Fabiola Arredondo 10 March 2015 5/5
Alessandra Cozzani 1 September 2023 5/5
Sam Fischer 1 November 2019 5/5
Ron Frasch 1 September 2017 5/5
Danuta Gray 1 December 2021 5/5
Debra Lee
1
1 October 2019 1/1
Orna NíChionna 3 January 2018 5/5
Antoine de Saint-Affrique 1 January 2021 5/5
Alan Stewart 1 September 2022 5/5
1. Debra Lee resigned from the Committee on 16 July 2024 on her retirement from the Board.
33%
25%
33%
100%
92%
50%
33%
42%
Retail/sales and marketing
Financial expertise
Luxury fashion
Operational excellence/general management
Digital and media
Regional markets (China and Asia Pacific/Americas)
Sustainability
Luxury brands (excluding fashion)
Summary of meetings
The Committee met five times during FY 2024/25, including
unscheduled meetings called to deal with ongoing processes
and ad hoc matters as they arose. Details of attendance
atCommittee meetings are set out above. Stella King joined
theCommittee on 1 April 2025 on her appointment as a
Non-Executive Director.
Committee role and responsibilities
As set out in the terms of reference, which are available on
Burberryplc.com, the Committee has responsibilities across
three main areas:
Board composition
• Reviews the structure, size and composition of the Board
andits committees to ensure the right balance of skills,
knowledge, experience, diversity and independence
• Identifies and makes recommendations to the Board
onsuitable candidates to fill Board vacancies
Board and executive succession planning
• Develops succession plans to ensure Board membership
isrefreshed to meet the needs of the Company
• Oversees the development of a diverse succession pipeline
for the Executive Committee and key senior management
roles, in line with the approach to ensure talent is at the centre
of the Company
Corporate governance
• Considers the independence and time commitments
ofNon-Executive Directors
• Reviews the Board Composition and Diversity Principles
toensure they remain fit for purpose
Board composition and succession planning
Having the right blend of skills, knowledge and experience
intheboardroom ensures an effective Board. Diverse and fresh
perspectives contribute to well-rounded discussions and lead
toeffective decision-making.
The Board considers a skills matrix to guide and inform
succession plans and the criteria for prospective Board
appointments. The chart below shows the blend of skills
andexperience on the Board at the date of this Report.
124
Burberry Annual Report 2024/25

The Board is satisfied that all Directors continue to make
effective and valuable contributions to the Board and devote
sufficient time to discharging their responsibilities as Directors
of Burberry. As part of this assessment, it was noted that Danuta
Gray is currently Chair of two UK listed companies in addition
toher role at Burberry, however, the Committee is satisfied
thatDanuta continues to have sufficient time to meet her Board
responsibilities. The Committee confirmed that all theDirectors
met the policy on Directors’ time commitments, apart from
Danuta Gray whose additional commitments were approved
bythe Committee as an exception to the policy.
Directors’ independence
The Committee also conducts an annual review of the
independence of the Non-Executive Directors on behalf
oftheBoard. The UK Corporate Governance Code requires
theBoard to state its reasons for concluding that a Director
isindependent notwithstanding the existence of certain
circumstances whichare likely to impair or appear to impair
thatDirector’s independence. Provision 10 of the Code provides
a non-exhaustive list of such circumstances which should be
considered, including length of service.
Having served 10 years on the Board since being appointed
on15 March 2015, the Committee paid particular regard to
assessing the independence of Fabiola Arredondo noting her
impartiality, her contribution in Board and Committee meetings,
including the degree of rigour and challenge to discussions and
decision-making. On the basis of its rigorous assessment, the
Committee confirmed its view that Fabiola remains independent.
All Directors, with the exception of Fabiola Arredondo, Sam
Fischer and Antoine de Saint-Affrique, will seek election
orre-election at the 2025 AGM.
In line with the Board Composition and Diversity Principles,
allBoard appointments will continue to be made on merit
andobjective criteria. 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, inclusion and equal opportunity.
Ouraimis to ensure that at least 40% of the Board is female
and thatat least one Board member is from an ethnic
minoritybackground
Board tenure
There is a good balance on the Board between recently
appointed Directors and those who have a longer tenure.
Directors’ time commitments
The Nomination Committee conducts an annual assessment
ofthe time required by Non-Executive Directors to effectively
discharge their responsibilities. It also assesses through
performance evaluation whether the time they spend executing
their roles is sufficient.
During the year, the Committee reviewed Directors’ time
commitments to ensure that these complied with the policy
onDirectors’ time commitments introduced in FY 2023/24.
According to the policy:
• Non-Executive Directors are expected to hold no more
thanfour non-executive directorships in public companies,
including Burberry, at any one time
• Executive Directors should not undertake more than one
non-executive directorship of a listed company or any other
significant appointment
• In exceptional and compelling circumstances, the Board may
approve an exemption to this policy if it agrees this is merited
in order for the Board to benefit from the individual Director’s
continuing appointment
• Directors are required to obtain prior approval before taking
on any significant additional appointments. The Chair undertakes
this pre-approval on behalf of the Board. Wheredeemed
necessary, the Chair may escalate specific appointments
forconsideration by the full Board
The terms of appointment of the Non-Executive Directors require
that they should allocate sufficient time to meet the expectations
of their role. The Committee considered the expected time
commitment of the Chair and the Non-Executive Directors,
taking into account attendance at Board and committee meetings,
as well as engagements outside formally scheduled Board and
committee meetings, and assessed whether the Non-Executive
Directors had met the requirement. The Committee also
considered the external appointments ofthe Non-Executive
Directors and reviewed the register ofDirectors’ conflicts.
125
Burberry Annual Report 2024/25

Corporate Governance Statement | Report of the Nomination Committee
Induction of the CEO
On joining the Board in July 2024, Joshua commenced a
rapid and comprehensive induction process to provide
deep insight into Burberry’s business, products and brand,
as well as to understand key stakeholders. Joshua’s
induction process is outlined below.
CEO induction process
• Building on Joshua’s existing knowledge of Burberry
products and the brand, he met members of the
creative team to develop a deep insight into the
creative approach and product development
• Meetings with members of the Executive Committee,
regional Presidents and key functional heads
• Visits to stores and offices in the USA, UK and Asia
Pacific regions
• Visits to Burberry’s manufacturing sites in the UK and
Italy and attendance at Burberry’s supplier conference
• Meeting major shareholders
• Engaging with other external stakeholders to gain
industry insights
• Comprehensive briefing from the Company Secretary
on directors’ duties, governance standards and
regulatory responsibilities
• Introducing himself to colleagues during site visits,
through global town halls and other opportunities to
interact with Burberry’s people
Board diversity
The Board is committed to driving progress in promoting diversity
in line with the Board Composition and Diversity Principles.
ThesePrinciples set clear objectives aligned with the UK Listing
Rules and the recommendations of the FTSE Women Leaders
Review and the Parker Review.
Throughout FY 2024/25, the Board maintained its objective
ofensuring that at least 40% of its members are female.
Atthedate ofthis report, women make up 50% of the Board
andheld thekey leadership roles of CFO and Senior Independent
Director. Reflecting our commitment to board diversity and
inclusive leadership, Burberry was again recognised as a top
performer inthe 2025 report of the FTSE Women Leaders
Review. At 31 October 2024, the date used for our submission
toits report, women accounted for 53% of Executive Committee
members and their direct reports.
At the date of this Report, the Board had at least one Director
from an ethnic minority background and is compliant with the
Parker Review’s target for FTSE 250 companies. However, the
Board was not compliant with this target for part of the year
under review as explained.
Non-Executive Director appointment
The timeline below sets out the key stages of the process that
culminated in the Nomination Committee’s recommendation to
appoint Stella King to the Board. The selection process was
undertaken in accordance with the Board Composition and
Diversity Principles and considered a variety of factors,
including gender, ethnic background, unique strengths,
experience and alignment with Burberry’s strategic vision,
culture, values and purpose.
Timeline Appointment process
Stage 1 Building the brief
The Nomination Committee agreed the
attributes and skills required, focusing on
experience in luxury fashion and markets
relevant to Burberry.
Stage 2 Candidate search
The Committee appointed an external
search firm, Egon Zehnder, to assist
withthe appointment process. The firm
provided a diverse list of candidates, with
initial interviews conducted by the Chair.
Ashort-list was then selected for interviews
with Committee members and the CEO.
The Company confirms that Egon Zehnder
has no connection to the Company
ortoindividual Directors save that it
wasengaged by the Company during
FY2024/25 to provide some executive
recruitment services.
Stage 3 Review, assessment and interviews
The short-listed candidates were
interviewed by a number of Committee
members as well as the CEO and the Chief
People Officer, and a preferred candidate
was selected.
Stage 4 Recommendation
The Committee made its final
recommendation to the Board to appoint
Stella King as Non-Executive Director.
Stage 5 Induction
A comprehensive induction programme
was organised by the Company Secretary
and Chair of the Board.
Stella’s induction began before her
appointment was formally effective and
included observing the March Board
meeting and attending sessions with
members of the senior leadership team
and the Company Secretary.
126
Burberry Annual Report 2024/25

Diversified Board
66
Gender
Women Men
345
Tenure
0 – 3 years 3 – 6 years 6+ years
331 1 2 2
Nationality
Australian French Italian
Irish American British
The Board also recognises and embraces the importance and
benefits of diversity and inclusiveness at Board Committee level.
As at 29 March 2025, Board Committee gender diversity was
asfollows:
• Nomination Committee: 44% women
• Audit Committee: 40% women
• Remuneration Committee: 50% women
The Board’s Composition and Diversity Principles reflect
thechanges incorporated intothe 2024 version of the UK
CorporateGovernance Code, which calls on companies to
consider diversity in a wider sense, by moving beyond specific
protectedcharacteristics.
The Board’s commitment to diversity in leadership at Burberry
isreflected in our goal for 15% of UK senior management to
come from ethnic minority backgrounds by December 2027,
atarget we outlined in the Annual Report 2023/24. As at the
date of this report, 10% of UK senior management came from
anethnic minority background.
Disclosures required under UK Listing Rule 6.6.6(9)R and 6.6.6.(10)R as at 29 March 2025
The Board selected 29 March 2025 as the reference date for this disclosure as it was the last day of FY 2024/25 and is consistent
with the reporting date selected in the prior year. As at this date, the Company complied with the targets for gender diversity set
under UK Listing Rule 6.6.6(9)R. However, the Company did not comply with the target for ethnic diversity at this date.
The Board has continued to meet its obligation to maintain the required gender diversity and, in addition, women hold both the Senior
Independent Director and CFO roles. Following the resignation of Debra Lee in July 2024, the Board’s composition was 45% female,
however, following the appointment of Stella King on 1 April 2025, the Board is now 50% female.
The Board complied with the requirement to have at least one Director from an ethnic minority background until the departure
ofJonathan Akeroyd on 15 July 2024 and Debra Lee on 16 July 2024. Following these departures, the Board temporarily did not
meetthis requirement. However, with the appointment of Stella King on 1 April 2025, the ethnic diversity target has been met.
The data in the table below was collected by inviting each Board and Executive Committee member to self-identify their gender
andethnicity using the specified categories.
Number of
Boardmembers
Percentage of
theBoard
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number
ofexecutive
management
Percentage
ofexecutive
management
Men 6 55 2 5 71
Women 5 45 2 2 29
Not specified/prefer not to say 0 – 0 0 –
Number of
Boardmembers
Percentage of
theBoard
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number
ofexecutive
management
Percentage
ofexecutive
management
White British or other white (including minority-white groups) 11 100 4 6 86
Mixed/multiple ethnic groups 0 – 0 0 –
Asian/Asian British 0 – 0 0 –
Black/African/Caribbean/Black British 0 – 0 0 –
Other ethnic group 0 – 0 1 14
Not specified/prefer not to say 0 – 0 0 –
127Burberry Annual Report 2024/25

Wealso oversaw a forensic review ofthe causes of recent
business performance undertaken by an independent advisor.
The Committee considered the key findings across each execution
area together with the initiatives identified by management
toaddress the opportunities identified through the review.
The Committee has been satisfied that management applied
robust and consistent accounting policies and provided
theCommittee with sensitivities to these assumptions and
forward-looking trading. We also reviewed and challenged
thegoing concern assessment and the severe but plausible
scenarios and considered the liquidity needs of the Group
inorder to recommend the Viability Statement on pages
100and101 to the Board.
Further information on how the Committee addressed significant
matters during the year is set out in the table on pages 130 and131.
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 also reviewed management’s preparations for
the new Corporate Sustainability Reporting Directive (CSRD)
regulations and the revised Provision 29 of the 2024 UK
Corporate Governance Code, and concluded the approach
wasappropriate.
The Committee confirms that during FY 2024/25, 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.
FRC review
During the year, the FRC wrote to the Chair of the Board
informing the Board that the Burberry Group plc Annual Report
to 30 March 2024 was included in their selection for review as
part of their Corporate Reporting Review Operating Procedures.
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. 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 FY 2023/24
Annual Report and Accounts are correct in all material aspects.
Committee effectiveness
The Committee’s annual effectiveness review was undertaken
as part of the internal review of Board and Committee
effectiveness, and I am pleased to note that the review confirmed
that the Committee fulfils its purpose well, is well informed and
challenges where appropriate. Further information on the
process is set out on page 132.
Alan Stewart
Chair, Audit Committee
Corporate Governance Statement | Report of the Audit Committee
REPORT OF THE
AUDIT COMMITTEE
Alan Stewart
Chair, Audit Committee
Areas of focus during FY 2024/25
> Scrutinising financial performance,
financial reporting estimates
andjudgements
> Monitoring and assessing risk
management and internal control
frameworks
Dear Shareholder,
I am pleased to present the FY 2024/25 Report of the Audit
Committee which describes the Committee’s main activities
andareas of focus during the year.
Areas of focus during FY 2024/25
The primary purpose of the Committee is to oversee the integrity
of financial reporting and to provide assurance to the Board that
the Company’s internal control and risk management processes
are operating effectively. The Committee also oversees the work
of the external auditor. Details of how we monitored EY’s audit
are available on page 132.
This year, we focused on reviewing the Group’s financial
performance and how this was taken into consideration
whendetermining appropriate accounting estimates relating
toimpairment of property, plant and equipment and right of
useassets, inventory provisioning and uncertain tax positions.
128
Burberry Annual Report 2024/25

Committee member Member since Meeting attendance
Alan Stewart (Chair) 1 September 2022 5/5
Alessandra Cozzani 1 September 2023 5/5
Ron Frasch 7 November 2018 5/5
Danuta Gray 12 July 2023 5/5
Debra Lee
1
1 October 2019 1/1
Antoine de Saint-Affrique 1 January 2021 5/5
1. Debra Lee retired from the Board on 16 July 2024 and stepped down as a member of the Audit Committee on that date.
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Burberryplc.com. As part of the Committee’s annual review
ofitsterms ofreference, the Committee took into consideration
therequirements of the FRC’s Audit Committees and the External
Audit: Minimum Standard (the Minimum Standard) and determined
that the key requirements of the Minimum Standard are already
being met. We will continue to keep the requirements of the
Minimum Standard under review.
In light of its key responsibilities, and in addition to the specific
topics mentioned in the Committee Chair’s letter above, 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
• Accounting policies: the Committee reviewed and approved
management’s identification and determination of key
accounting judgements
• Risk and internal controls: the Group’s internal financial,
operational and compliance controls and risk identification
and management processes
• Cybersecurity: the Committee received an update
oncybersecurity risk and governance
• Viability: consideration of management’s assumptions
anddisclosures relating to going concern and the Group’s
Viability Statement as set out on pages 100 and 101
• Internal Audit: review of the annual Internal Audit programme
and the consideration of findings of any internal investigations
as well as management’s response
• Process controls and efficiency: the Committee received
updates from management on design and product
development transition risks and controls and on emerging
regulatory developments
• Treasury matters: including reviewing and approval of proposed
amendments to the Treasury Policy
• 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 considerations of the Ethics
Committee, including the Group’s approach to human rights
and whistleblowing arrangements
• Legal and Brand Protection update: the Committee received
and considered reports from management on current and
emerging risks in the fields of Legal, Data Protection, Brand
Protection, Asset Profit and Protection and Health and Safety,
and the actions being taken, or proposed, to mitigate such risks
• Sustainability reporting: the Committee reviewed the
requirements of the TCFD and the progress made in relation
to the climate-related risk scenario analysis undertaken
inFY2024/25 to assess the impact of climate-related risks
toBurberry. The Committee also received an update
onpreparations for impending ESG regulations
• Group Tax strategy: the Committee reviewed the Group 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 116
Committee composition
Debra Lee stepped down as a member of the Committee
following her retirement from the Board on 16 July 2024.
Therewere no other changes to the Committee’s composition
during FY 2024/25. As announced on 16 December 2024,
Antoine de Saint-Affrique will step down from the Board and
asa member of the Audit Committee upon the conclusion
oftheAGM on 16 July 2025.
The Board is satisfied that Alan Stewart and Alessandra Cozzani
have recent and relevant financial experience, and that all other
Committee members collectively have appropriate knowledge,
skills and 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 the appropriate
knowledge, skills and experience relevant to the business sector
to fulfil the duties delegated to the Committee. The biographies
set out on pages 104 to 108 provide details of each
member’sbackground and experience.
129
Burberry Annual Report 2024/25

Corporate Governance Statement | Report of the Audit Committee
Significant matters
forthe year ended
29 March 2025 How the Audit Committee addressed these matters
Impairment assessment
ofright-of-use assets
andproperty, plant and
equipment held in retail
cash generating units
In November, March and May, 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 review for potential indicators of impairment
of retail cash generating units and how current performance has impacted this. The Committee
reviewed and challenged the sensitivities applied to the estimates of future store performance
and reviewed management’s determination of store impairments and proposed disclosures
ofthese impairments and sensitivities 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 appropriateness
ofthevaluation of the
recoverability of the cost
ofinventory and the
resulting estimation
ofprovision required
In November, March and May, 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,
focusing specifically on the elevated levels of inventory relating to recently aged seasons.
TheCommittee considered the sensitivity to the assumptions of loss rate and exit route and how
this aligned to the current performance of the business and future expectations and inventory
management initiatives 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.
Uncertain tax positions
andthe Group’s more
significant tax exposures
and the appropriateness
ofany related provisions
and Financial Statement
disclosures
In November, March and May, the Committee received regular updates regarding developments
relating to discussions with tax authorities and the status of any ongoing tax audits. The Committee
reviewed and challenged the appropriateness of assumptions and estimates applied to estimate
the amount of assets and liabilities to be recognised in relation to uncertain income tax and
deferred 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 note 9 and 15 of the Financial Statements and further disclosure
oftax contingent liabilities is given in note 31.
Meetings and attendance
The Committee met formally five times during the year
(seethetable on page 129).
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, CFO, Company Secretary, Senior Vice President
Internal Audit and Risk, Vice President Group Financial Controller,
General Counsel, 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.
130
Burberry Annual Report 2024/25

Significant matters
forthe year ended
29 March 2025 How the Audit Committee addressed these matters
Going concern and viability The Committee considered the risks that could threaten the Group’s business model, future
performance, solvency, liquidity and reputation. It also looked at how these were included in the
severe but plausible downside scenario. This included an aggregation of several severe impacts
of these principal risks and the reverse stress test scenario, alongside the current cash position,
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.
The impact of climate risk
on the Group’s financial
reporting and Financial
Statements (TCFD and
CSRD considerations)
The Committee considered the impact of climate risk on the Financial Statements and TCFD
reporting on behalf of the Board. The Committee considered the approach taken by management
to further develop the digital twin model which was updated with the latest Group performance
and locations.
The Committee noted the ongoing areas of market and consumer preference risk and physical
risks as being the most significant risks identified by the modelling. The Committee also noted the
ongoing increase in visibility of climate risk in the wider organisation, and reviewed preparations
progressed by management during the year for CSRD reporting.
The Committee reviewed the disclosures in the Annual Report on behalf of the Board to ensure
they were in compliance with TCFD recommendations, and the assurance provided bythe
Group’sauditors.
Whether the Annual Report
is fair, balanced and
understandable
The Committee considered the Annual Report and Interim Results, 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 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 auditor.
The Committee also considered the use of alternative performance measures by the Group and
concluded that they were appropriate and that there is an appropriate balance between statutory
and alternative performance measures, ensuring equal prominence.
The Committee concluded the Burberry Annual Report 2024/25, taken as a whole, is fair,
balanced and understandable, and provides the information necessary to assess the Group’s
performance, business model and strategy.
Other matters During the year, the Committee also considered management’s papers on other subjects,
including the carrying value of goodwill and associated disclosures, significant judgements
relating to lease term where a judgement is taken on the likelihood of exercising options within
leases, the recoverability of deferred tax assets relating to losses, and impairment of receivables.
131
Burberry Annual Report 2024/25

Corporate Governance Statement | Report of the Audit Committee
External auditor
Ernst & Young LLP (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was appointed as external auditor. As Mr Rudberg will have
served as audit partner for five years following the announcement
of the results for FY 2024/25, he will be replaced by Ben Marles
as audit partner in line with EY’s policy on rotation of audit
partners. The Committee considered that given EY’s capabilities,
the effectiveness of the external audit and relationship with
Burberry, the external audit contract will not be put out to tender
before the end of the current required period of 10 years.
Thenext tender will be in respect of FY 2030/31 at the latest,
and the process will be led by the Committee.
The Audit Committee oversees and assesses the work
undertaken by EY, and in FY 2024/25 the Committee monitored
and reviewed activities including:
• The audit plan, including audit strategy, scope and materiality
• The approach to risk assessment, including factors impacting
the external environment and Burberry’s business and strategy
• The approach to emerging topics such as CSRD reporting
requirements and UK Corporate Governance Reform
• The approach to auditing controls, the use of data
analyticsand how the auditor demonstrated robust
professional scepticism
• The limited assurance work carried out on the TCFD
disclosures and key data points in the corporate responsibility
disclosures of the Strategic Report, including carbon emissions,
supplier audits and the Group’s sustainability performance,
which are separate non-audit services provided by EY
• Reports at the half year and full year
In assessing how the auditor demonstrated professional
scepticism the Committee considered the level of objectivity
EYdemonstrated when challenging the Group’s approach
toitssignificant judgements and estimates.
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. Each 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, 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 2024/25. Details of the fees paid
totheexternal auditor during FY 2024/25 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. 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. This policy reflects
the International Ethics Standards Board for Accountants’ Code
of Ethics, which helps ensure high standards of independence
and ethical behaviour are applied consistently by UK audit firms
and their networks.
The overall objective of the policy 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 2024/25 the non-audit services provided by
Burberry’s external auditor did not exceed this cap.
Proposed fees above £100,000 are approved in advance by the
Chair oftheAudit Committee. Non-audit services with a value
below £100,000 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 £0.5 million on non-audit
services provided by EY (17% of the average of Group audit fees
incurred over the last three years). The rationale for using the
external auditor to perform these services was that EY was
bestable to provide the services we require at a reasonable fee
and within the terms of our policy. No advisory services were
provided by EY during FY 2024/25. Where EY was selected to
provide non-audit related services, EY’s existing knowledge and
experience of the Group were taken into account. Significant
non-audit work performed byEYduring FY 2024/25 was:
• Review of the half-year financial statements
• Limited assurance over TCFD reporting
• Turnover certificates
• Limited assurance over certain environmental and social key
performance indicators
Further details can be found in note 7 to the Financial Statements.
132
Burberry Annual Report 2024/25

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 90 to 101.
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.
Control environment
Our business model is based primarily on centralised 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 and 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 considered significant is provided at an appropriate
level. In addition, we have policies and procedures in place
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.
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2024/25, there was continued emphasis on assurance over
controls to manage cybersecurity risk (particularly ransomware
and data exfiltration), 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, Legal and Human Resources. 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 completed in April 2025.
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, including
fraudrisk,identified.
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.
133
Burberry Annual Report 2024/25

Corporate Governance Statement | Report of the Audit Committee
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 and management review 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,
comprising 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.
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 162.
The Independent Auditor’s Report on pages 163 to 172 includes
astatement concerning the auditor’s reporting responsibilities.
Summary of meetings
The Committee typically meets four times a year. During FY 2024/25, the Committee held five meetings and the agenda items
discussed are summarised in the table below. Details of attendance at Committee meetings are set out on page 129.
May 2024
• Reviewing the integrity of the Group’s Financial Statements and Preliminary Results statement
forFY2023/24
• Reviewing the FY 2023/24 year-end key accounting judgements and estimates
• External auditor’s FY 2023/24 year-end audit results report
• Internal Audit update and reviewing of the Internal Audit forward plan
• Risk and internal controls: reviewing the Group’s internal financial, operational and compliance
controls and risk identification and management process
• Reviewing the Company’s Going Concern and Viability Statement prior to approval by the Board
• Consideration of the Group’s TCFD disclosures
• Corporate Governance Code compliance
• Effectiveness of external auditor
July 2024
• Readiness for ESG regulations
• Preparations for provision 29 of the 2024 Corporate Governance Code
• Review of design and product development operational processes
• Inventory shrinkage controls review
134
Burberry Annual Report 2024/25

November 2024
• Half Year financial reporting matters
• External auditor’s review at the Half Year and planning for FY 2025/26
• Risk management update, including review of the principal risks disclosure for Half Year results
• Internal controls update
• Fraud risk assessment
• Internal Audit update and forward plan
• Legal risk update
• Ethics Committee update and review of supply chain human rights
February 2025
• Report on the forensic review of the causes of recent business performance
• External Audit Lead Audit Partner rotation
March 2025
• Pre-year-end update significant judgements, estimates and disclosures
• External audit control update and observations
• Tax update and approval of tax strategy
• Treasury update and policy review
• ESG reporting including update on CSRD EU Omnibus proposals and TCFD disclosures
• Risk management, including review of principal and emerging risks
• Internal Audit update
• Review of governance matters, including the Committee’s terms of reference and an update
onsubsidiary company accounts
• Cybersecurity update
• Review of FY 2024/25 financial reporting matters
135
Burberry Annual Report 2024/25

Dear Shareholder,
I am pleased to present to you the Directors’ Remuneration
Report for the year ended 29 March 2025 which has been
approved by both the Remuneration Committee (the Committee)
and the Board.
Business context
FY 2024/25 was a challenging year for Burberry. A disappointing
start to the year led to a first-half operating loss and the
suspension of our dividend. However, a refreshed management
team, led by our new CEO, Joshua Schulman, has stabilised
thebusiness and put in place the Burberry Forward strategic
plan to reignite brand desire, improve performance and drive
long-term value creation. As a Board, we are encouraged by the
improvements we have seen. Customers are responding to our
new Timeless British Luxury brand expression and we have seen
an improvement in brand sentiment. While we are operating
against a difficult macroeconomic backdrop and are still in the
early stages of our transformation, we are confident that the
actions Josh is leading will position the business for a return
tosustainable profitable growth over time.
CEO transition
Context
In July 2024, Josh joined Burberry as our new CEO replacing
Jonathan Akeroyd who stepped down and left the Company
bymutual agreement with the Board.
Josh has extensive experience in luxury and fashion, with an
outstanding record of building global luxury brands. An American
national, Josh joined Burberry with a track record of driving
transformative growth and value creation as CEO of global luxury,
fashion, and retail businesses. Josh was previously CEO of US
fashion brands Michael Kors and Coach where he also served
asBrand President. Prior to this, at Neiman Marcus Group, he
was President of Bergdorf Goodman. He has also served as CEO
of Jimmy Choo and held senior leadership roles atYvesSaint
Laurent and Gucci.
Corporate Governance Statement | Directors’ Remuneration Report
DIRECTORS’
REMUNERATION REPORT
Danuta Gray
Chair, Remuneration Committee
Areas of focus during FY 2024/25
> CEO transition and shareholder
engagement
> Executive reward
> Broader employee reward
> External environment
> External reporting
Details of agenda items discussed at each Committee
meeting are set out on page 156.
“While we are still in the early stages
ofour transformation, we are confident
that the actions Josh is leading will
position the business for a return to
sustainable profitable growth over time.”
136 Burberry Annual Report 2024/25

CEO’s remuneration arrangements
The Board determined that Josh’s extensive experience
inluxuryand fashion would be instrumental in revitalising
Burberry’s performance. It was in our shareholders’ interests
that the remuneration package we offered was sufficient and
attractive enough to recruit a CEO of Josh’s calibre from the
UStalent market, while remaining within the structure of our
shareholder-approved Directors’ Remuneration Policy and
UKcorporate governance expectations. In designing the
remuneration package, the Committee was also conscious that
the luxury talent market for proven, high calibre leaders is small
and that there are limited listed luxury companies globally, with
many ofour peers being privately owned organisations.
When setting Josh’s remuneration, the Committee carefully
considered market practice from two key reference points:
(i)UK-listed companies of a similar size and complexity to
Burberry; and (ii) global luxury competitors. The Committee was
mindful that some of our listed luxury peers are considerably
larger than Burberry and/or listed or headquartered outside the
UK and so subject to different investor expectations. Therefore,
the Committee has not sought to simply ‘match the median’
ofeither peer group, but rather has taken a holistic approach
toensure that overall remuneration levels are set appropriately.
Josh’s salary has been set at £1,200,000. He is entitled to
ourstandard benefits and a pension allowance of 10% of salary,
which is aligned with the arrangements for the majority of the
UK workforce. He does not receive the cash benefits allowance
of £50,000 that his predecessor received which means that the
overall level of fixed pay is broadly unchanged. Josh’s incentives
have been set in line with his predecessor, with a maximum
annual bonus of 200% of salary and an annual Burberry Share
Plan (BSP) award of 162.5% of salary. In line with the Directors’
Remuneration Policy and based on our internal policy for
international relocations, Josh is eligible to receive reasonable
costs associated with his relocation from New York to London.
Support will be provided for alimited period of time, focused
initially on Josh’s move toLondon and then on the provision
ofahousing allowance for up to 18 months. Further details
regarding Josh’s relocation support are set out on page 142.
CEO’s bonus for FY 2024/25
In considering the approach for the FY 2024/25 bonus, the
Committee was mindful of the importance of recruiting a CEO
who would be able to address the challenges facing Burberry
and the need to incentivise them to achieve short-term actions
in FY 2024/25 to navigate Burberry through these challenges
and lay the foundations for future success. With this in mind,
theperformance measures chosen and Josh’s eligibility for a
bonus for the full financial year (recognising that he would be
employed for the majority of FY 2024/25) reflected the position
the Company was in and supported the initial turnaround focus.
The Committee agreed that it would be inappropriate and
disincentivising for Josh’s bonus to be subject to the original
targets set at the start of the year for his predecessor, especially
given the rapidly changing business context and the fact that
Josh had no involvement in developing the original FY 2024/25
business plan. Taking into account the significant challenges
and uncertainty at the time, the Committee determined that
itwould be appropriate to modify Josh’s bonus for FY 2024/25
only, so that it was entirely dependent on key operational and
strategic measures. The Committee has critically assessed the
extent to which performance against theoperational and strategic
measures has been achieved. Recognising the excellent
progress that Josh has made, the Committee determined that
hewould receive an annual bonus of £1,200,000 for FY 2024/25,
representing 50% of his maximum bonus. He will be required
touse 50% of his net bonus to acquire Burberry shares until
hehas satisfied the shareholding guideline of 300% of salary.
Further details of Josh’s performance and the Committee’s
assessment are set out on page 144. The typical bonus framework
will be used for FY 2025/26 as outlined on page 145.
CEO’s recruitment award
As set out above, the Committee was mindful of the importance
of setting a remuneration package that would be sufficient to
attract a CEO of Josh’s calibre, that would recognise the fact
that he was being hired from the US market and that would
deliver strong alignment with shareholders from the outset.
Remuneration Committee membership and meeting attendance during the year
Committee member Member since Meeting attendance
Danuta Gray (Chair) 1 December 2021 7/7
Fabiola Arredondo
1
10 March 2015 5/7
Sam Fischer
1
1 November 2019 6/7
Ron Frasch 1 September 2017 7/7
Orna NíChionna 3 January 2018 7/7
Alan Stewart 12 July 2023 7/7
1. All Committee members attended all scheduled meetings. Any absences noted above were due to meetings being held at short notice.
137Burberry Annual Report 2024/25

Corporate Governance Statement | Directors’ Remuneration Report
Remuneration decisions during FY 2024/25
CFO’s annual bonus outcome for FY 2024/25
The annual bonus for the CFO for FY 2024/25 was based 75%
onadjusted operating profit and 25% on performance against
strategic objectives. Our adjusted operating profit of £26 million
(£51 million at CER*) was below the threshold target and,
asaresult, there was no payout for the profit element.
Based on an assessment against her strategic objectives,
theCommittee determined that Kate Ferry would receive an
annual bonus of £135,000 for FY 2024/25, representing 10%
ofher maximum bonus. The Committee considered that this
level ofbonus payout would be appropriate in recognition
ofhercontribution during a challenging year and the key role
she played in the development and delivery of the initial stages
ofBurberry Forward. Kate will use 50% of her net bonus
toacquire Burberry shares.
2022 BSP award outcome
The BSP awards granted in 2022 will vest in July 2025. As the
current Executive Directors were not employed by Burberry when
the 2022 BSP awards were granted, no awards are due to vest
tothem in 2025. BSP awards granted to other participants in 2022
will vest in July 2025, further aligning our management population
with shareholder interests.
2024 BSP awards granted duringtheyear
On 30 July 2024 the Company granted 2024 BSP awards
totheExecutive Directors and our management population.
Priortogrant the Committee carefully considered the impact
ofthe share price on the number of shares due to be granted
and determined that it would be better able to judge whether
awindfall gain had occurred at vesting rather than at grant.
TheCommittee’s original intention, as set out in last year’s
Directors’ Remuneration Report, was therefore to maintain
awards at their normal levels. However, in recognition of the
extreme share price volatility experienced following our first
quarter trading update and CEO transition announcements
inmid-July, the Committee exercised its discretion to align
theaward price for the grant with an average price determined
overa longer period of 20 business days before the 15 July 2024
announcements. This effectively reduced the number of shares
granted to all BSP participants, including the Executive Directors,
by 20%. In addition, the Committee will continue to monitor
share price changes and will consider whether it would be
appropriate to further scale back awards at the point of vesting.
As disclosed in the Annual Report 2023/24, a framework has
been developed to assist the Committee in identifying whether
Executive Directors have benefited from windfall gains.
Furtherdetails are provided on page 145.
The Committee therefore agreed to grant Josh a share award
with a maximum face value of 300% of salary. TheCommittee
noted that the level of this award was below the median value
ofbuy-out awards granted to FTSE 100 CEOs in the last four
years. This is a performance-based incentive with stretching
performance targets measured over three years that has been
designed specifically to recruit Josh and align his interests with
those of shareholders by incentivising him to deliver growth
inour share price. The performance targets for the award are
directly linked to shareholder value creation and Burberry’s total
shareholder return (TSR) performance. Themaximum target
requires Burberry’s share price to more than double from the
base price and it is anticipated that this would result in Burberry
re-entering the FTSE 100. If this level of performance is attained,
or exceeded, by the time the recruitment award vests, this would
be evidence of the positive direction of the Burberry Forward
strategy under Josh’s leadership. Based on a historic analysis
ofTSR performance for the FTSE 350 and our luxury peers, we
expect that the TSR required to achieve the maximum vesting
would represent upper decile performance. Further details
regarding Josh’s recruitment award are set out on
pages147and148.
Shareholder consultation
The Committee places great importance on the views of
ourshareholders and recognises the benefits of an ongoing
andopen dialogue. We therefore consulted with our major
shareholders and the key proxy bodies following Josh’s
appointment to explain the context around his recruitment and
remuneration arrangements. I would like to take this opportunity
to thank the many shareholders that took part in the consultation
exercise. The Committee and I were pleased to find that the
majority of shareholders appreciated the circumstances of Josh’s
recruitment and were supportive of the design of Josh’s ongoing
remuneration arrangements, the approach tohis annual bonus
for FY 2024/25 and his recruitmentaward. The Committee was
mindful of the feedback received from some of our shareholders
during the consultation and took this into account when
determining the final level of bonus payout.
Former CEO
Jonathan Akeroyd left Burberry on 15 July 2024 and was
treatedin accordance with the Directors’ Remuneration Policy.
He received salary, cash benefits allowance and pension
allowance until 15 July 2024. Thereafter he was eligible to receive
a payment in lieu of 12 months’ notice comprising salary, cash
benefits allowance and pension allowance, which is paid inequal
monthly instalments, subject to mitigation. He was not entitled
toan annual bonus for FY 2024/25 and all unvested share
awards lapsed in full on his departure. He received a payment
inlieu ofaccrued but untaken annual leave and will beprovided
with reasonable assistance to prepare and file his tax returns
inrespect of the 2023/24 and 2024/25 tax years. TheCompany
also arranged for the continuation of medical insurance cover
for Jonathan and his family for the balance of FY 2024/25.
Hewill not receive any other payments, including for loss of
office. In accordance with the post-employment shareholding
guidelines, Jonathan will be required to hold 174,684 Burberry
shares until 15 July 2026. Further details regarding Jonathan’s
leaving arrangements are set out onpage148.
* This measure removes the effect of changes in exchange rates compared to the prior period.
138 Burberry Annual Report 2024/25

We are not making a payment under the annual corporate bonus
plan for FY 2024/25, but will instead pay a one-off discretionary
recognition award to current eligible colleagues to recognise
and thank them for their commitment and contribution during
FY2024/25 as we start to implement the Burberry Forwardstrategy.
During the year, the Committee took the opportunity to listen
tofeedback from colleagues about reward and performance at
Burberry and to learn more about our broader employee reward.
We have also improved our communications to make it easier
forcolleagues to understand and engage with their reward, for
example in relation to our benefits and all-employee share plans.
In March we once again held a session with our Global Workforce
Advisory Forum dedicated to reward and performance at
Burberry. This gave Forum members the opportunity to provide
feedback to us and share suggestions on a number of topics.
Their insights are highly valued by the Committee. I also ensure
that the perspectives of our workforce are considered at our
Committeemeetings.
Additional information on the broader workforce’s reward
structure, together with its alignment with the Executive Directors’
remuneration, is set out on page 141.
Committee effectiveness
The Committee’s annual performance and effectiveness
reviewwas undertaken as part of the internally facilitated Board
effectiveness review and I am pleased to note that the review
confirmed that the Committee operates well and provides
effective support to the Board. Further information on the
process is set out on page 121.
2026 Directors’ Remuneration Policy renewal
The current Directors’ Remuneration Policy was approved at
the2023 AGM and, in accordance with the normal three-year
cycle, is due to expire at the 2026 AGM. In advance of this, the
Committee will undertake a full review of the policy to ensure
that it appropriately aligns with the Burberry Forward strategy.
Ilook forward to engaging with shareholders during the year
tofurther understand their views on remuneration at Burberry
and to discuss any proposed changes to the policy.
I look forward to receiving your support for the Directors’
Remuneration Report at the AGM on 16 July 2025.
Danuta Gray
Chair, Remuneration Committee
Approach to remuneration for FY 2025/26
Salary and Board fees
After full consideration of the broader context and the approach
taken for the wider workforce, the Committee agreed that
neither Executive Director would receive a salary increase for
FY2025/26. Similarly, it was agreed by the Committee and
theBoard respectively that there would be no increase to the
Chair’s fee or the Non-Executive Directors’ fees for FY 2025/26.
Annual bonus
The annual bonus structure for the Executive Directors will
follow a similar framework to that for the CFO in FY 2024/25.
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
measures aligned to the Burberry Forward strategy, including key
sustainability measures. Further details are provided onpage 145.
2025 BSP awards
For 2025 the BSP will operate again in line with the 2023
Directors’ Remuneration Policy. We will consider the design
ofthe BSP and the continued use of a restricted share plan
aspart of our full review of the Directors’ Remuneration
Policyahead of the 2026 AGM.
In line with the approach last year, the CEO will be granted
a2025 BSP award of 162.5% of salary. Taking into account the
CFO’s performance and development in her role since joining
Burberry and the key part she is expected to play in executing
the Burberry Forward strategy, the Committee decided to
increase her BSP award to 162.5% of salary.
2025 BSP awards will be granted on the same basis as the 2024
awards. Awards will vest after three years and will then be subject
to a two-year post-vesting holding period. 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 represent a well-rounded and
balanced approach to safeguarding the financial stability of the
business, delivering our Burberry Forward strategy and elevating
the brand. Further details are provided on page 147.
Broader employee reward
Burberry is committed to being a fair and responsible employer.
We used a scaled approach for the 2024 pay review to provide
proportionately higher salary increases to our more junior
colleagues. We intend to adopt a similar approach for the 2025
pay review. In April 2025 in the UK, where we are a Principal
Partner of the Living Wage Foundation and an accredited UK
Living Wage employer, we implemented a pay increase of 4.8%
for colleagues outside London and 5% for colleagues in London,
above the recommended rates set out bythe Living Wage
Foundation. This positively impacted approximately
700colleagues.
139
Burberry Annual Report 2024/25

Corporate Governance Statement | Directors’ Remuneration Report
AT A GLANCE
The Directors’ Remuneration Policy was approved by shareholders at the AGM on 12 July 2023 and is set out in full in the Directors’
Remuneration Report 2022/23, which can be found in the Annual Report 2022/23 at Burberryplc.com.
Element Approach for FY2024/25 Approach for FY2025/26
Base salary
Salaries from 1 July 2024:
• Jonathan Akeroyd (CEO until 15 July 2024) –£1,138,500
• Joshua Schulman (CEO from 17 July 2024) –£1,200,000
• Kate Ferry (CFO) – £675,000
After full consideration of the broader
context and approach for the wider
workforce, no salary increases were
awarded for the Executive Directors
for FY 2025/26.
Pension
Pensions for FY 2024/25 were in line with the maximum employer
pension contribution available to the majority of the UK workforce
(currently 10% of salary).
No change for FY 2025/26.
Benefits
The cash benefits allowances for FY 2024/25 were:
• Jonathan Akeroyd (CEO until 15 July 2024) –£50,000
• Kate Ferry (CFO) – £20,000
The allowance for Jonathan Akeroyd was pro-rated to reflect the
portion of the year during which he was employed by Burberry.
Joshua Schulman did not receive a cash benefits allowance.
Non-cash benefits principally include private medical, long-term
disability insurance and life assurance.
Joshua Schulman received reasonable costs associated with his
relocation from New York to London. Further details are set out
onpage 142.
No change for FY 2025/26.
Annual
bonus
Maximum annual bonus of 200% of salary.
Performance measures:
• 75% adjusted operating profit
• 25% strategic objectives
As set out in the Committee Chair’s statement, Joshua Schulman’s bonus
was modified for FY 2024/25. Further details are set out on page 144.
Executive Directors are required to invest 50% of any net bonus into
Burberry shares until the shareholding guideline is met.
Malus and clawback provisions apply.
No change in the maximum annual
bonus opportunity for FY 2025/26.
Performance measures for the CEO
and the CFO for FY 2025/26:
• 75% adjusted operating profit
• 25% strategic objectives
Burberry
Share Plan
Maximum annual award levels:
• Joshua Schulman (CEO) – 162.5% of salary
• Kate Ferry (CFO) – 150% of salary
Awards vest in full after three years subject to achievement of
performance underpins and are subject to a holding period to the fifth
anniversary of grant of award.
Details of the performance underpins for the 2024 awards are set out
on page 146.
Malus and clawback provisions apply.
The Committee decided to increase
the BSP award level for the CFO to
162.5% of salary as set out on page 146.
Maximum annual award levels:
• Joshua Schulman (CEO) – 162.5%
of salary
• Kate Ferry (CFO) – 162.5% of salary
Details of the performance underpins
for the 2025 awards are set out
onpage 147.
Recruitment
award
As set out in the Committee Chair’s statement, Joshua Schulman
wasgranted a recruitment award of 300% of salary. Furtherdetails,
including the performance conditions that apply to the recruitment
award,areset out on pages 147 and 148.
N/A
Shareholding
guideline
300% of salary
Post-employment shareholding guideline of 300% of salary
(oractualshareholding if lower) for two years after stepping down
asan Executive Director.
No change for FY 2025/26.
Details of the principles the Committee took into account when developing the Directors’ Remuneration Policy, including Provision
40of the UK Corporate Governance Code, are set out on page 212 of the Annual Report 2022/23.
The Committee considers that the Directors’ Remuneration Policy operated as intended during FY 2024/25.
140
Burberry Annual Report 2024/25

BROADER EMPLOYEE REWARD AT BURBERRY
At Burberry, our reward philosophy is to provide our colleagues across the Group with fair, equitable
andcompetitive total reward. Our remuneration framework isdesigned to support our strategy andtoinspire
our colleagues todeliver outstanding results. Our framework iscascaded across the Group andconsists
ofthefollowing key components:
Base salary
All colleagues receive a fair and equitable
market-drivensalary.
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
Our global benefits offer includes:
• Parental Leave Policy providing all eligible new parents
with 18 weeks’ paid leave
• 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
• Long service awards at each five-year milestone
• Pension schemes available in line with local market practice
• Access to our Employee Assistance Programme
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.
How we reward and support our colleagues
• We review salaries on an annual basis through our pay
review process
• For the 2025 pay review we have built on the scaled
approach that we introduced for the 2024 pay review
where we provided proportionately higher increases
toour more junior colleagues
• In the UK, where we are a Principal Partner of the Living
Wage Foundation and an accredited UK Living Wage
employer, in April 2025 we implemented a pay increase
of 4.8% for colleagues outside London and 5% for
colleagues in London. For the second year in a row, these
were above the recommended rates set by the Living
Wage Foundation
Executive Director alignment
There will be no increase to the base salaries ofExecutive
Directors for FY 2025/26.
Variable pay
All colleagues are eligible for short-term performance-related
pay to recognise and reward their contribution.
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
• We are not making a payment under the annual
corporatebonus plan for FY 2024/25, but will instead
paya one-off discretionary recognition award to current
eligible colleagues to recognise and thank them for
theircommitment and contribution during FY 2024/25
aswestart to implement the Burberry Forward strategy
• We have evolved our Retail Variable Pay Plan to further
align reward with business objectives. Performance
metrics are now assessed independently with an enhanced
payout structure that provides greater recognition for
exceptional results. Additionally, the Retail Variable
PayPlan places more emphasis on role-specific
contributions, ensuring that colleagues are rewarded
inrelation to the areas they can directly influence
Executive Director alignment
Following his appointment the CEO participated in a
modified bonus plan for FY 2024/25. The CFO received a
bonus payout for FY 2024/25 in relation to her performance
against strategic objectives.
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 up to a maximum of £500
permonth and buy shares at a 20% discount to the market
price at grant
• Burberry Share Plan (BSP): rewards approximately 700
ofour senior colleagues for delivering on our long-term
strategy. Awards are granted annually and vest after three
years, subject to continued employment, with thenext
annual vesting in July 2025
Executive Director alignment
Executive Directors are eligible to participate in our
shareplans.
141
Burberry Annual Report 2024/25

Corporate Governance Statement | Directors’ Remuneration Report
ANNUAL REPORT ON REMUNERATION
FY 2024/25 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2024/25 (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
Burberry
Share Plan
(BSP)
£’000
All-
employee
share plans
£’000
Prior
company
buy-out
awards
4
£’000
Total
£’000
Total fixed
remuneration
£’000
Total variable
remuneration
£’000
Executive Directors
Joshua Schulman
Year to 29 March 2025
1
846 425 85 1,200 – – – 2,556 1,356 1,200
Kate Ferry
Year to 29 March 2025 672 33 67 135 – – – 907 772 135
Year to 30 March 2024
2
479 36 48 122 – – 1,278 1,963 563 1,400
Former Executive Director
Jonathan Akeroyd
Year to 29 March 2025
3
333 80 33 – – – – 446 446 –
Year to 30 March 2024 1,129 105 113 – – – – 1,347 1,347 –
1. Remuneration in the table above in relation to Joshua Schulman for the year to 29 March 2025 relates to his period of employment as CEO from 17 July 2024.
2. Remuneration in the table above in relation to Kate Ferry for the year to 30 March 2024 relates to her period of employment as CFO from 17 July 2023.
3. Remuneration in the table above in relation to Jonathan Akeroyd for the year to 29 March 2025 relates to his period of employment as CEO to 15 July 2024.
4. The value shown in the ‘prior company buy-out awards’ column for Kate Ferry represents the value of her buy-out awards. Further details are set out in the Directors’
RemunerationReport 2022/23.
Salary (audited)
The table below details annual salaries as at 29 March 2025 and those that will apply from 1 July 2025. Taking into account business
performance and the broader shareholder experience, the Committee determined that annual salaries for the Executive Directors will
not be increased from 1 July 2025. The budgeted salary increase for our UK workforce for 2025 was 3.3%.
As at
29 March 2025
As at
1 July 2025 % change
Joshua Schulman £1,200,000 £1,200,000 0%
Kate Ferry £675,000 £675,000 0%
Jonathan Akeroyd’s annual salary was £1,138,500 until his departure from Burberry on 15 July 2024.
Pension (audited)
The pension cash allowances for the Executive Directors are aligned to the maximum employer pension contribution available
tothemajority of the UK workforce at 10% of base salary.
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 2024/25 inaccordance
with the Directors’ Remuneration Policy and as disclosed in the single figure table.
FY 2024/25 (£’000)
Cash
allowance
Private
medical
insurance
Life
assurance
Long-term
disability
insurance
Tax and
legaladvice
3
Relocation costs Other
4
Executive Directors
Joshua Schulman
1
– 13 7 1 24 380 –
Kate Ferry 20 5 3 2 3 – –
Former Executive Director
Jonathan Akeroyd
2
15 15 6 13 11 – 20
1. Values shown above reflect the fact that Joshua Schulman’s employment commenced on 17 July 2024.
2. Values shown above reflect the fact that Jonathan Akeroyd’s employment ceased on 15 July 2024.
3. The values shown in the ‘tax and legal advice’ column include legal fees incurred in respect of Joshua Schulman’s appointment and Jonathan Akeroyd’s departure.
4. In accordance with our policy for the wider UK workforce, Jonathan Akeroyd received a payment of £19,705 in respect of 4.5 days of untaken accrued annual leave.
5. There were no changes to benefits policies during the year.
The value shown in the ‘relocation costs’ column for Joshua Schulman reflects costs for temporary accommodation of £135,171
(grossed up for tax) and home search assistance and transportation of goods of £120,655 in connection with his relocation from New
York to London. Joshua is also eligible to receive a housing allowance of £25,000 per month (gross) for up to 18 months. Five months
of this allowance is included in the ‘relocation costs’ column above and the remainder will be included in subsequent Directors’
Remuneration Reports as appropriate.
142
Burberry Annual Report 2024/25

Annual bonus for FY 2024/25 (audited)
Both Executive Directors were eligible for a maximum bonus of 200% of base salary. For the CFO, the annual bonus for FY 2024/25
was based 75% on Group adjusted operating profit performance (at FY 2023/24 CER) and 25% on strategic objectives including
strategic, operational and environmental and social measures. Details of the modified approach to the CEO’s annual bonus for
FY2024/25 only are set out on page 144.
Adjusted operating profit performance
The table below sets out the targets and the performance achieved for FY 2024/25 in relation to the Group adjusted operating profit
performance measure:
FY 2024/25 Group adjusted operating profit targets
FY 2024/25
Group adjusted
operating profit
achieved (CER
1
)
Threshold
(25% of
maximum)
Target
(50% of
maximum)
Stretch
(85% of
maximum)
Maximum
(100% of
maximum)
Kate Ferry £342.3m £370m £397.8m £418m £51m
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 2023/24 and on a pro forma basis.
Details of pro forma results for FY 2024/25 are set out on page 32.
Based on the adjusted operating profit delivered, this element of the annual bonus will pay out at 0% (out of 75%).
CFO’s strategic performance
The Committee was mindful of the challenges that FY 2024/25 presented and the continuity that Kate provided during the CEO transition.
Similarly, following the launch of the Burberry Forward strategy in November, Kate has worked closely with Joshua to stabilise the
business and implement the initial stages of our strategic plan.
In its assessment of the CFO’s performance for the year, the Committee considered Kate’s achievements against the following
strategic objectives:
• Delivering operating costs initiatives: in partnership with the CEO, Kate has delivered a number of operating costs initiatives
tounlock savings, resulting in the achievement of £24 million cost savings for FY 2024/25. Her rigorous focus and leadership
havecontributed to an adjusted operating profit for FY 2024/25 of £26 million (£51 million at CER), compared with the uncertain
outlookat the interim results in November. Key cost-saving initiatives led by Kate in partnership with the CEO included headcount
reductionand the initiation of a further cost savings programme, bringing the expected combined annualised savings to
£100 million byFY2026/27.
• Managing cash flow: despite significantly lower profitability, Kate’s strong management of working capital and capital expenditure
during FY 2024/25 resulted in free cash flow of £65 million which is broadly flat to last year.
• Reducing inventory: Kate has worked in partnership with the CEO to restore scarcity to the inventory model through swift action
toaddress the inventory overhang and to implement tighter seasonal buys. This has resulted in a reduction of gross inventory
by7%versus last year at CER.
• Corporate funding and cash management: during FY 2024/25, Kate led our efforts to maintain cash balances that are consistent
with a strong balance sheet with an investment grade credit rating. She has maintained access to debt capital markets to meet
theGroup’s trading and strategic needs throughout the transformation period and maintained a balanced portfolio of debt in terms
of maturity and sources of finance. This has been achieved through extending our £300 million Revolving Credit Facility (RCF) to
November 2027, securing an additional £75 million RCF to March 2027 and issuing a £150 million bond in December 2024, bringing
the total amount ofthe June 2030 bond to £450 million and maintaining our investment grade credit rating.
• Driving our people strategy: Kate has executed the CEO’s drive for organisational clarity within the Finance function, including
making a number of key appointments to her leadership team, and has supported the CEO in executing this more broadly across
the business. Finance colleagues have expressed increased optimism and engagement in the second half of the year, reflected
inthe results of our Engagement Surveys.
The Committee also took into account Kate’s significant contribution in stabilising the business through a very challenging period
andthat the cost savings that she drove positioned the business well as we exited FY 2024/25. In addition, she played a key role
inonboarding the new CEO and supporting the development and delivery of the initial stages of Burberry Forward. Based on the
Committee’s assessment ofperformance against the strategic measures, this element will pay out at 10% (out of 25%).
CFO’s annual bonus outcome for FY 2024/25
Considering the performance delivered, the Committee determined that for FY 2024/25 the CFO would receive an annual bonus
of£135,000, representing 10% of her maximum bonus. The Committee considered that this level ofbonus payout would be
appropriate taking into account Kate’s performance during FY 2024/25.
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. Kate will therefore invest 50% of her net annual bonus for FY2024/25
into Burberry shares.
143
Burberry Annual Report 2024/25

Corporate Governance Statement | Directors’ Remuneration Report
CEO’s annual bonus for FY 2024/25
Joshua was eligible for a bonus for the full financial year (recognising that he would be employed for the majority of FY 2024/25).
TheCommittee was mindful of both the importance of recruiting a CEO who would be able to navigate Burberry through the challenges
it faced, incentivising him to achieve short-term actions in FY 2024/25, as well as laying the foundations for future success.
As set out on page 137, it was deemed inappropriate for the CEO’s annual bonus to be subject to the original targets set at thestart
ofthe financial year for his predecessor. Therefore, for FY 2024/25 only, the Committee has set the operation of the CEO’s annual
bonus so that it is entirely dependent on operational and strategic measures.
In its assessment of the CEO’s performance for the year, the Committee considered Joshua’s achievements against the following
strategic objectives:
• Resetting our strategic focus on core product categories: as communicated in the Burberry Forward strategy announcement
inNovember, Joshua has aligned our product focus to our core categories. This has seen us evolve visual merchandising to give
greater prominence to outerwear and scarves, as well as refresh our marketing strategy (more detail is set out below). Joshua has
moved at pace to restore scarcity to the inventory model through swift action to address the inventory overhang and to implement
tighter seasonal buys. This has resulted in a reduction of gross inventory by 7% versus last year at CER. Joshua has also brought
discipline to the number of new products in our future seasonal assortments and has improved the year-on-year sell through ofthe
Spring and Summer 2025 collections.
• Repositioning our marketing strategy: Joshua has executed our brand repositioning to focus on Timeless British Luxury and a mix
of heritage and modern elements which has resulted in positive brand momentum in the second half of FY 2024/25. Joshua has
delivered a number of marketing campaigns which have been successful in resetting and improving the perception of the Burberry
brand, including our ‘It’s Always Burberry Weather’ outerwear campaign, our ‘Wrapped in Burberry’ festive campaign and our ‘London
in Love’ campaign. The Burberry Winter 2025 show in February was extremely well received and delivered a significant increase
inviews, press coverage and total reach compared with The Burberry Winter 2024 show. As a result, during FY 2024/25 we saw
brand desirability and brand affinity reach their highest level in three years.
• Refreshing our pricing architecture: Joshua has worked quickly to implement a refreshed pricing architecture, aligning prices with
our category authority and ensuring that product is available at a variety of price points. As a result, the Autumn 2025 collection saw
a low single digit reduction in average unit retail (AUR) compared with the Autumn 2024 collection and our intake margin has improved.
• Our change in strategic focus and new approach to marketing strategy and pricing architecture have been well received by our
customers, with particularly positive sales momentum in our scarves and outerwear categories. Joshua’s immediate actions to reset
brand storytelling, enhance visual merchandising in stores and online, and align product focus to our core categories has resulted
in a significant improvement in our comparable retail sales in the second half of FY 2024/25 relative to the first half.
• Delivering operating costs initiatives: since his appointment, in partnership with the CFO, Joshua has accelerated the pace
ofdelivery of a number of operating cost initiatives to unlock savings, resulting in the achievement of £24 million cost savings for
FY 2024/25. Key cost-saving initiatives in the second half of FY 2024/25 included headcount reduction and theinitiation of a further
cost savings programme, bringing the expected combined annualised savings to £100 million by FY 2026/27.
• Driving our people strategy: Joshua moved quickly to drive organisational clarity and make changes to his leadership structure
todeliver the Burberry Forward strategy and put the customer at the centre of everything we do. He has swiftly made a number
ofkey appointments toenhance his executive team and has simplified the organisational structure. The return to our refurbished
global headquarters at Horseferry House in London is now complete, reuniting the creative and commercial teams to enhance
collaboration and productivity. The initial response of colleagues to Joshua has been very positive, especially in relation to his
leadership style, authenticity and clarity of vision; this was borne out by feedback on both Joshua and the Burberry Forward strategy
in the January and March meetings of the Global Workforce Advisory Forum. Colleagues have also expressed optimism inour
Engagement Surveys since Joshua’s appointment.
As well as delivery against the strategic objectives, Joshua has moved at pace to execute the turnaround and advance ourstrategy
toreignite brand desire, improve performance and drive long-term value creation. Following his appointment, he worked quickly
tostabilise the business against an uncertain macroeconomic backdrop and luxury slowdown and established positive relationships
with our investors. His focus on controlling costs, focused trading and improved marketing have contributed to an adjusted operating
profit for FY 2024/25 of £26 million (£51 million at CER), compared with the uncertain outlook at the interim results in November.
These actions positioned the business well as we exited FY 2024/25. Although there is much work to do on execution of the strategy,
Joshua has made an immediate impact on the business, ensuring we moved into FY 2025/26 with positive momentum.
Based on its assessment of Joshua’s performance and taking into consideration the feedback received from some of our shareholders
during the consultation, the Committee determined that it would beappropriate for the CEO to receive a bonus of £1,200,000 for
FY2024/25, representing 50% of his maximum bonus.
As Joshua has not met his shareholding guideline of 300% of salary, he will invest 50% of his net annual bonus for FY 2024/25
intoBurberry shares.
144
Burberry Annual Report 2024/25

Annual bonus for FY 2025/26
For FY 2025/26 the Executive Directors will be eligible for a maximum bonus of 200% of salary. The annual bonus for FY 2025/26
willbe based 75% on Group adjusted operating profit performance (at FY 2024/25 CER) and 25% on strategic measures aligned
tothe Burberry Forward strategy, including key sustainability measures. Theadjusted operating profit targets are considered
tobecommercially sensitive and will be disclosed in the Directors’ RemunerationReport 2025/26.
The strategic objectives for FY 2025/26 for the CEO and the CFO will include measures linked to Burberry Forward. When assessing
performance in this area the Committee will consider key measures linked to the strategy, including customer, brand, product,
distribution, culture, cost and sustainability.
For each strategic measure the Committee will determine the payout in the round, taking into account our progress during the year.
Details of the progress achieved and the Committee’s determination of bonus outcomes will be provided in the Directors’
Remuneration Report 2025/26.
Under the Directors’ Remuneration Policy, the Executive Directors will be 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:
• 2022 BSP awards vesting based on performance to FY 2024/25
• 2024 BSP awards granted during FY 2024/25
• 2025 BSP awards to be granted during FY 2025/26
2022 BSP awards vesting subject to performance underpins to FY 2024/25 (audited)
Neither Executive Director was in role when the 2022 BSP awards were granted and therefore no BSP awards will vest to Executive
Directors based on performance to FY 2024/25.
2024 BSP awards granted during FY 2024/25 (audited)
The Committee granted a 2024 BSP award of 162.5% of salary to Joshua Schulman and of 150% of salary to Kate Ferry on 30 July 2024
in line with the Directors’ Remuneration Policy approved by the shareholders at the 2023 AGM.
The table below summarises the BSP share awards granted to the Executive Directors during FY 2024/25.
Type of award Basis of award Shares awarded
Face value at
grant (£’000) Performance underpin period
Joshua Schulman BSP share award 162.5% of salary 212,531 £1,950 3 years to 27 March 2027
Kate Ferry BSP share award 150% of salary 110,353 £1,012 3 years to 27 March 2027
Jonathan Akeroyd was not granted a 2024 BSP award following his departure on 15 July 2024.
2024 BSP awards granted to the Executive Directors will vest in full three years from the grant date, subject to the performance
underpins outlined on page 146. 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. The number of shares that vest
will include additional shares in respect of any dividend equivalent payable on the award.
Prior to the 2024 BSP grant date the Committee carefully considered the impact of the share price on the number of shares due to
begranted and determined that it would be better able to judge whether a windfall gain had occurred at vesting rather than at grant.
As set out inlastyear’s Directors’ Remuneration Report, the Committee’s original intention was to maintain BSP awards at their normal
levels. However, the Committee continued to monitor the share price up to the grant date and, in recognition of the share price volatility
experienced following our first quarter trading update and CEO transition announcements on 15 July 2024, it determined to exercise
its discretion to align the award price for the grant with an average price calculated over a longer period of 20 business days before
15 July 2024 (£9.1751). Thiseffectively reduced the number of shares granted for all BSP participants, including the Executive
Directors, by 20%.
In addition, the Committee will continue to monitor share price changes and will consider whether it would be appropriate to
furtherscale back awards at the point of vesting. As disclosed last year, a framework has been developed to assist the Committee
inidentifying whether Executive Directors have benefited from windfall gains.
145
Burberry Annual Report 2024/25

Corporate Governance Statement | Directors’ Remuneration Report
2024 BSP awards are subject to the following performance underpins:
2024 BSP award
performance underpins Details
Revenue The level of Total Revenue at CER for FY 2026/27 being at least £3,200 million
ROIC The level of Group ROIC at reported exchange rates for FY 2026/27 being at least 1% above
theGroup’s Weighted Average Cost of Capital (WACC) at the time of vesting (the Group’s WACC
was c.10% 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
If the Company does not meet one or more of the performance underpins outlined above, 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 underperformed 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 the 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.
2025 BSP awards to be granted during FY 2025/26
The Committee intends to grant 2025 BSP awards of 162.5% of salary to the Executive Directors. As set out in the Committee
Chair’sstatement on page 139, the Committee decided to increase the CFO’s award from 150% to 162.5% of salary in recognition
ofher performance and development in her role since joining Burberry, as well as the key part she is expected to play in executing
theBurberry Forward strategy.
The Committee carefully considered the impact of share price on the number of shares granted under the BSP and shareholder
guidance in relation to this. The Committee considered that it would be better able to judge whether the Executive Directors had
benefited from a windfall gain at vesting using the windfall gain framework that has been developed to support the Committee.
TheCommittee will continue to monitor the share price up to the time of the grant of the award in July.
The awards will vest in full 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. The number of shares that vest will include additional shares in respect of any dividend
equivalent payable on the award.
If the Company does not meet one or more of the performance underpins outlined on page 147, 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.
146
Burberry Annual Report 2024/25

The Committee has reviewed the performance underpins and determined that the underpins that applied to previous BSP 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. For 2025 the Committee has also reviewed the level of the BSP underpins taking into account that their purpose is to act
as a ‘safeguard’ to ensure that awards do not pay out if the Company has underperformed, as opposed to being stretching performance
targets. In light of the challenging macroeconomic environment and the commercial context for Burberry, the Committee has updated
the revenue and ROIC underpins for the 2025 BSP awards to ensure they are relevant and appropriate.
The following performance underpins will apply to the 2025 BSP awards:
2025 BSP award
performance underpins Details
Revenue The level of Total Revenue at CER for FY 2027/28 being at least £2,600 million
ROIC Reasonable progress having been achieved over the vesting period in respect of the Group
Return on Invested Capital, taking into account the Group’s Weighted Average Cost of Capital
(the Group’s WACC is currently c.10.5%)
Brand and sustainability
strategies
Reasonable progress having been achieved over the vesting period in respect of our brand
andsustainability strategies:
• Brand: the Committee will consider progress against a basket of brand and strategy related
KPIs which are aligned to the Burberry Forward strategy
• Sustainability: the Committee will consider whether reasonable progress has been achieved
against our sustainability and carbon reduction goals
In addition to the performance underpins described above, the Committee also retains the discretion to adjust the vesting outcome
ifit is not considered to be reflective of the 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.
Payments to past Directors
There were no payments to past Directors above a de minimis limit of £3,000 during the year.
Joining arrangements for Joshua Schulman
Joshua Schulman was appointed to Burberry on 17 July 2024. Joshua’s appointment was against a backdrop of macroeconomic
uncertainty at a challenging time for Burberry. In setting his remuneration, the Committee was mindful of the importance of attracting
a CEO with deep luxury and fashion expertise. Joshua is a proven leader with an outstanding record of building global luxury brands
and driving profitable growth, and the Board determined that his experience in luxury and fashion would be instrumental in revitalising
Burberry’s business. It was therefore in shareholders’ interests that the remuneration package we offered was sufficient and attractive
enough to recruit a CEO of Joshua’s calibre from the US talent market.
Joshua’s remuneration package was set in line with the Directors’ Remuneration Policy and for FY 2024/25 included an annual base
salary of £1,200,000 and a pension cash allowance of 10% of base salary, in line with the maximum employer contribution available
tothe majority of the UK workforce. He was eligible to receive a maximum discretionary annual cash bonus of 200% of his base salary
and is required to invest 50% of any net bonus payment into Burberry shares until he has satisfied the shareholding guideline of 300%
of salary. Joshua is also eligible for a maximum BSP award of 162.5% of his base salary.
In order to ensure that a competitive remuneration package was developed that would attract Joshua to Burberry, he was granted
arecruitment award on 19 December 2024 in line with the Directors’ Remuneration Policy as set out below. The grant of Joshua’s
recruitment award took place following a consultation exercise with our largest shareholders and key proxy bodies which enabled
usto share the context of Joshua’s recruitment and his remuneration arrangements and understand their views.
Type of award Basis of award Shares awarded
Face value at
grant (£’000) Performance period
Joshua Schulman Recruitment share award 300% of salary 392,366 £3,600 3 years to 17 July 2027
The face value of the award was calculated using the 20 business day average price prior to the date of Joshua’s appointment (£9.1751).
The number of shares that vest will include additional shares in respect of any dividend equivalent payable on the recruitment award.
The recruitment award will be subject to a two-year post-vesting holding period until 17 July 2029.
147
Burberry Annual Report 2024/25

Corporate Governance Statement | Directors’ Remuneration Report
The performance targets for the award are directly linked to shareholder value creation and Burberry’s total shareholder return (TSR)
performance. Vesting of the award requires the Company to meet the following stretching absolute TSR targets (with straight-line
vesting between threshold and maximum):
Absolute TSR targets
1
Threshold
(25% of maximum)
Maximum
(100% of maximum)
Joshua Schulman +49% +109%
1. Absolute TSR performance will be measured relative to a base price of £6.71 (the 60 business day average price from the date of Joshua’s appointment).
The Committee noted that the level of the award was below the median value of buy-out awards granted to FTSE 100 CEOs in the last
four years.
Joshua’s recruitment award was granted to facilitate recruitment pursuant to UK Listing Rule 9.3.2(2) on bespoke terms similar to the
terms of the BSP except that the individual limit on awards was disapplied. Shares vesting under the recruitment award are subject to
(after sales for tax) a holding requirement until 17 July 2029 and clawback until 19 December 2030. The number of shares under the
recruitment award, the basis for determining Joshua’s entitlement to shares and the terms relating to adjustment on any capitalisation
issue, rights issue or open offer, subdivision or consolidation or reduction of capital or any other variation of capital cannot be altered
to Joshua’s advantage without the prior approval of shareholders in a general meeting (except for minor amendments to benefit the
administration of the award, to take account of a change in legislation or to obtain or maintain favourable tax, exchange control or
regulatory treatment for Joshua or Burberry). The recruitment award is not pensionable. All other terms of the BSP rules apply to the
recruitment award.
The Committee carefully considered the award and was satisfied that in the circumstances it was reasonable to attract a CEO
ofJoshua’s calibre from the US market and appropriately structured to align him with shareholders from the outset.
The recruitment award will be reported in the single figure table for FY 2027/28.
In line with the Directors’ Remuneration Policy and based on our internal policy for international relocations, Joshua is eligible
toreceive reasonable costs associated with his relocation from New York to London. Further details are set out on page 142.
In addition, Joshua is eligible to receive other benefits including private medical insurance, life assurance, long-term disability
insurance, an employee discount, reasonable assistance with his tax returns and participation in our all-employee share plans.
Joshua was not granted any buy-out awards.
Leaving arrangements for Jonathan Akeroyd
Jonathan Akeroyd left Burberry on 15 July 2024. He was paid salary, cash benefits allowance and pension allowance and received
contractual benefits up to that date. These are shown in the single figure table on page 142. Thereafter he was eligible to receive
apayment in lieu of 12 months’ notice, comprising salary, cash benefits allowance and pension allowance, paid in equal monthly
instalments, subject to mitigation. He did not receive any annual bonus in respect of FY 2024/25 and all his unvested share awards
lapsed on his departure from Burberry. In accordance with our policy for the wider UK workforce, he received a payment of £19,705
inrespect of untaken accrued annual leave. He will also be provided with reasonable assistance to prepare and file his tax returns
inrespect of the 2023/24 and 2024/25 tax years. The Company also arranged for private medical insurance for Jonathan and his
family to be continued for the balance of FY 2024/25.
Jonathan will not receive any other payments, including for loss of office.
As a former Executive Director, Jonathan 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. Further details of Jonathan’s shareholding guideline
compliance as at 29 March 2025 are set out on page 149.
148
Burberry Annual Report 2024/25

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 the
shareholding guideline 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 29 March 2025, as well as their progress against the shareholding guideline. 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 29 March 2025 (our standard approach to assessing the guideline), neither Joshua
Schulman nor Kate Ferry had met the guideline. They have both joined Burberry relatively recently and have demonstrated progress
towards their guideline.
Beneficially held shares Share/option awards
Number of
shares
beneficially
owned as at
29 March 2025
1
As % of salary
2
Shareholding
guideline
(% of salary)
Guideline
metas at
29 March 2025
Vested but
unexercised
awards
Unvested
– subject to
performance
conditions
(recruitment
award)
Unvested
– subject to
performance
underpins
(BSP awards)
Unvested
– subject to
continued
employment
3
Executive Directors
Joshua Schulman 5,051 4.4% 300% No 0 392,366 212,531 51
Kate Ferry 8,352 12.8% 300% No 0 0 156,751 1,568
Former Executive Director
Jonathan Akeroyd
4
181,399 164.7% 300% No 0 0 0 0
1. There have been no changes in the period up to and including 13 May 2025.
2. Based on the three-month average share price as at 29 March 2025 of £10.36.
3. 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 Share Incentive Plan (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).
4. The table shows Jonathan Akeroyd’s shareholding on 15 July 2024 when his employment ended and reflects the lapse of his unvested share awards. His shareholding guideline
calculation is based on the three-month average share price prior to that date (£10.34). On 15 June 2024 the final tranche of Jonathan’s buy-out award vested (a net number
of14,468 shares which included additional shares in respect of the dividend equivalent payable on the award).
As former Executive Directors, Jonathan Akeroyd and Julie Brown are 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
Jonathan is expected to retain a shareholding of 174,684 shares until 15 July 2026 and Julie was expected to retain a shareholding
of10,350 shares until 1 April 2025. As at 29 March 2025, Jonathan and Julie both complied with their obligation.
The following table provides further underlying detail on the unvested awards at 29 March 2025 included in the table above.
Executive Director Type of award Date of grant
Maximum number
of shares/options Performance period Vesting date(s)
4
Joshua Schulman 2024 BSP
2
30 July 2024 212,531 3 years to 27 March 2027 30 July 2027
Recruitment award
3
19 December 2024 392,366 3 years to 17 July 2027 17 July 2027
SIP 12 December 2024 51 N/A 12 December 2027
Kate Ferry 2023 BSP
1
27 July 2023 46,398 3 years to 28 March 2026 27 July 2026
2024 BSP
2
30 July 2024 110,353 3 years to 27 March 2027 30 July 2027
ShareSave
5
14 December 2023 1,484 N/A 1 February 2027
SIP 14 December 2023 33 N/A 14 December 2026
SIP 12 December 2024 51 N/A 12 December 2027
1. The performance underpins for the 2023 BSP award are set out on page 132 of the Annual Report 2023/24.
2. The performance underpins for the 2024 BSP award are set out on page 146.
3. The performance conditions for the recruitment award granted to Joshua Schulman are set out on pages 147 and 148.
4. Vested BSP awards may not normally be sold until five years from the date of grant, other than to meet tax liabilities.
5. On 14 December 2023, Kate Ferry was granted a ShareSave option over 1,484 shares at an option price of £12.50 per share.
149Burberry Annual Report 2024/25

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 2024/25, FY 2023/24,
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 (%)
Salary/fee Allowances and benefits Bonus
FY
2020/
21
FY
2021/
22
FY
2022/
23
FY
2023/
24
FY
2024/
25
FY
2020/
21
FY
2021/
22
FY
2022/
23
FY
2023/
24
FY
2024/
25
FY
2020/
21
FY
2021/
22
FY
2022/
23
FY
2023/
24
FY
2024/
25
Executive
Directors
Joshua
Schulman – – – – N/A – – – – N/A – – – – N/A
Kate Ferry – – – N/A 0% – – – N/A -21.8% – – – N/A 11.1%
Non-
Executive
Directors
Gerry
Murphy -5% 5.3% 0% 3% 0% -93.3% -21.4% -75.4% 712.4% -2.5% – – – – –
Fabiola
Arredondo -5% 5.3% 0% 3% 0% -100% N/A N/A -5.8% 23.4% – – – – –
Alessandra
Cozzani – – – N/A 0% – – – N/A -11.5% – – – N/A –
Sam Fischer -5% 5.3% 0% 3% 0% -100% N/A 1,453.6% -33.2% 48.1% – – – – –
Ron Frasch -5% 5.3% 0% 3% 0% -100% N/A 171.1% 64.4% -40.3% – – – – –
Danuta Gray – N/A 25.1% 17% 0% – N/A 1,267.2% 71.7% 65% – N/A – – –
Orna
NíChionna -3.5% 3.6% -0.9% -10.4% 0% -66.3% -21.7% 96.2% 20.8% -86% – – – – –
Antoine
deSaint-
Affrique N/A 0% 0% 3% 0% N/A N/A 155.2% 0.4% 2.8% N/A – – – –
Alan Stewart – – N/A 34.5% 9.5% – – N/A 3.7% -47.4% – – N/A – –
Former
Directors
Jonathan
Akeroyd – N/A 0% 3% 0% – N/A 17.4% 22.5% 9.8% – N/A N/A -100% N/A
Debra Lee -5% 5.3% 0% 3% 0% -100% N/A N/A 0.4% -77.5% – – – – –
UK
Employees 0% 0% 4% 4% 4% 0% 0% 0% 0% 0% -7.7% 233.3% -48% -85.6% -100%
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.
10. Alan Stewart replaced Matthew Key as Audit Committee Chair on 12 July 2023.
11. Jonathan Akeroyd left Burberry on 15 July 2024.
12. Debra Lee stepped down from the Board on 16 July 2024.
13. Joshua Schulman was appointed as CEO on 17 July 2024.
150 Burberry Annual Report 2024/25

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 142)
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 2024/25 Option A 92:1 70:1 45:1
FY 2023/24 Option A 44:1 33:1 21:1
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 142. The employees were identified based on all UK employees at year end.
Thisoption was selected on the basis that it provided the most accurate method of identifying the lower quartile, median and upper
quartile employees. In line with the regulations, the CEO’s total remuneration in respect of FY 2024/25 has been calculated as the
total of Jonathan Akeroyd’s remuneration (to 15 July 2024) and Joshua Schulman’s remuneration (from 17 July 2024).
The total remuneration in respect of FY 2024/25 for the employees identified at P25, P50 and P75 is £33k, £43k and £66k, respectively.
The base salary in respect of FY 2024/25 for the employees identified at P25, P50 and P75 is £26k, £37k and £59k, 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 real 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. In order to drive alignment with shareholders, the value ultimately received from share incentive 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 2024/25 has increased compared to the ratio for FY 2023/24. This reflects the fact that for FY 2023/24
JonathanAkeroyd did not receive an annual bonus and he was not in role to receive a BSP award that vested in respect of FY 2023/24.
Therefore the CEO’s total remuneration for FY 2023/24 only included the fixed elements of pay. The increase in the pay ratio for
FY2024/25 is primarily driven by the fact that Joshua Schulman received a target bonus for the year, resulting in a larger single figure
compared to FY 2023/24.
The Committee considers that the median pay ratio for FY 2024/25 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.
151
Burberry Annual Report 2024/25

Corporate Governance Statement | Directors’ Remuneration Report
Relative importance of spend on pay for FY 2024/25
The table below sets out the total payroll costs for all employees over FY 2024/25 compared to total dividends 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 2024/25 FY 2023/24
Dividends paid during the year (total) £m 152
1
233
% change -34%
Amounts paid to buy back shares during the year £m – 400
% change
Payroll costs for all employees £m 576 572
% change +1%
Average number of full-time equivalent employees 8,701 9,169
% change -5%
1. Dividends paid during the year reflect the final dividend for FY 2023/24 which was paid in August 2024.
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 Burberry
Joshua Schulman 14 July 2024 17 July 2024 12 months
Kate Ferry 14 March 2023 17 July 2023 12 months
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.
152
Burberry Annual Report 2024/25

0
40
80
120
160
200
£188
(88% increase)
£60
(40% decrease)
Burberry FTSE 100
2015 2016 2017 2018 2019 2020 2021 2022 2023 20252024
£
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 2015. The FTSE 100 Index has been selected as the comparator because Burberry has been aconstituent
ofthe Index for the majority of the period shown. 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2024/25 on page 142.
FY
2015/16
(CB)
1
FY
2016/17
(CB)
1
FY
2017/18
(CB)
1
FY
2017/18
(MG)
1
FY
2018/19
(MG)
1
FY
2019/20
(MG)
1
FY
2020/21
(MG)
1
FY
2021/22
(MG)
1
FY
2021/22
(JA)
1
FY
2022/23
(JA)
1
FY
2023/24
(JA)
1
FY
2024/25
(JA)
1
FY
2024/25
(JS)
1
Total remuneration
(£’000) 1,894 3,508 1,091 6,330 4,078 1,618 2,245 1,205 4,428 4,289 1,347 446 2,556
Bonus (% of maximum) 0% 0% 51% 51% 60% 0% 25% – – 59% 0% 0% 50%
BSP (% of maximum) – – – – – – – – – – – – –
Legacy incentive plans (no longer in operation):
ESP (% of maximum) – – 5% – 25% 0% 5.5% – – – – – –
CIP
2
(% of maximum) 0% 0% – – – – – – – – – – –
RSP (% of maximum) 0% 19.3% – – – – – – – – – – –
Exceptional award
3
(% of maximum) – 61.7% 59.9% – – – – – – – – – –
1. 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 to 15 July 2024), Joshua Schulman (JS, CEO from 17 July 2024).
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.
153Burberry Annual Report 2024/25

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2024/25 (and the prior financial year).
Year to 29 March 2025 Year to 30 March 2024
Fees
1
£’000
Benefits and
allowances
2
£’000
Total
£’000
Fees
1
£’000
Benefits and
allowances
2
£’000
Total
£’000
Non-Executive Directors
Gerry Murphy 438 9 447 436 9 445
Fabiola Arredondo 82 23 105 82 19 101
Alessandra Cozzani
3
82 12 94 48 13 61
Sam Fischer 82 31 113 82 21 103
Ron Frasch 82 22 104 82 36 118
Danuta Gray 117 7 124 117 5 122
Orna NíChionna 102 1 103 102 3 105
Antoine de Saint-Affrique 82 20 102 82 19 101
Alan Stewart
4
117 1 118 107 2 109
Former Non-Executive Director
Debra Lee
5
25 4 29 82 20 102
1. Fees include the base fee and additional fees payable to the Senior Independent Director, the Audit Committee Chair and the Remuneration Committee Chair in line with
theexisting Directors’ Remuneration Policy.
2. For Non-Executive Directors other than the Chair, allowances include an attendance allowance for each meeting attended outside their country or territory of residence.
Non-Executive Directors appointed before 11 May 2023 currently receive £2,000 per meeting. Non-Executive Directors appointed from 11 May 2023 currently receive £2,000 for
meetings that involve inter-continental travel and £1,000 for other meetings outside their country or territory of residence. Allowances also include 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. Fees for Alessandra Cozzani in relation to FY 2023/24 relate to the period from 1 September 2023 when she was appointed to the Board.
4. Fees for Alan Stewart in relation to FY 2023/24 include the Audit Committee Chair fee from 12 July 2023.
5. Fees for Debra Lee relate to the period to 16 July 2024 when she stepped down from the Board.
Summary of Non-Executive Director fees for FY 2025/26
Following a review, the Chair’s fee and the base fee for the Non-Executive Directors will remain unchanged with effect from 1 July 2025.
The fee structure for the Non-Executive Directors for FY 2025/26 is set out in the table below.
Fee level
£’000
Chair
1
440
Non-Executive Director 82.8
Senior Independent Director 20
Audit Committee Chair 35
Remuneration Committee Chair 35
Attendance allowance
2
Up to 2
1. The Chair is not eligible for Committee-related fees or attendance allowances.
2. For Non-Executive Directors other than the Chair, allowances include an attendance allowance for each meeting attended outside their country or territory of residence.
Non-Executive Directors appointed before 11 May 2023 currently receive £2,000 per meeting. Non-Executive Directors appointed from 11 May 2023 currently receive £2,000
formeetings that involve inter-continental travel and £1,000 for other 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.
154 Burberry Annual Report 2024/25

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 29 March 2025 (or as at the date of stepping down, if earlier).
In line with the shareholding guideline, Non-Executive Directors hold shares with a market value at acquisition of £6,000 for each year
of their appointment. As at 29 March 2025 (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
Non-Executive Directors
Gerry Murphy 35,000
Fabiola Arredondo 30,000
Alessandra Cozzani 1,100
Sam Fischer 3,000
Ron Frasch 5,838
Danuta Gray 6,847
Orna NíChionna 3,067
Antoine de Saint-Affrique 3,100
Alan Stewart 2,350
Former Non-Executive Director
Debra Lee 1,475
There have been no changes in the total number of shares owned in the period up to and including 13 May 2025.
Remuneration Committee in FY 2024/25
Committee membership
Danuta Gray, Fabiola Arredondo, Sam Fischer, Ron Frasch, Orna NíChionna and Alan Stewart served as members of the Committee
throughout the year ended 29 March 2025.
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.
155
Burberry Annual Report 2024/25

Corporate Governance Statement | Directors’ Remuneration Report
Summary of meetings
The Committee typically meets four times a year. During FY 2024/25, the Committee held seven meetings. Other ad hoc discussions
were held as required. Details of attendance at Committee meetings are set out on page 137. 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 seven meetings are summarised below. Other Committee matters, including remuneration
arrangements for Executive Committee members and others within the Committee’s remit, weredetermined by the Committee
outside the scheduled meetings.
May 2024
• Update on external environment from independent advisors
• FY 2023/24 incentive outcomes
• FY 2024/25 performance targets and incentive awards
• 2024 BSP awards, including performance underpins for Executive Directors
• FY 2024/25 senior executive remuneration
• Chair fees for FY 2024/25
• Approval of Directors’ Remuneration Report 2023/24
• Update on share plan dilution
Early July 2024
• Remuneration aspects of the CEO transition
Late July 2024
• 2024 BSP awards, including award price for all participants and performance underpins for the CEO
• Review of external independent advisors
September 2024
• 2024 AGM season shareholder and proxy body feedback
• Recruitment award for the CEO – performance conditions
• FY 2024/25 annual bonus plan strategic objectives for the CEO
• Appointment of external independent advisors
November 2024
• Update on external environment from independent advisors
• Recruitment award for the CEO and FY 2024/25 shareholder engagement on remuneration
• Incentives performance update
• All-employee share plan awards 2024
• Committee annual planner
December 2024
• Recruitment award for the CEO and FY 2024/25 shareholder engagement on remuneration
March 2025
• Update on external environment from independent advisors
• Incentives performance update
• FY 2025/26 annual bonus plan proposals and proposed 2025 BSP awards
• Approach to Directors’ Remuneration Report 2024/25
• Overview of broader employee reward and feedback from the March 2025 meeting of the Global
Workforce Advisory Forum
• UK Gender and Ethnicity Pay Gap Report for 2024/25 reporting year
• Overview of timeline for renewal of the Directors’ Remuneration Policy at the 2026 AGM
• Update on Executive Committee members’ shareholding guideline compliance
• Review of Committee’s terms of reference
Regular attendees at Committee meetings include the Chair of the Board, the CEO, the Company Secretary, the Chief People Officer,
the Vice President Reward and representatives of the Committee’s advisors. Other members of the senior management team may
attend Committee meetings from time to time. Attendees are not present when their own remuneration is being discussed.
156
Burberry Annual Report 2024/25

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 £193,400
(plusVAT) during FY 2024/25. During the year Deloitte also provided other consulting services, tax compliance and advisory 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.
The Committee also obtained independent advice from Farient Advisors, an executive compensation consultancy. Farient is a member
of the RCG. Fees were charged on a time and expenses basis and totalled £52,750 (plus VAT) during FY 2024/25. The Committee
issatisfied that advice received from Farient Advisors 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.
In September 2024 the Committee ran a competitive tender process for the appointment of Committee advisors, following which
Deloitte was reappointed.
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
andthe Directors’ Remuneration Policy.
AGM voting results Votes for Votes against Votes withheld
To approve the Directors’ Remuneration Report for the year ended
30 March 2024 (2024 AGM)
248,439,893
(86.88%)
37,506,163
(13.12%)
60,026
To approve the Directors’ Remuneration Policy (2023 AGM) 271,202,999
(91.02%)
26,745,859
(8.98%)
975,510
The Committee and I continue to value the input of shareholders to help 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 and receiving your support at the AGM in July.
This report has been approved by the Board and signed on its behalf by:
Danuta Gray
Chair, Remuneration Committee
13 May 2025
157
Burberry Annual Report 2024/25

Substantial shareholdings
As at 29 March 2025, the Company had been notified under
Rule 5 of the Disclosure Guidance and Transparency Rules
ofthe following major interests in its issued share capital:
Number of
Sharesheld
% of total
votingrights
1
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.
On 1 April 2025, the Company was notified by Norges Bank that
it holds 11,342,299 Shares representing 3.16% of the total voting
rights. The Company has received no other notifications of major
interests in its issued share capital since 29 March 2025.
Interests in own Shares
Details of the Group’s interests in its own Shares are set out
innote 24 to the Financial Statements.
Share buyback
During the reporting period, no share buyback programmes
were undertaken. Theauthority granted by shareholders at the
2024 AGM will remain in place until a new authority is granted
by shareholders at the 2025 AGM, or 16 October 2025,
whichever is earlier.
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 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 Share carries one vote at general meetings of the
Company. Any 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 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.
Corporate Governance Statement | Directors’ Report
DIRECTORS’ REPORT
The Directors present their Annual Report and the audited
consolidated Financial Statements of the Company for the year
ended 29 March 2025. 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 2 to 101
• Corporate Governance Statement, which includes the Board
of Directors, the Corporate Governance Report and the
Directors’ Remuneration Report, on pages 102 to 161; and
• Global GHG emissions disclosure on page 58.
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 as 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; and
• how we have engaged with our people and stakeholders.
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 24 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 of 0.05
pence each (Share), which carries no right to fixed income.
EachShare carries the right to one vote at general meetings
ofthe Company. The 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.
As at 29 March 2025, the Company had 363,816,314 Shares
inissue, including 4,639,220 held in treasury. At the AGM in
2024, shareholders approved resolutions to allot Shares up to
an aggregate nominal value of £59,763, and to allot Shares for
cashother than pro rata to existing shareholders as well as a
resolution to issue up to an additional 5% of issued share capital
other than pro rata to existing shareholders in connection with
an acquisition or specified capital investment. In order to retain
maximum flexibility, resolutions will be proposed to shareholders
at this year’s AGM to renew these authorities.
158
Burberry Annual Report 2024/25

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.
These are not 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 Directors’ Remuneration
Policy, which was approved by shareholders at the AGM on
12 July 2023. This is set out in full in the Directors’ Remuneration
Report in the Annual Report 2022/23 on Burberryplc.com.
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; and
• 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 its 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 reappoint EY as external auditor to the
Company for FY 2025/26 will be proposed at the 2025 AGM.
The Independent Auditor’s Report starting on page 163 sets
outthe information contained in the Annual Report which has
been audited by EY as the external auditor.
Employee share plans 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 141.
TheGroup intends to operate these all-employee share plans
during FY 2025/26 to grant awards of free Burberry 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 greater alignment
by employees with the Group’s performance. Detailsof employee
share plans are set out in note 27 to the Financial Statements.
Dividend
In order to improve the balance sheet and the capacity toinvest
in Burberry’s long-term growth the Directors have not declared
afinal dividend for FY 2024/25 (FY 2023/24: 42.7p).
An interim dividend was not recommended for FY 2024/25
(FY2023/24: 18.3p). No dividends have been paid in respect
ofthe year to 29 March 2025 (FY 2023/24: £218 million).
The Burberry Group plc ESOP Trust has waived all dividends
andfuture dividends payable by the Company in respect of the
Burberry Shares it holds until the Company is notified otherwise.
In addition, the SIP Trust has waived all dividends payable by
theCompany during FY 2024/25 in respect of unappropriated
Shares it holds.
Revenue and profit
Revenue from continuing business during the year amounted
to£2,461 million (FY 2023/24: £2,968 million). Theadjusted
operating profit for the year was £26 million (FY2023/24:
£418 million).
The loss for the year attributable to equity holders of the
Company was £75 million (FY 2023/24: profit of £270 million),
ayear-on-year decrease of 128% predominantly related to a 17%
reduction in revenue and a 520 bps reduction in gross margin,
which gave rise to a 94% reduction in adjusted operating profit.
An adjusting items charge of £29 million resulted in a 101%
reduction in operating loss/profit and an increase in the effective
tax rate driven by reduced profitability resulted in a117% reduction
in loss before taxation.
Financial instruments and risks
The Group’s financial risk management objectives and policies
are set out within note 26 of the Financial Statements. Note 26
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.
Going concern and viability
The going concern statements for the Group and the Company
are set out on pages 178 to 179 and 224 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 100 and 101.
The Risk and Viability Report can be found on pages 90 to 101.
The Directors considered it appropriate to adopt the going concern
basis of accounting when preparing the Financial Statements.
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.
The Company’s borrowings under the Group’s currently undrawn
£75 million Revolving Credit Facility, dated 21 March 2025, could
become repayable.
159
Burberry Annual Report 2024/25

Corporate Governance Statement | Directors’ Report
Political donations
The Company did not make any political donations during the
year in line with its policy (FY 2023/24: £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
wider definition of that term included in the relevant legislation.
Further details are provided in the Notice of Annual General
Meeting (theNotice).
Directors
The names and biographical details of the Directors as at the
date of this report are set out on pages 104 to 108 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 2025 AGM,
all Directors, with the exception of Antoine de Saint-Affrique,
Fabiola Arredondo and Sam Fischer, 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 152
ofthe Directors’ Remuneration Report. For information on the
Directors’ training, see page 120.
Directors’ Share interests
The interests in Shares of the Directors holding office as at
29 March 2025 are shown within the Directors’ Remuneration
Report on pages 136 to 157. There were no changes to the
beneficial interests of the Directors between the period
29 March 2025 and 13 May 2025.
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 29 March 2025, and through to the date of this report.
Employee engagement
Burberry is an open and inclusive employer that strives to open
spaces for our people so they can express their creativity and
grow both personally and professionally. Our colleagues represent
129 nationalities across 32 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 72 to 76.
Pages 43 to 45 demonstrate how the Directors have had regard
to employee interests and the principal decisions taken by the
Company during the financial year.
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 44 and 45.
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 47 to 71.
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 Burberry’s values and this approach was
strongly reinforced and measured across all our operational
activities. 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 health and safety 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.
160
Burberry Annual Report 2024/25

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
• 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 at 10:30am on Wednesday
16 July 2025 at Horseferry House, Horseferry Road, London
SW1P 2AW. 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 is 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.
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 UK Listing Rule 6.6.1
UK Listing Rule
Description of UK
ListingRule Reference
6.6.1 (3) Details of any long-term
incentive schemes as
required by UKLR 9.3.3R
See pages
145to 147
6.6.1 (11) and (12) Waivers of dividends See Dividend
paragraph
onpage 159
The Strategic Report from pages 2 to 101 and Directors’ Report
from pages 158 to 161 have been approved by the Boardon
13 May 2025 in accordance with the Companies Act 2006.
By order of the Board
Gemma Parsons
Company Secretary
13 May 2025
Burberry Group plc
Registered Office: Horseferry House, Horseferry Road,
LondonSW1P 2AW
Registered in England and Wales
Registered number: 03458224
161
Burberry Annual Report 2024/25

Financial Statements | Statement of Directors’ Responsibilities
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
162 Burberry Annual Report 24/25
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 and the Company for that year. In preparing these financial statements
the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• state 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 Company will
continue in business.
The 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 104 to 108, confirm that, to the best of their knowledge:
• the Company financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting
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 Standards,
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.
These statements were approved by the Board on 13 May 2025 and signed on its behalf by:
Joshua Schulman
Kate Ferry
Chief Executive Officer
Chief Financial Officer
162 Burberry Annual Report 2024/25

Financial Statements | Statement of Directors’ Responsibilities
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
162 Burberry Annual Report 24/25
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 and the Company for that year. In preparing these financial statements
the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• state 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 Company will
continue in business.
The 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 104 to 108, confirm that, to the best of their knowledge:
• the Company financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting
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 Standards,
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.
These statements were approved by the Board on 13 May 2025 and signed on its behalf by:
Joshua Schulman
Kate Ferry
Chief Executive Officer
Chief Financial Officer
Financial Statements | Independent Auditor’s Report to the Members of Burberry Group plc
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS
OF BURBERRY GROUP PLC
Burberry Annual Report 24/25 163
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 29 March 2025 and of the Group’s loss 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 29 March 2025 which comprise:
Group
Company
Balance sheet as at 29 March 2025
Balance sheet as at 29 March 2025
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 material 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 material 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.
163Burberry Annual Report 2024/25

Financial Statements | Independent Auditor’s Report to the Members of Burberry Group plc
164 Burberry Annual Report 24/25
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:
• In 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 key
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 26 September 2026;
• We considered the appropriateness of the revenue and operating expense assumptions used to calculate the cash forecasts under
the base case and severe but plausible case scenarios. In light of the current geopolitical environment and uncertain global
consumer demand, we specifically challenged management’s plausible downside case scenario to assess if it was sufficiently
severe for the going concern assessment;
• We reviewed the Group’s debt agreements for any conditions precedent outside of management’s control and also reviewed
forecast compliance with covenant requirements in both the base and severe but plausible downside case scenarios during the
going concern assessment period;
• We agreed the 29 March 2025 cash and cash equivalents balance included in the going concern assessment to the Group’s year
end cash and cash equivalents balance;
• We reviewed the borrowings of the Group and noted that management include the repayment of the sustainability bond in all
scenarios as the bond is repayable within the going concern period;
• We assessed the reasonableness of the cashflow forecasts included in the going concern assessment by analysing management’s
historical forecasting accuracy and for consistency of the going concern assessment with information obtained from other areas of
the audit such as goodwill impairment, retail store impairment and deferred tax asset recognition;
• 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 the Board;
• We challenged the measurement and completeness of the severe but plausible scenario modelled by management, whether the
risks considered are sufficiently severe, and how these compare with the principal risks and uncertainties of the Group;
• We considered the mitigating factors available and that are within control of the Group. This included review of the Group's
operating and non-operating cash outflows and evaluating the Group’s ability to control these outflows as mitigating actions
if required;
• We performed a review of management’s reverse stress test to identify the magnitude of decline in revenue that would lead to the
Group utilising all liquidity during the going concern assessment period and we have considered the likelihood of such a decline;
• We reviewed activity in the subsequent events period to assess for contrary indicators;
• We reviewed the Group and Company’s going concern disclosures included in the Annual Report to assess that the disclosures are
consistent with the basis upon which the Board have concluded, and in conformity with the reporting standards.
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 26 September 2026.
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.
164 Burberry Annual Report 2024/25

Financial Statements | Independent Auditor’s Report to the Members of Burberry Group plc
164 Burberry Annual Report 24/25
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:
• In 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 key
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 26 September 2026;
• We considered the appropriateness of the revenue and operating expense assumptions used to calculate the cash forecasts under
the base case and severe but plausible case scenarios. In light of the current geopolitical environment and uncertain global
consumer demand, we specifically challenged management’s plausible downside case scenario to assess if it was sufficiently
severe for the going concern assessment;
• We reviewed the Group’s debt agreements for any conditions precedent outside of management’s control and also reviewed
forecast compliance with covenant requirements in both the base and severe but plausible downside case scenarios during the
going concern assessment period;
• We agreed the 29 March 2025 cash and cash equivalents balance included in the going concern assessment to the Group’s year
end cash and cash equivalents balance;
• We reviewed the borrowings of the Group and noted that management include the repayment of the sustainability bond in all
scenarios as the bond is repayable within the going concern period;
• We assessed the reasonableness of the cashflow forecasts included in the going concern assessment by analysing management’s
historical forecasting accuracy and for consistency of the going concern assessment with information obtained from other areas of
the audit such as goodwill impairment, retail store impairment and deferred tax asset recognition;
• 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 the Board;
• We challenged the measurement and completeness of the severe but plausible scenario modelled by management, whether the
risks considered are sufficiently severe, and how these compare with the principal risks and uncertainties of the Group;
• We considered the mitigating factors available and that are within control of the Group. This included review of the Group's
operating and non-operating cash outflows and evaluating the Group’s ability to control these outflows as mitigating actions
if required;
• We performed a review of management’s reverse stress test to identify the magnitude of decline in revenue that would lead to the
Group utilising all liquidity during the going concern assessment period and we have considered the likelihood of such a decline;
• We reviewed activity in the subsequent events period to assess for contrary indicators;
• We reviewed the Group and Company’s going concern disclosures included in the Annual Report to assess that the disclosures are
consistent with the basis upon which the Board have concluded, and in conformity with the reporting standards.
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 26 September 2026.
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.
Financial Statements | Independent Auditor’s Report to the Members of Burberry Group plc
Burberry Annual Report 24/25 165
Overview of our audit approach
Audit scope
• We performed an audit of the complete financial information of four components and audit procedures on
specific balances for a further five components. We performed central procedures on financial statement
line items as detailed in the ‘Tailoring the scope’ section below.
Key audit matters
• Valuation of finished goods inventory provision.
•
Impairment and impairment reversals of retail store right-of-use assets and related property,
plant and equipment.
•
Provision for uncertain tax positions.
Materiality
•
Overall Group materiality of £18.2m which represents 0.74% of Revenue.
An overview of the scope of the Company and Group audits
Tailoring the scope
In the current year our audit scoping has been updated to reflect the new requirements of ISA (UK) 600 (Revised). We have followed a
risk-based approach when developing our audit approach to obtain sufficient appropriate audit evidence on which to base our audit
opinion. We performed risk assessment procedures, with input from our component auditors, to identify and assess risks of material
misstatement of the Group financial statements and identified significant accounts and disclosures.
When identifying components at which audit work needed to be performed to respond to the identified risks of material misstatement
of the Group financial statements, we considered our understanding of the Group and its business environment, changes at specific
components, macroeconomic and geopolitical factors, the applicable financial reporting framework, the Group’s system of internal
control at the entity level, the existence of centralised processes, applications, any relevant internal audit results and the potential
impact of climate change.
We determined that centralised audit procedures would be performed on revenue, cost of sales, finance income and expenses,
goodwill included within intangible assets with indefinite lives, right-of-use assets and lease liabilities, impairment and impairment
reversal of right-of-use assets and related property, plant and equipment, deferred tax assets, derivative financial assets and
liabilities, inventory provision, cash and cash equivalents, borrowings, provision for uncertain tax positions and income tax.
We then identified nine components as individually relevant to the Group due to relevant events and conditions underlying the
identified risks of material misstatement of the Group financial statements being associated with the reporting components or a
pervasive risk of material misstatement of the Group financial statements, or a significant risk or an area of higher assessed risk of
material misstatement of the Group financial statements being associated with the components. We also considered the materiality or
financial size of the component relative to the Group.
For those individually relevant components, we identified the significant accounts where audit work needed to be performed at these
components by applying professional judgement, having considered the Group significant accounts on which centralised procedures
would be performed, the reasons for identifying the financial reporting component as an individually relevant component and the size
of the component’s account balance relative to the Group significant financial statement account balance.
We then considered whether the remaining Group significant account balances not yet subject to audit procedures, in aggregate,
could give rise to a risk of material misstatement of the Group financial statements. We determined that no additional components of
the Group were required to be included.
Having identified the components for which work would be performed, we determined the scope to assign to each component.
Of the nine components selected, we designed and performed audit procedures on the entire financial information of four
components (“full scope components”). For five components, we designed and performed audit procedures on specific significant
financial statement account balances or disclosures of the financial information of the component (“specific scope components”).
Our scoping to address the risk of material misstatement for each key audit matter is set out in the key audit matters section of
our report.
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Changes from the prior year
We have changed the specific scope components from prior year to include a component in Italy to increase the coverage of the
Group audit.
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 operating under our instruction.
The group audit team continued to follow a programme of planned visits that has been designed to ensure that the Senior Statutory
Auditor visits, virtually or in person, at least all individually relevant component teams each year. During the current year’s audit cycle,
virtual visits were undertaken by the primary audit team to the component teams in China, Hong Kong S.A.R., China, Korea and Japan.
The Senior Statutory Auditor also performed an in person visit to the United States of America business. The Senior Statutory Auditor
did not visit the component team in Italy, as all work performed for this individually relevant component is performed by the group
audit team.
These visits involved holding meetings with local management, discussing the year-end audit procedures to be performed by the
component teams, communicating the procedures that would be performed centrally in the UK by the group audit team, reviewing
relevant working papers and discussing any issues that had arisen.
The group audit team interacted regularly with the component teams where appropriate during various stages of the audit, reviewed
relevant working papers and were responsible for the scope and direction of the audit process. Where relevant, the section on key
audit matters details the level of involvement we had with component auditors to enable us to determine that sufficient audit evidence
had been obtained as a basis for our opinion on the Group as a whole.
This, together with the additional procedures performed at Group level, gave us appropriate evidence for our opinion on the Group
financial statements.
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 will be from climate transition risks, specifically market risks
associated with changing consumer preferences in a lower carbon economy. These are explained on pages 47 to 71 in the required
Task Force On Climate Related Financial Disclosures and on pages 94 to 99 in the principal risks and uncertainties. Climate
commitments for the Group are also explained on pages 55 to 57. 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 note 1 (Consideration of climate-related matters) how they have reflected the impact of climate change in
their financial statements, including how this aligns with their commitments in the sustainability strategy. There are no significant
judgements or 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, physical and transition, their climate commitments, specifically on the valuation of the
finished goods inventory provision and impairment of retail store right-of-use assets and related property, plant and equipment.
We have assessed whether these risks have been appropriately reflected in asset values, where values are determined through
modelling future cash flows, 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,
held meetings with the Group’s Sustainability, Financial Reporting and Supply Chain teams, 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, whilst we have not identified the impact of climate change on the financial statements to be a standalone key
audit matter, we have considered the impact on the following key audit matters: valuation of finished goods inventory provision,
impairment and impairment reversals of retail store right-of-use assets and related property, plant and equipment. Details of the
impact, our procedures and findings are included in our explanation of key audit matters below.
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Changes from the prior year
We have changed the specific scope components from prior year to include a component in Italy to increase the coverage of the
Group audit.
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 operating under our instruction.
The group audit team continued to follow a programme of planned visits that has been designed to ensure that the Senior Statutory
Auditor visits, virtually or in person, at least all individually relevant component teams each year. During the current year’s audit cycle,
virtual visits were undertaken by the primary audit team to the component teams in China, Hong Kong S.A.R., China, Korea and Japan.
The Senior Statutory Auditor also performed an in person visit to the United States of America business. The Senior Statutory Auditor
did not visit the component team in Italy, as all work performed for this individually relevant component is performed by the group
audit team.
These visits involved holding meetings with local management, discussing the year-end audit procedures to be performed by the
component teams, communicating the procedures that would be performed centrally in the UK by the group audit team, reviewing
relevant working papers and discussing any issues that had arisen.
The group audit team interacted regularly with the component teams where appropriate during various stages of the audit, reviewed
relevant working papers and were responsible for the scope and direction of the audit process. Where relevant, the section on key
audit matters details the level of involvement we had with component auditors to enable us to determine that sufficient audit evidence
had been obtained as a basis for our opinion on the Group as a whole.
This, together with the additional procedures performed at Group level, gave us appropriate evidence for our opinion on the Group
financial statements.
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 will be from climate transition risks, specifically market risks
associated with changing consumer preferences in a lower carbon economy. These are explained on pages 47 to 71 in the required
Task Force On Climate Related Financial Disclosures and on pages 94 to 99 in the principal risks and uncertainties. Climate
commitments for the Group are also explained on pages 55 to 57. 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 note 1 (Consideration of climate-related matters) how they have reflected the impact of climate change in
their financial statements, including how this aligns with their commitments in the sustainability strategy. There are no significant
judgements or 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, physical and transition, their climate commitments, specifically on the valuation of the
finished goods inventory provision and impairment of retail store right-of-use assets and related property, plant and equipment.
We have assessed whether these risks have been appropriately reflected in asset values, where values are determined through
modelling future cash flows, 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,
held meetings with the Group’s Sustainability, Financial Reporting and Supply Chain teams, 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, whilst we have not identified the impact of climate change on the financial statements to be a standalone key
audit matter, we have considered the impact on the following key audit matters: valuation of finished goods inventory provision,
impairment and impairment reversals of retail store right-of-use assets and related property, plant and equipment. Details of the
impact, our procedures and findings are included in our explanation of key audit matters below.
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Burberry Annual Report 24/25 167
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
Valuation of finished goods
inventory
provision
As described in the
Report of the Audit
Committee
(page 128); Accounting Policies
(page
181); and note 17 of the Consolidated
Financial Statements (page
200) 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
£103m of inventory provisions, representing
19.
6% of the gross value of inventory of £527m
as
at 29 March 2025. Of the net inventory of
£424m
,
£397m
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, future sales forecasts and
the expected channel by which the inventory will
be exited. This proc
ess 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.
• Performed a walkthrough of inventory provisioning process and identified and
understood the design of key controls.
•
Evaluated the appropriateness of the Group’s inventory provisioning policy.
We assessed the inventory provision model for each relevant component for
consistency with the Group’s accounting policy.
•
Tested the integrity and accuracy of the inventory provisioning models and
inputs, considering the source of information being used by management.
•
Applied professional scepticism, and in light of the current geopolitical
environment and uncertain global consumer demand, we performed sensitivity
analysis on management’s expected sell through and loss rates of inventory.
•
Used inventory movement data for the current year and analysed it to consider
the inventory composition by season and product type. We used this data to
develop an expectation and challenged management on any outliers identified.
•
Understood the planned sales channels and exit routes for surplus inventory
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 sales forecasts used.
•
Performed analytical procedures on key assumptions and corroborated to our
work performed across other accounts to identify and consider whether any
contrary evidence existed.
•
Used data 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, primarily
being the sell through, exit route and loss rates applied. This included
considering the potential impact climate change may have on
inventory provisioning.
•
R
eviewed disclosures in the financial statements for appropriateness including
the requirement to disclose sensitivities where a reasonably possible change in
a key assumption would result in a material change to the valuation of finished
goods inventory provision.
Key observations communicated to the Audit Committee
We are satisfied the finished goods inventory provisions are appropriate and the Group’s disclosures are appropriate.
How we scoped our audit to respond to the risk and involvement with component teams
All audit work performed to address this risk was undertaken by the
group audit team and supported by overseas professionals.
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168 Burberry Annual Report 24/25
Key audit matters continued
Risk
Our response to the risk
Impairment and impairment reversals of retail
store
right-of-
use assets and related property,
plant and equipment
As described in the
Report of the Audit
Committee Report (page
128), Accounting
Policies (page
181), and notes 13 and 14 of the
Consolidated Financial Statements (pages
197
to
198), management assess the retail store right-
of
-use assets and related property, plant and
equipment for impairment charges and reversals
of
previous impairment charges. The Group has
£867m
of right-of-use assets and £398m of
prope
rty, plant and equipment as at
29
March 2025.
In the 52 weeks to 29 March 2025, there was a
net impairment charge of
£42m.
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 in light of the current
geopolitical environmen
t and uncertain global
consumer demand.
• Performed a walkthrough of the retail store impairment process and
understood the design of key controls.
•
Reviewed and challenged the appropriateness of the Group’s impairment policy.
•
Reviewed board minutes and met with regional commercial finance teams,
strategy teams and general counsel to determine if any contrary evidence
existed 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 forecasted 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 impairment models included:
• Assessed the methodology against the requirements of IAS 36 Impairment
of Assets;
• Tested the integrity of the model and data inputs used back to source data,
for example agreeing store right-of-use
asset and related property, plant and
equipment values back to accounting records;
• Involved our valuations specialists to assess the appropriateness of the
discount rates used;
•
Challenged assumptions used in cash flow forecasts such as revenue growth
and gross margin assumptions against historical results, third-party luxury
sector forecasts and latest analyst reports;
• Performed sensitivity analysis on key assumptions and stress testing
calculations for stores most at risk of impairment;
• Challenged whether cash flow forecasts adequately factored in known
costs associated with physical and transition climate-related risks and
any cashflows required to meet Burberry’s publicly stated climate
commitments; and
• Assessed the disclosures in 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.
Key observations communicated to the Audit Committee
We are satisfied that the consideration of indicators of
impairment, methodology, significant underlying assumptions and judgements
are reasonable and support management’s conclusion to
a net impairment charge during the year.
We are also satisfied with the disclosure and classification of the impairment charges.
How we scoped our audit to respond to the risk and involvement with component teams
All audit work performed to address this risk was undertaken by the
group audit team and supported by overseas professionals.
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Key audit matters continued
Risk
Our response to the risk
Impairment and impairment reversals of retail
store
right-of-
use assets and related property,
plant and equipment
As described in the
Report of the Audit
Committee Report (page
128), Accounting
Policies (page
181), and notes 13 and 14 of the
Consolidated Financial Statements (pages
197
to
198), management assess the retail store right-
of
-use assets and related property, plant and
equipment for impairment charges and reversals
of
previous impairment charges. The Group has
£867m
of right-of-use assets and £398m of
prope
rty, plant and equipment as at
29
March 2025.
In the 52 weeks to 29 March 2025, there was a
net impairment charge of
£42m.
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 in light of the current
geopolitical environmen
t and uncertain global
consumer demand.
• Performed a walkthrough of the retail store impairment process and
understood the design of key controls.
•
Reviewed and challenged the appropriateness of the Group’s impairment policy.
•
Reviewed board minutes and met with regional commercial finance teams,
strategy teams and general counsel to determine if any contrary evidence
existed 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 forecasted 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 impairment models included:
• Assessed the methodology against the requirements of IAS 36 Impairment
of Assets;
• Tested the integrity of the model and data inputs used back to source data,
for example agreeing store right-of-use
asset and related property, plant and
equipment values back to accounting records;
• Involved our valuations specialists to assess the appropriateness of the
discount rates used;
•
Challenged assumptions used in cash flow forecasts such as revenue growth
and gross margin assumptions against historical results, third-party luxury
sector forecasts and latest analyst reports;
• Performed sensitivity analysis on key assumptions and stress testing
calculations for stores most at risk of impairment;
• Challenged whether cash flow forecasts adequately factored in known
costs associated with physical and transition climate-related risks and
any cashflows required to meet Burberry’s publicly stated climate
commitments; and
• Assessed the disclosures in 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.
Key observations communicated to the Audit Committee
We are satisfied that the consideration of indicators of
impairment, methodology, significant underlying assumptions and judgements
are reasonable and support management’s conclusion to
a net impairment charge during the year.
We are also satisfied with the disclosure and classification of the impairment charges.
How we scoped our audit to respond to the risk and involvement with component teams
All audit work performed to address this risk was undertaken by the
group audit team and supported by overseas professionals.
Financial Statements | Independent Auditor’s Report to the Members of Burberry Group plc
Burberry Annual Report 24/25 169
Key audit matters continued
Risk
Our response to the risk
Provision for uncertain tax positions
As described in the
Report of the Audit
Committee
(page 128), Accounting Policies
(page
181), and note 9 of the Consolidated
Financial Statements (
pages 193 to 194), the
Group is subject to tax regulation in multiple
jurisdictions and the centralised operating
structure of the Group requires management to
exercise judgement 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.
The Group has recognised provisions of £107m
in respect of uncertain tax positions as at
29
March 2025.
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.
• Performed a walkthrough of the tax provisioning process and understood the
design of key controls.
•
We evaluated the appropriateness of the Group’s transfer pricing and uncertain
tax provisioning policies, having met with tax management to understand the
Group’s cross-border transactions, status of all significant matters, including
those provided for, and any changes to management’s judgements in the year;
•
Read correspondence with tax authorities, tax opinions and external advisors to
inform our assessment of recorded estimates and evaluate the completeness
of the provisions recorded, including direct engagement 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 internal
specialists. We also requested, received, and reviewed a letter directly
obtained from management’s external legal counsel;
•
Independently assessed management’s significant assumptions and
judgements to record or release provisions following tax audits, settlements
and the expiry of statute of limitations;
•
Tested the accuracy of the calculation of the year end provisions by inspecting
underlying documentation and supporting schedules; and
•
Evaluated the adequacy of tax disclosures in 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 provision for
uncertain tax positions.
Key observations communicated to the Audit Committee
We are satisfied that management’s judgements in relation to the extent of provisions for uncertain tax positions are appropr
iate.
We
are also satisfied that the tax disclosures are appropriate.
How we scoped our audit to respond to the risk and involvement with component teams
All audit work performed to address this risk was undertaken by the
group audit team and supported by overseas professionals
and
specialists.
There have been no changes to the Key Audit Matters compared to the prior financial year.
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 £18.2 million (2024: £19.2 million), which is 0.74% of revenue (2024: 5% of profit before
tax). In the current trading environment, there has been a loss before tax and this measure would have resulted in a materiality below
expectations of the users of the financial statements. We therefore considered other performance metrics that are most relevant to
the users of the financial statements and determined revenue to be the most appropriate basis.
We determined materiality for the Company to be £25.6 million (2024: £22.3 million), which is 1% (2024: 1%) of total assets. For any Company
balances that are consolidated into the Group financial statements, an allocation of Group performance materiality was used.
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.
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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 was 75% (2024: 75%) of our planning materiality, namely £13.7m (2024: £14.4m). 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 was undertaken at component locations for the purpose of responding to the assessed risk of material misstatement of
the Group financial statements. 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 £2.7m to £11.6m (2024: £3m to £13m).
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 £0.9m (2024: £1.0m), 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.
Other information
The other information comprises the information included in the annual report set out on pages 2 to 161, 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 period 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.
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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 was 75% (2024: 75%) of our planning materiality, namely £13.7m (2024: £14.4m). 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 was undertaken at component locations for the purpose of responding to the assessed risk of material misstatement of
the Group financial statements. 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 £2.7m to £11.6m (2024: £3m to £13m).
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 £0.9m (2024: £1.0m), 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.
Other information
The other information comprises the information included in the annual report set out on pages 2 to 161, 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 period 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.
Financial Statements | Independent Auditor’s Report to the Members of Burberry Group plc
Burberry Annual Report 24/25 171
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 UK 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 159;
• 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 100;
• 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 101;
• Directors’ statement on fair, balanced and understandable set out on page 162;
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 133;
• The section of the annual report that describes the review of the effectiveness of risk management and internal control systems set
out on page 133; and
• The section describing the work of the Audit Committee set out on pages 128 to 135.
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 162, 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.
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the
most significant 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, social and anti-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.
171Burberry Annual Report 2024/25

Financial Statements | Independent Auditor’s Report to the Members of Burberry Group plc
172 Burberry Annual Report 24/25
• We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur by
meeting 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.
We have determined there is a risk of fraud associated to a risk of management override of controls over manual revenue journals.
We obtained an understanding of the related party transactions and significant transactions occurring with related parties in the
year. We considered the policies, processes and controls that the Group has established to address the risks identified, including
the design of controls over 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.
Our procedures involved providing specific instructions to full and specific scope component teams and, where necessary, using
relevant specialists. Our procedures included journal entry testing, with a focus on manual journal entries, consolidation journal
entries 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 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.
• In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with all
applicable requirements.
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 subsequent
financial periods.
• The period of total uninterrupted engagement including previous renewals and reappointments is five years, covering the periods
ended 27 March 2021 to 29 March 2025.
• 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
13 May 2025
172 Burberry Annual Report 2024/25

Financial Statements | Independent Auditor’s Report to the Members of Burberry Group plc
172 Burberry Annual Report 24/25
• We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur by
meeting 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.
We have determined there is a risk of fraud associated to a risk of management override of controls over manual revenue journals.
We obtained an understanding of the related party transactions and significant transactions occurring with related parties in the
year. We considered the policies, processes and controls that the Group has established to address the risks identified, including
the design of controls over 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.
Our procedures involved providing specific instructions to full and specific scope component teams and, where necessary, using
relevant specialists. Our procedures included journal entry testing, with a focus on manual journal entries, consolidation journal
entries 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 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.
• In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with all
applicable requirements.
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 subsequent
financial periods.
• The period of total uninterrupted engagement including previous renewals and reappointments is five years, covering the periods
ended 27 March 2021 to 29 March 2025.
• 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
13 May 2025
Financial Statements | Group Income Statement
GROUP INCOME STATEMENT
52 weeks ended 29 March 2025
Burberry Annual Report 24/25 173
Note
Revenue
3
2,461
2,968
Cost of sales
(923)
(959)
Gross profit
1,538
2,009
Operating expenses
(1,564)
(1,604)
Other operating income
23
13
Net operating expenses
4
(1,541)
(1,591)
Operating (loss)/profit
(3)
418
Financing
Finance income
25
31
Finance expense
(88)
(66)
Net finance expense
8
(63)
(35)
(Loss)/profit before taxation
5
(66)
383
Taxation
9
(9)
(112)
(Loss)/profit for the year
(75)
271
Attributable to:
Owners of the Company
(75)
270
Non-controlling interest
–
1
(Loss)/profit for the year
(75)
271
(Loss)/earnings per share
Basic
10
(20.9)p
74.1p
Diluted
10
(20.9)p
73.9p
£m
£m
Reconciliation of adjusted profit before taxation:
(Loss)/profit before taxation
(66)
383
Adjusting operating items:
Net operating expenses
6
29
–
Adjusted (loss)/profit before taxation – non-GAAP measure
(37)
383
Adjusted (loss)/earnings per share – non-GAAP measure
Basic
10
(14.8)p
74.1p
Diluted
10
(14.8)p
73.9p
Dividends per share
Interim
11
–
18.3p
Proposed final (not recognised as a liability at 29 March/30 March)
11
–
42.7p
173Burberry Annual Report 2024/25

Financial Statements | Group Statement of Comprehensive Income
GROUP STATEMENT OF COMPREHENSIVE INCOME
52 weeks ended 29 March 2025
174 Burberry Annual Report 24/25
Note
(Loss)/profit for the year
(75)
271
Other comprehensive (loss)/income
1
:
Cash flow hedges
24
1
(3)
Foreign currency translation differences
24
(25)
(34)
Tax on other comprehensive income
–
1
Other comprehensive loss for the year, net of tax
(24)
(36)
Total comprehensive (loss)/income for the year
(99)
235
Total comprehensive (loss)/income attributable to:
Owners of the Company
(99)
234
Non-controlling interest
–
1
(99)
235
1. All items included in other comprehensive income may subsequently be reclassified to profit and loss in a future period.
174 Burberry Annual Report 2024/25

Financial Statements | Group Statement of Comprehensive Income
GROUP STATEMENT OF COMPREHENSIVE INCOME
52 weeks ended 29 March 2025
174 Burberry Annual Report 24/25
Note
52 weeks to
29 March
2025
£m
52 weeks to
30 March
2024
£m
(Loss)/profit for the year
(75)
271
Other comprehensive (loss)/income
1
:
Cash flow hedges
24
1
(3)
Foreign currency translation differences
24
(25)
(34)
Tax on other comprehensive income
–
1
Other comprehensive loss for the year, net of tax
(24)
(36)
Total comprehensive (loss)/income for the year
(99)
235
Total comprehensive (loss)/income attributable to:
Owners of the Company
(99)
234
Non-controlling interest
–
1
(99)
235
1. All items included in other comprehensive income may subsequently be reclassified to profit and loss in a future period.
Financial Statements | Group Balance Sheet
GROUP BALANCE SHEET
52 weeks ended 29 March 2025
Burberry Annual Report 24/25 175
Note
ASSETS
Non-current assets
Intangible assets
12
229
267
Property, plant and equipment
13
398
406
Right-of-use assets
14
867
1,013
Deferred tax assets
15
233
208
Trade and other receivables
16
48
52
1,775
1,946
Current assets
Inventories
17
424
507
Trade and other receivables
16
309
340
Derivative financial assets
18
11
2
Income tax receivables
95
122
Cash and cash equivalents
19
813
441
Assets held for sale
13
–
12
1,652
1,424
Total assets
3,427
3,370
LIABILITIES
Non-current liabilities
Trade and other payables
20
(54)
(63)
Lease liabilities
21
(866)
(959)
Borrowings
23
(438)
(299)
Deferred tax liabilities
15
(1)
(1)
Derivative financial liabilities
18
(3)
–
Provisions for other liabilities and charges
22
(33)
(37)
(1,395)
(1,359)
Current liabilities
Trade and other payables
20
(405)
(439)
Bank overdrafts
23
(105)
(79)
Lease liabilities
21
(215)
(229)
Borrowings
23
(300)
–
Derivative financial liabilities
18
(1)
(4)
Income tax liabilities
(58)
(86)
Provisions for other liabilities and charges
22
(27)
(20)
(1,111)
(857)
Total liabilities
(2,506)
(2,216)
Net assets
921
1,154
EQUITY
Capital and reserves attributable to owners of the Company
Ordinary share capital
24
–
–
Share premium account
231
231
Capital reserve
24
41
41
Hedging reserve
24
3
2
Foreign currency translation reserve
24
173
198
Retained earnings
466
675
Equity attributable to owners of the Company
914
1,147
Non-controlling interest in equity
7
7
Total equity
921
1,154
The consolidated financial statements of Burberry Group plc (registered number 03458224) on pages 162 to 217 were approved and
authorised for issue by the Board on 13 May 2025 and signed on its behalf by:
Joshua Schulman
Kate Ferry
Chief Executive Officer
Chief Financial Officer
175Burberry Annual Report 2024/25

Financial Statements | Group Statement of Changes in Equity
GROUP STATEMENT OF CHANGES IN EQUITY
52 weeks ended 29 March 2025
176 Burberry Annual Report 24/25
Balance as at 1 April 2023
–
230
277
1,026
1,533
6
1,539
Profit for the year
–
–
–
270
270
1
271
Other comprehensive income:
Cash flow hedges
24
–
–
(3)
–
(3)
–
(3)
Foreign currency translation differences
24
–
–
(34)
–
(34)
–
(34)
Tax on other comprehensive income
–
–
1
–
1
–
1
Total comprehensive income for the year
–
–
(36)
270
234
1
235
Transactions with owners:
Employee share incentive schemes
Equity share awards
–
–
–
16
16
–
16
Tax on share awards
–
–
–
(2)
(2)
–
(2)
Exercise of share options
–
1
–
–
1
–
1
Purchase of own shares
Share buyback
–
–
–
(402)
(402)
–
(402)
Dividends paid in the year
–
–
–
(233)
(233)
–
(233)
Balance as at 30 March 2024
–
231
241
675
1,147
7
1,154
Loss for the year
–
–
–
(75)
(75)
–
(75)
Other comprehensive income:
Cash flow hedges
24
–
–
1
–
1
–
1
Foreign currency translation differences
24
–
–
(25)
–
(25)
–
(25)
Total comprehensive loss for the year
–
–
(24)
(75)
(99)
–
(99)
Transactions with owners:
Employee share incentive schemes
Equity share awards
–
–
–
18
18
–
18
Dividends paid in the year
–
–
–
(152)
(152)
–
(152)
Balance as at 29 March 2025
–
231
217
466
914
7
921
176 Burberry Annual Report 2024/25

Financial Statements | Group Statement of Changes in Equity
GROUP STATEMENT OF CHANGES IN EQUITY
52 weeks ended 29 March 2025
176 Burberry Annual Report 24/25
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 1 April 2023
–
230
277
1,026
1,533
6
1,539
Profit for the year
–
–
–
270
270
1
271
Other comprehensive income:
Cash flow hedges
24
–
–
(3)
–
(3)
–
(3)
Foreign currency translation differences
24
–
–
(34)
–
(34)
–
(34)
Tax on other comprehensive income
–
–
1
–
1
–
1
Total comprehensive income for the year
–
–
(36)
270
234
1
235
Transactions with owners:
Employee share incentive schemes
Equity share awards
–
–
–
16
16
–
16
Tax on share awards
–
–
–
(2)
(2)
–
(2)
Exercise of share options
–
1
–
–
1
–
1
Purchase of own shares
Share buyback
–
–
–
(402)
(402)
–
(402)
Dividends paid in the year
–
–
–
(233)
(233)
–
(233)
Balance as at 30 March 2024
–
231
241
675
1,147
7
1,154
Loss for the year
–
–
–
(75)
(75)
–
(75)
Other comprehensive income:
Cash flow hedges
24
–
–
1
–
1
–
1
Foreign currency translation differences
24
–
–
(25)
–
(25)
–
(25)
Total comprehensive loss for the year
–
–
(24)
(75)
(99)
–
(99)
Transactions with owners:
Employee share incentive schemes
Equity share awards
–
–
–
18
18
–
18
Dividends paid in the year
–
–
–
(152)
(152)
–
(152)
Balance as at 29 March 2025
–
231
217
466
914
7
921
Financial Statements | Group Statement of Cash Flows
GROUP STATEMENT OF CASH FLOWS
52 weeks ended 29 March 2025
Burberry Annual Report 24/25 177
Note
Cash flows from operating activities
(Loss)/profit before tax
(66)
383
Adjustments to reconcile profit before tax to net cash flows:
Amortisation of intangible assets
12
54
42
Depreciation of property, plant and equipment
13
112
103
Depreciation of right-of-use assets
14
247
234
Impairment charge of intangible assets
12
4
–
Impairment charge of property, plant and equipment
13
10
5
Impairment charge of right-of-use assets
14
32
9
Loss on disposal of intangible assets
–
3
Gain on modification of right-of-use assets
(15)
(4)
(Gain)/loss on derivative instruments
(8)
5
Charge in respect of employee share incentive schemes
18
16
Net finance expense
63
35
Working capital changes:
Decrease/(increase) in inventories
80
(57)
Decrease/(increase) in receivables
36
(32)
Decrease in payables and provisions
(41)
(77)
Cash generated from operating activities
526
665
Interest received
21
32
Interest paid
(75)
(52)
Taxation paid
(43)
(139)
Net cash generated from operating activities
429
506
Cash flows from investing activities
Purchase of property, plant and equipment
(122)
(158)
Purchase of intangible assets
(29)
(50)
Proceeds from sale of property, plant and equipment
12
–
Initial direct costs of right-of-use assets
1
(4)
Proceeds from termination of lease
11
–
Payment in respect of acquisition of subsidiary
–
(19)
Net cash outflow from investing activities
(127)
(231)
Cash flows from financing activities
Dividends paid in the year
11
(152)
(233)
Proceeds from borrowings
23
439
–
Payment of deferred consideration for acquisition of non-controlling interest
20
(2)
–
Payment of lease principal
21
(232)
(231)
Payment on termination of lease
21
(5)
–
Issue of ordinary share capital
–
1
Purchase of own shares through share buyback
24
–
(400)
Purchase of own shares through share buyback – stamp duty and fees
24
–
(2)
Net cash inflow/(outflow) from financing activities
48
(865)
Net increase/(decrease) in cash net of overdrafts
350
(590)
Effect of exchange rate changes
(4)
(9)
Cash net of overdrafts at beginning of year
362
961
Cash net of overdrafts
708
362
Cash and cash equivalents
19
813
441
Bank overdrafts
23
(105)
(79)
Cash net of overdrafts
708
362
177Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
178 Burberry Annual Report 24/25
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.
The consolidated financial statements are presented in £m. Financial ratios are calculated using unrounded numbers.
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 29 March 2025 is not material
(last year: not material). This is due to the time horizons in which physical risks are expected to be most significant not aligning to
the useful lives of our assets and the investments we continue to make to mitigate market and policy risks.
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, 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. This assessment covers the period of a minimum of 12 months from the date of
signing the financial statements. The Directors have also considered the forecast for the period up to 26 September 2026, for
indicators that the going concern basis of preparation is not appropriate.
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. This central planning scenario is informed by a
comprehensive review of the macroeconomic scenarios using third-party projections of macroeconomic data for the luxury fashion
industry which reflects the current uncertain outlook. The Group’s central planning scenario reflects a balanced projection with a
continued focus to stabilise the business and position the brand for profitable sustainable growth.
As a sensitivity, this central planning scenario has been stressed to reflect the aggregation of severe impacts arising linked to our
principal risks which in total represents a 20% downgrade to revenues in the 18-month period to 26 September 2026 as well as the
associated consequences for EBITDA and cash. Management considers that this represents a severe but plausible downside scenario
appropriate for assessing going concern.
The severe but plausible downside modelled the following risks occurring simultaneously:
• A more severe and prolonged reduction in the GDP growth assumptions across the markets in which we operate combined
with a reduction to our global consumer demand arising from a change in consumer preference compared to our central
planning scenario
• An increase in geopolitical tension which leads to incremental unmitigated tariff risks compared to the central planning scenario
• A significant reputational incident such as negative sentiment propagated through social media
• The impact of a business interruption event, resulting in a two-week interruption arising from the supply chain impact,
and interruption to one of our channels
• The occurrence of a one-time physical risk relating to climate change in FY 2026/27 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
• The impact of not delivering the anticipated cost savings from the Burberry Forward transformation programme
• A short-term impact of a 10% weakening in a key non-sterling currency for the Group before it is recovered through
price adjustment
178 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
178 Burberry Annual Report 24/25
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.
The consolidated financial statements are presented in £m. Financial ratios are calculated using unrounded numbers.
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 29 March 2025 is not material
(last year: not material). This is due to the time horizons in which physical risks are expected to be most significant not aligning to
the useful lives of our assets and the investments we continue to make to mitigate market and policy risks.
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, 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. This assessment covers the period of a minimum of 12 months from the date of
signing the financial statements. The Directors have also considered the forecast for the period up to 26 September 2026, for
indicators that the going concern basis of preparation is not appropriate.
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. This central planning scenario is informed by a
comprehensive review of the macroeconomic scenarios using third-party projections of macroeconomic data for the luxury fashion
industry which reflects the current uncertain outlook. The Group’s central planning scenario reflects a balanced projection with a
continued focus to stabilise the business and position the brand for profitable sustainable growth.
As a sensitivity, this central planning scenario has been stressed to reflect the aggregation of severe impacts arising linked to our
principal risks which in total represents a 20% downgrade to revenues in the 18-month period to 26 September 2026 as well as the
associated consequences for EBITDA and cash. Management considers that this represents a severe but plausible downside scenario
appropriate for assessing going concern.
The severe but plausible downside modelled the following risks occurring simultaneously:
• A more severe and prolonged reduction in the GDP growth assumptions across the markets in which we operate combined
with a reduction to our global consumer demand arising from a change in consumer preference compared to our central
planning scenario
• An increase in geopolitical tension which leads to incremental unmitigated tariff risks compared to the central planning scenario
• A significant reputational incident such as negative sentiment propagated through social media
• The impact of a business interruption event, resulting in a two-week interruption arising from the supply chain impact,
and interruption to one of our channels
• The occurrence of a one-time physical risk relating to climate change in FY 2026/27 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
• The impact of not delivering the anticipated cost savings from the Burberry Forward transformation programme
• A short-term impact of a 10% weakening in a key non-sterling currency for the Group before it is recovered through
price adjustment
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 179
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 and/or variable marketing costs.
The Directors have also considered the Group’s current liquidity and available facilities. As at 29 March 2025, the Group Balance
Sheet reflects cash net of overdrafts of £708 million. In addition, the Group has access to a £300 million revolving credit facility
(£300 million RCF) which matures in November 2027, and a £75 million revolving credit facility (£75 million RCF) which matures
in March 2027 which are currently undrawn. The £300 million sustainability bond matures within the going concern period on
21 September 2025. The Group’s central planning scenario includes the repayment of the £300 million sustainability bond with
existing cash and drawing the £75 million RCF. The going concern assessment does not rely upon either the £75 million or
£300 million RCFs and instead assumes mitigating actions within management control would be taken.
Details of cash, overdrafts, borrowings and facilities are set out in notes 19 and 23 respectively of these financial statements.
In all the scenarios assessed, taking into account liquidity and available resources, the Group is able to maintain sufficient liquidity to
continue trading throughout the going concern period up to 26 September 2026. 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 29 March 2025.
New standards, amendments and interpretations adopted in the period
A number of amendments to standards are effective for the 52 weeks to 29 March 2025, but they do not have a material impact on the
financial statements of the Group.
Standards not yet adopted
Certain new accounting standards and amendments to standards have been published that are not yet mandatory for the 52 weeks to
29 March 2025 and have not been early adopted by the Group. The Group is assessing the impact of these standards on the financial
statements and the results will be communicated in future periods, including the impact from Classification and Measurement of
Financial Instruments – Amendments to IFRS 9 and IFRS 7, which is effective for the reporting period beginning 29 March 2026,
and may have an impact on the Group. The Group does expect a material impact from IFRS 18 Presentation and Disclosure in
Financial Statements in the Group’s primary financial statements. IFRS 18, which is effective for the reporting period beginning
on 28 March 2027, subject to UK endorsement, replaces IAS 1 Presentation of Financial Statements.
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 29 March 2025 (last year: 52 weeks ended 30 March 2024).
Subsidiaries are all 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.
179Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
180 Burberry Annual Report 24/25
1. Basis of preparation continued
Key sources of estimation uncertainty continued
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.
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 or reversals of 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 purchases, 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 intra-group
transactions 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 uncertain tax positions 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 29 March 2025, 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 29 March 2025 and the 52
weeks to 30 March 2024 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.
180 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
180 Burberry Annual Report 24/25
1. Basis of preparation continued
Key sources of estimation uncertainty continued
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.
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 or reversals of 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 purchases, 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 intra-group
transactions 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 uncertain tax positions 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 29 March 2025, 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 29 March 2025 and the 52
weeks to 30 March 2024 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.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 181
2. Accounting policies
The material 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. The Group also obtains
revenue through licences issued to third parties to produce and sell goods carrying ‘Burberry’ trademarks. Retail purchases are paid
at time of purchase while wholesale and licensing purchases are paid on short-term credit terms. 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.
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
is measured as the fair value of the assets given, equity instruments issued and liabilities assumed at the date of exchange.
Contingent payments are subsequently 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
fair value or at a value equal to the non-controlling interests’ share of the identifiable net assets acquired. The choice of the basis of
measurement is an accounting policy choice for each individual business combination. The excess of the cost of acquisition together
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.
181Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
182 Burberry Annual Report 24/25
2. Accounting policies continued
d) 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. 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-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 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 credit 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 trust or The Burberry Group plc SIP Trust (collectively known as the ESOP trusts), depending on the
terms and conditions of the relevant scheme. For new shares issued, the proceeds received from the exercise 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 is recognised in retained earnings.
e) Leases
The Group is a lessee 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 advertising fixtures, 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
• Variable lease payments that are based on a future index or rate
• Amounts expected to be payable by the lessee under residual value guarantees
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 the non-property class of assets
where applicable.
182 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
182 Burberry Annual Report 24/25
2. Accounting policies continued
d) 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. 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-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 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 credit 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 trust or The Burberry Group plc SIP Trust (collectively known as the ESOP trusts), depending on the
terms and conditions of the relevant scheme. For new shares issued, the proceeds received from the exercise 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 is recognised in retained earnings.
e) Leases
The Group is a lessee 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 advertising fixtures, 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
• Variable lease payments that are based on a future index or rate
• Amounts expected to be payable by the lessee under residual value guarantees
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 the non-property class of assets
where applicable.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 183
2. Accounting policies continued
e) Leases continued
Lessee accounting continued
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.
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 from the Group 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, or fair value if acquired through a business combination, and amortised by equal annual instalments over the period in
which benefits are expected to accrue, typically 10 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.
183Burberry Annual Report 2024/25

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184 Burberry Annual Report 24/25
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
Leasehold improvements
Leasehold improvements
Over the unexpired term of the lease
Plant and machinery
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 or disposal. 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 costs 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 inflows, 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.
184 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
184 Burberry Annual Report 24/25
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
Leasehold improvements
Leasehold improvements
Over the unexpired term of the lease
Plant and machinery
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 or disposal. 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 costs 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 inflows, 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.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 185
2. Accounting policies continued
m) Taxation
Tax expense represents the sum of the current tax expense and the deferred tax charge.
Current tax is based on taxable profit for the year. Taxable profit differs from profit or loss 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 the
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, and does not give rise to equal taxable and deductible temporary differences, 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 retained earnings. Where such shares are subsequently cancelled,
a transfer is made from retained earnings to the capital reserve, equivalent to the nominal value of the shares purchased and
subsequently cancelled. 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 retained earnings up to the value of the
consideration originally paid. Any additional consideration received is credited to the share premium account included in equity
attributable to owners of the Company.
185Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
186 Burberry Annual Report 24/25
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 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, 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 solely represent
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
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 payables
20
Other financial liabilities
Amortised cost
N/A
Borrowings
23
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
Derivative contracts
18
Fair value through profit and loss
Fair value through profit and loss
2
Derivative contracts used for hedging
1
18
Fair value – hedging instrument
Fair value – hedging instrument
3
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. Derivative 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.
The fair value of derivative 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 other derivative 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.
186 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
186 Burberry Annual Report 24/25
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 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, 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 solely represent
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 payables
20
Other financial liabilities
Amortised cost
N/A
Borrowings
23
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
Derivative contracts
18
Fair value through profit and loss
Fair value through profit and loss
2
Derivative contracts used for hedging
1
18
Fair value – hedging instrument
Fair value – hedging instrument
3
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. Derivative 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.
The fair value of derivative 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 other derivative 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.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 187
2. Accounting policies continued
p) Financial instruments continued
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 initially recognised 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 initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method.
Borrowings
Borrowings are initially recognised at fair value, net 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.
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 and interest rates arising on
certain operating and financing transactions.
Derivatives instruments are initially recognised at fair value at the trade date and are remeasured at their fair value at subsequent
balance sheet dates. 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. Where derivatives do not qualify for hedge accounting any gains
or losses on remeasurement are recognised in the Income Statement as an operating expense or income.
On adoption of IFRS 9, the Group elected to continue to apply the hedge accounting guidance in IAS 39 Financial Instruments:
Recognition and Measurement.
Fair value hedge accounting
Derivative instruments are classified as fair value hedges when they hedge the Group’s exposure to changes in the fair value of a
recognised asset or liability. Changes in fair value of the derivative instrument are recognised as part of the carrying value of the
derivative instrument and in the Income Statement. Changes in fair value of the hedged item attributable to the hedged risk are
recognised as part of the carrying value of the hedged item and in the Income Statement
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of the hedged item is amortised
to the Income Statement over the remaining period to maturity.
187Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
188 Burberry Annual Report 24/25
2. Accounting policies continued
p) Financial instruments continued
Derivative instruments continued
Cash flow hedge accounting
Derivative instruments are classified as cash flow hedges when they hedge the Group’s exposure to changes in cash flows that are
attributable to particular risk associated with a recognised asset or liability, an unrecognised firm commitment or a highly probable
forecast transaction.
The effective portion of changes in the fair value relating to derivative instruments 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, the hedge
relationship is terminated 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 other comprehensive income 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.
q) 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
Euro
1.19
1.16
1.20
1.17
US Dollar
1.28
1.26
1.29
1.26
Chinese Yuan Renminbi
9.21
9.01
9.40
9.13
Hong Kong Dollar
9.98
9.84
10.07
9.89
South Korean Won
1,781
1,657
1,903
1,702
Japanese Yen
194
182
194
191
r) 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, such as restructuring charges, 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 taxation 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 on adjusting items and note 10
for details on adjusted earnings per share.
188 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
188 Burberry Annual Report 24/25
2. Accounting policies continued
p) Financial instruments continued
Derivative instruments continued
Cash flow hedge accounting
Derivative instruments are classified as cash flow hedges when they hedge the Group’s exposure to changes in cash flows that are
attributable to particular risk associated with a recognised asset or liability, an unrecognised firm commitment or a highly probable
forecast transaction.
The effective portion of changes in the fair value relating to derivative instruments 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, the hedge
relationship is terminated 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 other comprehensive income 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.
q) 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
29 March
2025
52 weeks to
30 March
2024
As at
29 March
2025
As at
30 March
2024
Euro
1.19
1.16
1.20
1.17
US Dollar
1.28
1.26
1.29
1.26
Chinese Yuan Renminbi
9.21
9.01
9.40
9.13
Hong Kong Dollar
9.98
9.84
10.07
9.89
South Korean Won
1,781
1,657
1,903
1,702
Japanese Yen
194
182
194
191
r) 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, such as restructuring charges, 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 taxation 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 on adjusting items and note 10
for details on adjusted earnings per share.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 189
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 full price 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 USA, Mainland China and
Hong Kong S.A.R., China.
Licensing revenues are generated through the receipt of royalties from global licensees of beauty products and 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
Retail
2,076
2,400
–
–
2,076
2,400
Wholesale
319
506
–
–
319
506
Licensing
–
–
67
63
67
63
Total segment revenue
2,395
2,906
67
63
2,462
2,969
Inter-segment revenue
1
–
–
(1)
(1)
(1)
(1)
Revenue from external customers
2,395
2,906
66
62
2,461
2,968
Depreciation and amortisation
2
(413)
(379)
–
–
(413)
(379)
Impairment charge of intangible assets
(4)
–
–
–
(4)
–
Impairment charge of property,
plant and equipment
(10)
(5)
–
–
(10)
(5)
Impairment charge of
right-of-use assets
3
(32)
(9)
–
–
(32)
(9)
Net movement in inventory provisions
(44)
(39)
–
–
(44)
(39)
Other non-cash items:
Share-based payments
(18)
(16)
–
–
(18)
(16)
Adjusted operating (loss)/profit
(36)
359
62
59
26
418
Adjusting items
4
(29)
–
Operating (loss)/profit
(3)
418
Finance income
25
31
Finance expense
(88)
(66)
(Loss)/profit before taxation
(66)
383
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 of right-of-use assets for the 52 weeks to 29 March 2025 is presented including a charge of £1 million arising as a result of the Group’s restructuring programme
(last year: £nil), which is presented as an adjusting item (refer to note 6).
3. Impairment charge of right-of-use assets for the 52 weeks to 29 March 2025 is presented including £1 million in relation to non-retail right-of-use assets arising as a result of
the Group’s restructuring programme (last year: £nil), which is presented as an adjusting item (refer to note 6).
4. Adjusting items relate to the Retail/Wholesale segment. Refer to note 6 for details of adjusting items.
Retail/Wholesale
Licensing
Total
52 weeks to
52 weeks to
52 weeks to
52 weeks to
52 weeks to
52 weeks to
Additions to non-current assets
217
399
–
–
217
399
Total segment assets
2,164
2,474
8
6
2,172
2,480
Goodwill
114
119
Cash and cash equivalents
813
441
Taxation
328
330
Total assets per Balance Sheet
3,427
3,370
189Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
190 Burberry Annual Report 24/25
3. Segmental analysis continued
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
Accessories
841
1,055
Womenswear
718
860
Menswear
732
842
Childrenswear and other
104
149
Retail/Wholesale
2,395
2,906
Licensing
66
62
Total
2,461
2,968
Revenue by destination
Asia Pacific
1,043
1,286
EMEIA
1
842
1,017
Americas
510
603
Retail/Wholesale
2,395
2,906
Licensing
66
62
Total
2,461
2,968
1. EMEIA comprises Europe, Middle East, India and Africa.
Entity-wide disclosures
Revenue derived from external customers in the UK totalled £208 million for the 52 weeks to 29 March 2025 (last year: £295 million).
Revenue derived from external customers in foreign countries totalled £2,253 million for the 52 weeks to 29 March 2025 (last year:
£2,673 million). This amount includes £447 million of external revenues derived from customers in the USA (last year: £531 million) and
£534 million of external revenues derived from customers in Mainland China (last year: £648 million).
The total of non-current assets, other than financial instruments, and deferred tax assets located in the UK is £458 million
(last year: £523 million). The remaining £1,041 million of non-current assets are located in other countries (last year: £1,168 million),
with £330 million located in the USA (last year: £352 million) and £173 million located in Mainland China (last year: £200 million).
190 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
190 Burberry Annual Report 24/25
3. Segmental analysis continued
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
52 weeks to
29 March
2025
£m
52 weeks to
30 March
2024
£m
Accessories
841
1,055
Womenswear
718
860
Menswear
732
842
Childrenswear and other
104
149
Retail/Wholesale
2,395
2,906
Licensing
66
62
Total
2,461
2,968
Revenue by destination
52 weeks to
29 March
2025
£m
52 weeks to
30 March
2024
£m
Asia Pacific
1,043
1,286
EMEIA
1
842
1,017
Americas
510
603
Retail/Wholesale
2,395
2,906
Licensing
66
62
Total
2,461
2,968
1. EMEIA comprises Europe, Middle East, India and Africa.
Entity-wide disclosures
Revenue derived from external customers in the UK totalled £208 million for the 52 weeks to 29 March 2025 (last year: £295 million).
Revenue derived from external customers in foreign countries totalled £2,253 million for the 52 weeks to 29 March 2025 (last year:
£2,673 million). This amount includes £447 million of external revenues derived from customers in the USA (last year: £531 million) and
£534 million of external revenues derived from customers in Mainland China (last year: £648 million).
The total of non-current assets, other than financial instruments, and deferred tax assets located in the UK is £458 million
(last year: £523 million). The remaining £1,041 million of non-current assets are located in other countries (last year: £1,168 million),
with £330 million located in the USA (last year: £352 million) and £173 million located in Mainland China (last year: £200 million).
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 191
4. Net operating expenses
Note
Other operating income
(23)
(13)
Selling and distribution costs
1,172
1,248
Administrative expenses
363
356
1,512
1,591
Adjusting operating expenses
6
29
–
29
–
Net operating expenses
1,541
1,591
5. Profit before taxation
Note
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
93
84
Within administrative expenses
17
17
Depreciation of right-of-use assets
Within cost of sales
1
1
Within selling and distribution costs
1
225
214
Within administrative expenses
21
19
Amortisation of intangible assets
Within selling and distribution costs
1
1
Within administrative expenses
53
41
Net movement in inventory provisions within cost of sales
17
44
39
Loss on disposal of intangible assets
–
3
Gain on modification of right-of-use assets
(15)
(4)
Impairment charge of property, plant and equipment
13
10
5
Impairment charge of right-of-use assets
2
14
32
9
Impairment charge of intangible assets
12
4
–
Employee costs
3
27
576
572
Other lease expense
Property lease variable lease expense
21
92
111
Property lease in holdover expense
21
8
18
Non-property short-term lease expense
21
9
12
Net exchange loss on revaluation of monetary assets and liabilities
16
20
Net gain on derivatives – fair value through profit and loss
(21)
(7)
Receivables impairment charge
2
4
1. Depreciation of right-of-use assets for the 52 weeks to 29 March 2025 is presented including a charge of £1 million arising as a result of the Group’s restructuring programme
(last year: £nil), which is presented as an adjusting item (refer to note 6).
2. Impairment charge of right-of-use assets for the 52 weeks to 29 March 2025 is presented including £1 million in relation to non-retail right-of-use assets arising as a result of
the Group’s restructuring programme (last year: £nil), which is presented as an adjusting item (refer to note 6).
3. Employee costs for the 52 weeks to 29 March 2025 are presented including a charge of £16 million arising as a result of the Group’s restructuring programme (last year: £nil),
which is presented as an adjusting item (refer to note 6).
191Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
192 Burberry Annual Report 24/25
6. Adjusting items
Total adjusting operating items
29
–
Tax on adjusting items
(7)
–
Total adjusting items (post-tax)
22
–
Restructuring costs
During the 52 weeks to 29 March 2025, restructuring costs of £29 million (last year: £nil) were incurred, arising primarily as a result of
the Burberry Forward transformation programme initiated during the period and the majority of which is expected to conclude by the
end of FY 2025/26. The associated costs, which are recorded within operating expenses, and are largely cash costs, principally
related to redundancies of £16 million, consultancy costs of £9 million and other restructuring related costs of £4 million. These costs
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 £7 million (last year: £nil) has also been recognised in
the current year. The cumulative costs, which are largely cash costs, related to the Burberry Forward transformation programme are
expected to total £80 million.
7. Auditor remuneration
Fees incurred during the year in relation to audit and non-audit services are analysed below:
52 weeks to
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
3.0
2.9
Audit-related assurance services
0.2
0.1
Other non-audit-related services
0.3
0.2
Total
4.0
3.7
8. Financing
Note
Finance income – amortised cost
12
9
Finance income – fair value through profit and loss
13
22
Finance income
25
31
Finance expense on lease liabilities
21
(49)
(43)
Finance expense on overdrafts
(7)
(7)
Interest expense on borrowings
(25)
(4)
Other finance expense
(5)
(11)
Bank charges
(2)
(1)
Finance expense
(88)
(66)
Net finance expense
(63)
(35)
192 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
192 Burberry Annual Report 24/25
6. Adjusting items
52 weeks to
29 March
2025
£m
52 weeks to
30 March
2024
£m
Total adjusting operating items
29
–
Tax on adjusting items
(7)
–
Total adjusting items (post-tax)
22
–
Restructuring costs
During the 52 weeks to 29 March 2025, restructuring costs of £29 million (last year: £nil) were incurred, arising primarily as a result of
the Burberry Forward transformation programme initiated during the period and the majority of which is expected to conclude by the
end of FY 2025/26. The associated costs, which are recorded within operating expenses, and are largely cash costs, principally
related to redundancies of £16 million, consultancy costs of £9 million and other restructuring related costs of £4 million. These costs
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 £7 million (last year: £nil) has also been recognised in
the current year. The cumulative costs, which are largely cash costs, related to the Burberry Forward transformation programme are
expected to total £80 million.
7. Auditor remuneration
Fees incurred during the year in relation to audit and non-audit services are analysed below:
52 weeks to
29 March
2025
£m
52 weeks to
30 March
2024
£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
3.0
2.9
Audit-related assurance services
0.2
0.1
Other non-audit-related services
0.3
0.2
Total
4.0
3.7
8. Financing
Note
52 weeks to
29 March
2025
£m
52 weeks to
30 March
2024
£m
Finance income – amortised cost
12
9
Finance income – fair value through profit and loss
13
22
Finance income
25
31
Finance expense on lease liabilities
21
(49)
(43)
Finance expense on overdrafts
(7)
(7)
Interest expense on borrowings
(25)
(4)
Other finance expense
(5)
(11)
Bank charges
(2)
(1)
Finance expense
(88)
(66)
Net finance expense
(63)
(35)
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 193
9. Taxation
Analysis of charge for the year recognised in the Group Income Statement:
52 weeks to
Current tax
UK corporation tax
Current tax on income for the 52 weeks to 29 March 2025 at 25% (last year: 25%)
4
104
Double taxation relief
–
(3)
Adjustments in respect of prior years
1
(7)
44
(3)
145
Foreign tax
Current tax on income for the year
26
26
Adjustments in respect of prior years
1
15
(35)
41
(9)
Total current tax
38
136
Deferred tax
UK deferred tax
Origination and reversal of temporary differences
(2)
5
Adjustments in respect of prior years
1
2
(1)
–
4
Foreign deferred tax
Origination and reversal of temporary differences
(31)
(28)
Adjustments in respect of prior years
1
2
–
(29)
(28)
Total deferred tax
(29)
(24)
Total tax charge on profit
9
112
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 (where in
some instances the provision also includes offsetting relief in a different jurisdiction) and tax accruals.
Analysis of charge for the year recognised in other comprehensive income and directly in equity:
Current tax
Recognised in other comprehensive income:
Current tax credit on exchange differences on loans (foreign currency translation reserve)
–
(1)
Total current tax recognised in other comprehensive income
–
(1)
Deferred tax
Recognised in equity:
Deferred tax charge on share options (retained earnings)
–
2
Total deferred tax recognised directly in equity
–
2
193Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
194 Burberry Annual Report 24/25
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
(Loss)/profit before taxation
(66)
383
Tax at 25% (last year: 25%) on profit before taxation
(16)
97
Rate adjustments relating to overseas profits
(1)
–
Permanent differences
8
3
Current year tax losses not recognised
6
3
Prior year temporary differences and tax losses recognised
–
1
Adjustments in respect of prior years
12
8
Total taxation charge
9
112
Total taxation recognised in the Group Income Statement arises on the following items:
Note
52 weeks to
52 weeks to
Tax on adjusted (loss)/profit before taxation
16
112
Tax on adjusting items
6
(7)
–
Total taxation charge
9
112
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 29 March 2025 the Group recognised provisions of £107 million in respect of uncertain tax positions (last year: £91 million), being
provisions of £128 million net of expected reimbursements of £21 million (last year: £131 million net of expected reimbursements of
£40 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 £38 million, to an increase of £83 million, in the
uncertain tax position over the next 12 months.
Legislative changes
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 is 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. The Group applies the temporary exception from the accounting requirements for deferred taxes in
IAS 12. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar
Two income taxes.
UK legislation in relation to Pillar Two was substantively enacted on 20 June 2023 and applies to the Group for the reporting period
beginning 31 March 2024. The Group has performed an analysis of the potential exposure to Pillar Two income taxes. The analysis of
the potential exposure to Pillar Two income taxes is based on the most recently submitted Country by Country Reporting available for
the constituent entities in the Group (for the 52 weeks to 29 March 2025). Based on the analysis, the transitional safe harbour relief
should apply in respect of most jurisdictions in which the Group operates. Although there are a limited number of jurisdictions where
the transitional safe harbour relief may not apply, the Group does not expect a material exposure to Pillar Two income taxes in
those jurisdictions.
194 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
194 Burberry Annual Report 24/25
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
29 March
2025
£m
52 weeks to
30 March
2024
£m
(Loss)/profit before taxation
(66)
383
Tax at 25% (last year: 25%) on profit before taxation
(16)
97
Rate adjustments relating to overseas profits
(1)
–
Permanent differences
8
3
Current year tax losses not recognised
6
3
Prior year temporary differences and tax losses recognised
–
1
Adjustments in respect of prior years
12
8
Total taxation charge
9
112
Total taxation recognised in the Group Income Statement arises on the following items:
Note
52 weeks to
29 March
2025
£m
52 weeks to
30 March
2024
£m
Tax on adjusted (loss)/profit before taxation
16
112
Tax on adjusting items
6
(7)
–
Total taxation charge
9
112
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 29 March 2025 the Group recognised provisions of £107 million in respect of uncertain tax positions (last year: £91 million), being
provisions of £128 million net of expected reimbursements of £21 million (last year: £131 million net of expected reimbursements of
£40 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 £38 million, to an increase of £83 million, in the
uncertain tax position over the next 12 months.
Legislative changes
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 is 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. The Group applies the temporary exception from the accounting requirements for deferred taxes in
IAS 12. Accordingly, the Group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar
Two income taxes.
UK legislation in relation to Pillar Two was substantively enacted on 20 June 2023 and applies to the Group for the reporting period
beginning 31 March 2024. The Group has performed an analysis of the potential exposure to Pillar Two income taxes. The analysis of
the potential exposure to Pillar Two income taxes is based on the most recently submitted Country by Country Reporting available for
the constituent entities in the Group (for the 52 weeks to 29 March 2025). Based on the analysis, the transitional safe harbour relief
should apply in respect of most jurisdictions in which the Group operates. Although there are a limited number of jurisdictions where
the transitional safe harbour relief may not apply, the Group does not expect a material exposure to Pillar Two income taxes in
those jurisdictions.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 195
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.
Attributable (loss)/profit for the year before adjusting items
1
(53)
270
Effect of adjusting items (after taxation)
1
(22)
–
Attributable (loss)/profit for the year
(75)
270
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.
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 27 for additional information on the terms and conditions of the employee share incentive schemes.
Weighted average number of ordinary shares in issue during the year
357.5
365.0
Dilutive effect of the employee share incentive schemes
1
0.9
1.2
Diluted weighted average number of ordinary shares in issue during the year
1
358.4
366.2
52 weeks to
(Loss)/earnings per share
Basic
(20.9)
74.1
Diluted
1
(20.9)
73.9
Adjusted (loss)/earnings per share
Basic
(14.8)
74.1
Diluted
1
(14.8)
73.9
1. As the Group incurred an attributable loss for the 52 weeks to 29 March 2025, the effect of employee share incentive schemes was antidilutive and therefore not included in
the calculation of diluted loss per share for the period.
11. Dividends paid to owners of the Company
Prior year final dividend paid 42.7p per share (last year: 44.5p)
152
167
Interim dividend paid £nil per share (last year: 18.3p)
–
66
Total
152
233
The Directors have elected not to declare an interim or final dividend in respect of the 52 weeks to 29 March 2025 (last year: 42.7p).
195Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
196 Burberry Annual Report 24/25
12. Intangible assets
Cost
As at 1 April 2023
115
14
248
69
446
Effect of foreign exchange rate changes
(6)
–
(2)
–
(8)
Additions
–
1
8
44
53
Business combination
16
1
–
–
17
Disposals
–
–
(5)
(22)
(27)
Reclassifications from assets in the course of construction
–
–
30
(30)
–
As at 30 March 2024
125
16
279
61
481
Effect of foreign exchange rate changes
(5)
–
(1)
–
(6)
Additions
–
–
2
22
24
Disposals
–
(1)
(28)
–
(29)
Reclassifications from assets in the course of construction
–
–
61
(61)
–
As at 29 March 2025
120
15
313
22
470
Accumulated amortisation and impairment
As at 1 April 2023
6
8
165
19
198
Effect of foreign exchange rate changes
–
–
(2)
–
(2)
Charge for the year
–
1
41
–
42
Disposals
–
–
(5)
(19)
(24)
As at 30 March 2024
6
9
199
–
214
Effect of foreign exchange rate changes
–
–
(2)
–
(2)
Charge for the year
–
1
53
–
54
Disposals
–
(1)
(28)
–
(29)
Impairment charge on assets
–
–
4
–
4
As at 29 March 2025
6
9
226
–
241
Net book value
As at 29 March 2025
114
6
87
22
229
As at 30 March 2024
119
7
80
61
267
Impairment testing of goodwill
The carrying value of the goodwill allocated to cash generating units:
Mainland China
45
46
South Korea
22
24
Retail and Wholesale segment
1
34
35
Other
13
14
Total
114
119
1. Goodwill which arose on acquisitions of Burberry Manifattura S.R.L. and Burberry Tecnica 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 1 April
2028 and a longer-term growth rate of 5% to 30 March 2030 (last year: 5% to 31 March 2029). A terminal value has been included in
the value-in-use calculation based on the cash flows for the year ending 30 March 2030, incorporating the assumption that growth
beyond 30 March 2030 is equivalent to nominal inflation rates, assumed to be 2% (last year: 2% beyond 31 March 2029), 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.
196 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
196 Burberry Annual Report 24/25
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 1 April 2023
115
14
248
69
446
Effect of foreign exchange rate changes
(6)
–
(2)
–
(8)
Additions
–
1
8
44
53
Business combination
16
1
–
–
17
Disposals
–
–
(5)
(22)
(27)
Reclassifications from assets in the course of construction
–
–
30
(30)
–
As at 30 March 2024
125
16
279
61
481
Effect of foreign exchange rate changes
(5)
–
(1)
–
(6)
Additions
–
–
2
22
24
Disposals
–
(1)
(28)
–
(29)
Reclassifications from assets in the course of construction
–
–
61
(61)
–
As at 29 March 2025
120
15
313
22
470
Accumulated amortisation and impairment
As at 1 April 2023
6
8
165
19
198
Effect of foreign exchange rate changes
–
–
(2)
–
(2)
Charge for the year
–
1
41
–
42
Disposals
–
–
(5)
(19)
(24)
As at 30 March 2024
6
9
199
–
214
Effect of foreign exchange rate changes
–
–
(2)
–
(2)
Charge for the year
–
1
53
–
54
Disposals
–
(1)
(28)
–
(29)
Impairment charge on assets
–
–
4
–
4
As at 29 March 2025
6
9
226
–
241
Net book value
As at 29 March 2025
114
6
87
22
229
As at 30 March 2024
119
7
80
61
267
Impairment testing of goodwill
The carrying value of the goodwill allocated to cash generating units:
As at
29 March
2025
£m
As at
30 March
2024
£m
Mainland China
45
46
South Korea
22
24
Retail and Wholesale segment
1
34
35
Other
13
14
Total
114
119
1. Goodwill which arose on acquisitions of Burberry Manifattura S.R.L. and Burberry Tecnica 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 1 April
2028 and a longer-term growth rate of 5% to 30 March 2030 (last year: 5% to 31 March 2029). A terminal value has been included in
the value-in-use calculation based on the cash flows for the year ending 30 March 2030, incorporating the assumption that growth
beyond 30 March 2030 is equivalent to nominal inflation rates, assumed to be 2% (last year: 2% beyond 31 March 2029), 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.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 197
12. Intangible assets continued
Impairment testing of goodwill continued
For the material goodwill balances of Mainland China, South 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, South
Korea and the Retail and Wholesale segment still exceeded the carrying value.
The pre-tax discount rates for Mainland China, South Korea and the Retail and Wholesale segment were 12%, 11% and 12%
respectively (last year: Mainland China 12%, South Korea 10%, and the Retail and Wholesale segment 11%). No reasonably possible
change in these pre-tax discount rates would result in the carrying value exceeding the estimated recoverable amount of goodwill.
The other goodwill balance of £13 million (last year: £14 million) consists of amounts relating to eight cash generating units, none of
which have goodwill balances individually exceeding £6 million as at 29 March 2025 (last year: £6 million).
13. Property, plant and equipment
Fixtures,
Assets in the
Cost
As at 1 April 2023
121
585
366
76
1,148
Effect of foreign exchange rate changes
(2)
(27)
(8)
(3)
(40)
Additions
–
88
32
44
164
Business combination
–
–
1
–
1
Disposals
–
(69)
(47)
–
(116)
Reclassifications from assets in the course of construction
–
54
14
(68)
–
Reclassifications to assets held for sale
(28)
–
–
–
(28)
As at 30 March 2024
91
631
358
49
1,129
Effect of foreign exchange rate changes
(2)
(18)
(9)
(1)
(30)
Additions
2
86
15
20
123
Disposals
–
(36)
(23)
–
(59)
Reclassifications from assets in the course of construction
–
26
21
(47)
–
As at 29 March 2025
91
689
362
21
1,163
Accumulated
depreciation and impairment
As at 1 April 2023
62
407
303
–
772
Effect of foreign exchange rate changes
–
(17)
(8)
–
(25)
Charge for the year
2
69
32
–
103
Disposals
–
(69)
(47)
–
(116)
Impairment charge on assets
–
4
1
–
5
Reclassifications to assets held for sale
(16)
–
–
–
(16)
As at 30 March 2024
48
394
281
–
723
Effect of foreign exchange rate changes
(2)
(12)
(7)
–
(21)
Charge for the year
2
77
33
–
112
Disposals
–
(36)
(23)
–
(59)
Impairment charge on assets
–
8
2
–
10
As at 29 March 2025
48
431
286
–
765
Net book value
As at 29 March 2025
43
258
76
21
398
As at 30 March 2024
43
237
77
49
406
197Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
198 Burberry Annual Report 24/25
13. Property, plant and equipment continued
During the 52 weeks to 29 March 2025, management carried out a review of retail cash generating units comprising right-of-use
asset and property, plant and equipment, 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 29 March 2025. 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 1 April 2028. For the remainder of the asset life, the cash flows assume industry growth rates of 5%
(last year: 5%) and cost inflation rates appropriate to each store’s location, followed by longer-term growth rates of mid-single digits
(last year: mid-single digits) and inflation rates appropriate to each store’s location. The pre-tax discount rates used in these
calculations were between 10.5% and 12.8% (last year: between 10.2% and 12.1%) based on the Group’s weighted average cost of
capital adjusted for country-specific borrowing costs, tax rates and risks for those countries in which a charge 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.
During the 52 weeks to 29 March 2025, a charge of £42 million (last year: £14 million) was recorded within net operating expenses as
a result of the annual review of impairment for retail store assets. The charge is comprised of £10 million (last year: £5 million)
recorded against property, plant and equipment and £32 million (last year: £9 million) recorded against right-of-use assets. Refer to
note 14 for further details of right-of-use assets.
The impairment charge recorded in property, plant and equipment related to 17 retail cash generating units (last year: six retail cash
generating units) for which the total recoverable amount at the balance sheet date is £17 million (last year: £15 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. It is estimated that a 10% decrease/increase in revenue assumptions for the 52 weeks to 28 March
2026, with no change to subsequent forecast revenue growth rate assumptions, would result in a £11 million increase/£18 million
decrease in the impairment charge of retail store assets in the 52 weeks to 29 March 2025 (last year: £19 million increase/ £9 million
decrease).
No assets were classified as held for sale at 29 March 2025. During the 52 weeks to 29 March 2025, the Group completed the sale of
a freehold property previously classified as held for sale for £12 million, resulting in a net gain on disposal of £nil.
14. Right-of-use assets
Property right-
Non
-property right-
of-use assets
Net book value
£m
As at 1 April 2023
950
–
950
Effect of foreign exchange rate changes
(27)
–
(27)
Additions
162
–
162
Business combination
2
–
2
Remeasurements
169
–
169
Depreciation for the year
(234)
–
(234)
Impairment charge on right-of-use assets
(9)
–
(9)
As at 30 March 2024
1,013
–
1,013
Effect of foreign exchange rate changes
(17)
–
(17)
Additions
65
5
70
Remeasurements
80
–
80
Depreciation for the year
(244)
(3)
(247)
Impairment charge on right-of-use assets
(32)
–
(32)
As at 29 March 2025
865
2
867
As a result of the assessment of retail cash generating units for impairment, an impairment charge of £31 million (last year: £9 million)
was recorded for impairment of right-of-use assets related to trading impacts. Refer to note 13 for further details of impairment
assessment of retail cash generating units. The impairment charge in the prior year arose from the impairment of right-of-use assets
related to trading impacts.
The impairment charge recorded in right-of-use assets relates to 18 retail cash generating units (last year: seven retail cash
generating units) for which the total recoverable amount at the balance sheet date is £53 million (last year: £44 million).
At 29 March 2025, an impairment charge of £1 million was recognised in relation to non-retail right-of-use assets arising as a result of
the Group’s restructuring programme and was presented as an adjusting item (refer to note 6).
As a result, the total impairment charge for right-of-use assets was £32 million (last year: £9 million).
198 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
198 Burberry Annual Report 24/25
13. Property, plant and equipment continued
During the 52 weeks to 29 March 2025, management carried out a review of retail cash generating units comprising right-of-use
asset and property, plant and equipment, 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 29 March 2025. 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 1 April 2028. For the remainder of the asset life, the cash flows assume industry growth rates of 5%
(last year: 5%) and cost inflation rates appropriate to each store’s location, followed by longer-term growth rates of mid-single digits
(last year: mid-single digits) and inflation rates appropriate to each store’s location. The pre-tax discount rates used in these
calculations were between 10.5% and 12.8% (last year: between 10.2% and 12.1%) based on the Group’s weighted average cost of
capital adjusted for country-specific borrowing costs, tax rates and risks for those countries in which a charge 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.
During the 52 weeks to 29 March 2025, a charge of £42 million (last year: £14 million) was recorded within net operating expenses as
a result of the annual review of impairment for retail store assets. The charge is comprised of £10 million (last year: £5 million)
recorded against property, plant and equipment and £32 million (last year: £9 million) recorded against right-of-use assets. Refer to
note 14 for further details of right-of-use assets.
The impairment charge recorded in property, plant and equipment related to 17 retail cash generating units (last year: six retail cash
generating units) for which the total recoverable amount at the balance sheet date is £17 million (last year: £15 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. It is estimated that a 10% decrease/increase in revenue assumptions for the 52 weeks to 28 March
2026, with no change to subsequent forecast revenue growth rate assumptions, would result in a £11 million increase/£18 million
decrease in the impairment charge of retail store assets in the 52 weeks to 29 March 2025 (last year: £19 million increase/ £9 million
decrease).
No assets were classified as held for sale at 29 March 2025. During the 52 weeks to 29 March 2025, the Group completed the sale of
a freehold property previously classified as held for sale for £12 million, resulting in a net gain on disposal of £nil.
14. Right-of-use assets
Net book value
Property right-
of-use assets
£m
Non
-property right-
of-use assets
£m
Total right-
of-use assets
£m
As at 1 April 2023
950
–
950
Effect of foreign exchange rate changes
(27)
–
(27)
Additions
162
–
162
Business combination
2
–
2
Remeasurements
169
–
169
Depreciation for the year
(234)
–
(234)
Impairment charge on right-of-use assets
(9)
–
(9)
As at 30 March 2024
1,013
–
1,013
Effect of foreign exchange rate changes
(17)
–
(17)
Additions
65
5
70
Remeasurements
80
–
80
Depreciation for the year
(244)
(3)
(247)
Impairment charge on right-of-use assets
(32)
–
(32)
As at 29 March 2025
865
2
867
As a result of the assessment of retail cash generating units for impairment, an impairment charge of £31 million (last year: £9 million)
was recorded for impairment of right-of-use assets related to trading impacts. Refer to note 13 for further details of impairment
assessment of retail cash generating units. The impairment charge in the prior year arose from the impairment of right-of-use assets
related to trading impacts.
The impairment charge recorded in right-of-use assets relates to 18 retail cash generating units (last year: seven retail cash
generating units) for which the total recoverable amount at the balance sheet date is £53 million (last year: £44 million).
At 29 March 2025, an impairment charge of £1 million was recognised in relation to non-retail right-of-use assets arising as a result of
the Group’s restructuring programme and was presented as an adjusting item (refer to note 6).
As a result, the total impairment charge for right-of-use assets was £32 million (last year: £9 million).
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 199
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:
Deferred tax assets
233
208
Deferred tax liabilities
(1)
(1)
Net amount
232
207
52 weeks to
The movement in the deferred tax account is as follows:
At start of year
207
196
Effect of foreign exchange rate changes
(4)
(11)
Credited to the Income Statement
29
24
Business combination
–
(1)
Credited to other comprehensive income
–
1
Charged to equity
–
(2)
At end of year
232
207
The movement in the net deferred tax balances during the year is as follows:
Unrealised
Other
1
As at 1 April 2023
14
108
8
14
31
21
196
Effect of foreign exchange rate changes
(1)
(7)
–
–
(1)
(2)
(11)
Credited/(charged) to the Income Statement
(11)
23
(3)
15
5
(5)
24
Business combination
–
–
–
–
–
(1)
(1)
Credited to other comprehensive income
–
–
–
–
–
1
1
Charged to equity
–
–
(2)
–
–
–
(2)
As at 30 March 2024
2
124
3
29
35
14
207
Effect of foreign exchange rate changes
–
2
–
(6)
–
–
(4)
Credited/(charged) to the Income Statement
5
(15)
–
42
4
(7)
29
As at 29 March 2025
7
111
3
65
39
7
232
1. Deferred balances within Other relate largely to temporary differences arising on other provisions and accruals.
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 £50 million (last year: £50 million) in respect of
losses and temporary timing differences amounting to £210 million (last year: £201 million) that can be set off against future taxable
income. There is a time limit for the recovery of £3 million of these potential assets (last year: £1 million) which ranges from one to
10 years (last year: one to five years).
The Group has recognised a deferred tax asset of £92 million (not including profit in stock consolidation adjustments) in Mainland
China, of which £60 million arises due to losses in FY 2022/2023, FY 2023/2024 and FY 2024/2025. Group financial forecasts
indicate that the subsidiary in Mainland China is expected to generate future taxable profits which will enable the deferred tax asset
to be utilised in full.
For jurisdictions where tax deductions do not follow IFRS 16 accounting, the Group recognises a deferred tax asset on the lease
liability and a separate deferred tax liability on the right-of-use asset. The Group applies jurisdictional netting and the net position is
included in the “Leases” column above.
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 unremitted earnings in respect of which no
deferred tax liability has been provided is £126 million (last year: £255 million).
199Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
200 Burberry Annual Report 24/25
16. Trade and other receivables
Non-current
Other financial receivables
1
43
47
Prepayments
5
5
Total non-current trade and other receivables
48
52
Current
Trade receivables
141
189
Provision for expected credit losses
(11)
(10)
Net trade receivables
130
179
Other financial receivables
1
32
27
Other non-financial receivables
2
104
86
Prepayments
28
33
Accrued income
15
15
Total current trade and other receivables
309
340
Total trade and other receivables
357
392
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 £137 million (last year: £124 million).
The Group’s impairment policies and the calculation of any allowances for credit losses are detailed in note 26 in the credit
risk section.
17. Inventories
Raw materials
26
29
Work in progress
1
3
Finished goods
397
475
Total inventories
424
507
Total inventories, gross
527
580
Provisions
(103)
(73)
Total inventories, net
424
507
Inventory provisions of £103 million (last year: £73 million) are recorded, representing 19.6% (last year: 12.6%) 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 £887 million (last year: £922 million).
Taking into account factors impacting the inventory provisioning including the proportion of inventory sold through loss making
channels being higher or lower than expected, management considers that a reasonable potential range of outcomes could result
in an increase in inventory provisions of £31 million or a decrease in inventory provisions of £21 million in the next 12 months.
This would result in a potential range of inventory provisions of 15.6% to 25.5% as a percentage of the gross value of inventory as at
29 March 2025.
The net movement in inventory provisions included in cost of sales for the 52 weeks to 29 March 2025 was a charge of £44 million
(last year: £39 million). The total reversal of inventory provisions during the current year, which is included in the net movement, was
£8 million (last year: £15 million).
200 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
200 Burberry Annual Report 24/25
16. Trade and other receivables
As at
29 March
2025
£m
As at
30 March
2024
£m
Non-current
Other financial receivables
1
43
47
Prepayments
5
5
Total non-current trade and other receivables
48
52
Current
Trade receivables
141
189
Provision for expected credit losses
(11)
(10)
Net trade receivables
130
179
Other financial receivables
1
32
27
Other non-financial receivables
2
104
86
Prepayments
28
33
Accrued income
15
15
Total current trade and other receivables
309
340
Total trade and other receivables
357
392
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 £137 million (last year: £124 million).
The Group’s impairment policies and the calculation of any allowances for credit losses are detailed in note 26 in the credit
risk section.
17. Inventories
As at
29 March
2025
£m
As at
30 March
2024
£m
Raw materials
26
29
Work in progress
1
3
Finished goods
397
475
Total inventories
424
507
As at
29 March
2025
£m
As at
30 March
2024
£m
Total inventories, gross
527
580
Provisions
(103)
(73)
Total inventories, net
424
507
Inventory provisions of £103 million (last year: £73 million) are recorded, representing 19.6% (last year: 12.6%) 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 £887 million (last year: £922 million).
Taking into account factors impacting the inventory provisioning including the proportion of inventory sold through loss making
channels being higher or lower than expected, management considers that a reasonable potential range of outcomes could result
in an increase in inventory provisions of £31 million or a decrease in inventory provisions of £21 million in the next 12 months.
This would result in a potential range of inventory provisions of 15.6% to 25.5% as a percentage of the gross value of inventory as at
29 March 2025.
The net movement in inventory provisions included in cost of sales for the 52 weeks to 29 March 2025 was a charge of £44 million
(last year: £39 million). The total reversal of inventory provisions during the current year, which is included in the net movement, was
£8 million (last year: £15 million).
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 201
18. Derivative financial instruments
Master netting arrangements
The Group’s derivative 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 29 March 2025 (last year: none). The
Group’s Balance Sheet would not be materially different if it had offset its forward foreign exchange contracts, interest rate swaps
and equity swap contracts subject to the standard ISDA agreements.
Derivative financial assets and liabilities
The fair value and notional amounts of derivatives analysed by hedge type are as follows:
As at 29 March 2025
Asset
Liability
Notional
Notional
Forward foreign exchange contracts –
cash flow hedges
–
45
(1)
110
–
–
(2)
71
Forward foreign exchange contracts –
fair value through profit and loss
1
10
473
–
52
2
305
(1)
134
Equity swap contracts – fair value through
profit and loss
1
2
–
–
–
–
(1)
4
Interest rate swaps – fair value hedging
instrument
2
–
–
(3)
450
–
–
–
–
Total position
11
520
(4)
612
2
305
(4)
209
Comprising:
Total current position
11
520
(1)
162
2
305
(4)
209
Total non-current position
–
–
(3)
450
–
–
–
–
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 29 March
2025, all such contracts had maturities of no greater than 10 months from the balance sheet date (last year: no greater than three months from the balance sheet date).
2. The Group has entered into interest rate swaps to reduce the level of fixed rate debt in accordance with the Group Treasury Policy, and has entered the swaps into fair value
hedge relationships with the £450 million medium term note (MTN) Fixed rate bond.
Effect of hedge accounting on the financial position and performance
The impact of the hedging instruments on the Group’s financial position and performance is as follows:
As at 29 March 2025
Foreign currency forwards (assets)
–
45
Jun 2025 – Jan 2026
–
Foreign currency forwards (liabilities)
(1)
110
Jun 2025 – Oct 2025
1
Interest rate swaps (assets)
–
–
–
–
Interest rate swaps (liabilities)
(3)
450
Jun 2030
(3)
As
at 30 March 2024
Foreign currency forwards (assets)
–
–
–
–
Foreign currency forwards (liabilities)
(2)
71
May 2024 – Aug 2024
(2)
Interest rate swaps (assets)
–
–
–
–
Interest rate swaps (liabilities)
–
–
–
–
201Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
202 Burberry Annual Report 24/25
18. Derivative financial instruments continued
The impact of the fair value hedged item on the Balance Sheet as at 29 March 2025 is as follows:
5.75% £450m MTN Fixed rate bond
438
(2)
(1)
The change in value of the cash flow hedges used to determine hedge ineffectiveness as at 29 March 2025 is £1 million.
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 weighted average hedged rate of outstanding contracts (including forward points) in EUR was
1.1893 (last year: 1.1322).
The terms of the interest rate swap contracts match the terms of the borrowings including notional amounts and maturity, interest
settlement and interest rate reset dates, therefore the Group has established a hedge ratio of 1:1 for the hedging relationships as the
underlying risk of the derivative contract is identical to that of the hedged item.
The contractual maturity profile of non-current financial liabilities is shown in note 26. For further details of cash flow hedging, refer to
note 26 in the market risk section.
19. Cash and cash equivalents
As at
Cash and cash equivalents held at amortised cost
Cash at bank and in hand
174
180
Short-term deposits
132
83
Cash and cash equivalents held at fair value through profit and loss
306
263
Short-term deposits
507
178
Total
813
441
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 29 March 2025 and 30 March 2024, no impairment losses were identified on cash and cash equivalents held at amortised cost.
202 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
202 Burberry Annual Report 24/25
18. Derivative financial instruments continued
The impact of the fair value hedged item on the Balance Sheet as at 29 March 2025 is as follows:
Carrying amount
£m
Accumulated fair value
adjustments
£m
Change in value of
hedged item used to
determine hedge
ineffectiveness
£m
5.75% £450m MTN Fixed rate bond
438
(2)
(1)
The change in value of the cash flow hedges used to determine hedge ineffectiveness as at 29 March 2025 is £1 million.
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 weighted average hedged rate of outstanding contracts (including forward points) in EUR was
1.1893 (last year: 1.1322).
The terms of the interest rate swap contracts match the terms of the borrowings including notional amounts and maturity, interest
settlement and interest rate reset dates, therefore the Group has established a hedge ratio of 1:1 for the hedging relationships as the
underlying risk of the derivative contract is identical to that of the hedged item.
The contractual maturity profile of non-current financial liabilities is shown in note 26. For further details of cash flow hedging, refer to
note 26 in the market risk section.
19. Cash and cash equivalents
As at
29 March
2025
£m
As at
30 March
2024
£m
Cash and cash equivalents held at amortised cost
Cash at bank and in hand
174
180
Short-term deposits
132
83
306
263
Cash and cash equivalents held at fair value through profit and loss
Short-term deposits
507
178
Total
813
441
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 29 March 2025 and 30 March 2024, no impairment losses were identified on cash and cash equivalents held at amortised cost.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 203
20. Trade and other payables
Non-current
Other payables
1
3
3
Deferred income and non-financial accruals
8
9
Contract liabilities
43
51
Total non-current trade and other payables
54
63
Current
Trade payables
146
180
Other taxes and social security costs
46
45
Other payables
1
31
21
Accruals
160
165
Deferred income and non-financial accruals
8
11
Contract liabilities
11
12
Deferred consideration
2
3
5
Total current trade and other payables
405
439
Total trade and other payables
459
502
1. Other payables comprise interest and employee-related liabilities.
2. Deferred consideration relates to the acquisition of the economic right to the non-controlling interest in Burberry Middle East LLC on 22 April 2016. In the 52 weeks
to 29 March 2025, payments of £2 million were made in relation to Burberry Middle East LLC (last year: no payments). Contingent payments of £3 million remain outstanding at
29 March 2025, which will be paid once all required documentation is complete.
Included in total trade and other payables are non-financial liabilities of £116 million (last year: £128 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
As at
Retail contract liabilities
4
6
Licensing contract liabilities
50
57
Total contract liabilities
54
63
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.
Retail revenue relating to contract liabilities
2
3
Deferred revenue from Beauty licence
7
7
Revenue recognised that was included in contract liabilities at the start of the year
9
10
203Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
204 Burberry Annual Report 24/25
21. Lease liabilities
Property lease
Non
-Property lease
liabilities
£m
Balance as at 1 April 2023
1,123
–
1,123
Effect of foreign exchange rate changes
(30)
–
(30)
Created during the year
159
–
159
Business combination
1
–
1
Amounts paid
1
(274)
–
(274)
Discount unwind
43
–
43
Remeasurements
2
166
–
166
Balance as at 30 March 2024
1,188
–
1,188
Effect of foreign exchange rate changes
(18)
–
(18)
Created during the year
65
5
70
Amounts paid
1
(283)
(3)
(286)
Discount unwind
49
–
49
Remeasurements
2
78
–
78
Balance as at 29 March 2025
1,079
2
1,081
Analysis of total lease liabilities:
Non-current
866
959
Current
215
229
Total
1,081
1,188
1. The amount paid of £286 million (last year: £274 million) includes £237 million (last year: £231 million), including £5 million paid on termination of lease, representing a financing
cash outflow and £49 million (last year: £43 million) representing an operating cash outflow.
2. Remeasurements relate largely to changes in the lease liabilities that arise as a result of extending the lease term on an existing lease, 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: a 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 £360 million (last year: £434 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 £73 million (last year: £113 million) in relation to break options which are expected to be exercised.
During the 52 weeks to 29 March 2025, no significant judgements regarding breaks and options in relation to individually material
leases were made (last year: £100 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 is legally agreed. Approximately 20% (last year: 19%) of the Group’s lease liabilities are subject to inflation linked
reviews and 31% (last year: 32%) are subject to rent reviews. Rental changes linked to inflation or rent reviews typically occur on an
annual basis.
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.
204 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
204 Burberry Annual Report 24/25
21. Lease liabilities
Property lease
liabilities
£m
Non
-Property lease
liabilities
£m
Total lease
liabilities
£m
Balance as at 1 April 2023
1,123
–
1,123
Effect of foreign exchange rate changes
(30)
–
(30)
Created during the year
159
–
159
Business combination
1
–
1
Amounts paid
1
(274)
–
(274)
Discount unwind
43
–
43
Remeasurements
2
166
–
166
Balance as at 30 March 2024
1,188
–
1,188
Effect of foreign exchange rate changes
(18)
–
(18)
Created during the year
65
5
70
Amounts paid
1
(283)
(3)
(286)
Discount unwind
49
–
49
Remeasurements
2
78
–
78
Balance as at 29 March 2025
1,079
2
1,081
As at
29 March
2025
£m
As at
30 March
2024
£m
Analysis of total lease liabilities:
Non-current
866
959
Current
215
229
Total
1,081
1,188
1. The amount paid of £286 million (last year: £274 million) includes £237 million (last year: £231 million), including £5 million paid on termination of lease, representing a financing
cash outflow and £49 million (last year: £43 million) representing an operating cash outflow.
2. Remeasurements relate largely to changes in the lease liabilities that arise as a result of extending the lease term on an existing lease, 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: a 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 £360 million (last year: £434 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 £73 million (last year: £113 million) in relation to break options which are expected to be exercised.
During the 52 weeks to 29 March 2025, no significant judgements regarding breaks and options in relation to individually material
leases were made (last year: £100 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 is legally agreed. Approximately 20% (last year: 19%) of the Group’s lease liabilities are subject to inflation linked
reviews and 31% (last year: 32%) are subject to rent reviews. Rental changes linked to inflation or rent reviews typically occur on an
annual basis.
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.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 205
21. Lease liabilities continued
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 25. The maturity of
undiscounted future lease liabilities are set out in note 26.
Total cash outflows in relation to leases in the 52 weeks to 29 March 2025 are £394 million (last year: £417 million). This relates to
payments of £237 million on lease principal (last year: £231 million), £49 million on lease interest (last year: £43 million), £91 million on
variable lease payments (last year: £113 million), and £17 million on other lease payments principally relating to short-term leases and
leases in holdover (last year: £30 million).
22. Provisions for other liabilities and charges
Restructuring
costs
1
Balance as at 1 April 2023
49
–
13
62
Effect of foreign exchange rate changes
(3)
–
–
(3)
Created during the year
5
–
4
9
Utilised during the year
(1)
–
(1)
(2)
Released during the year
(2)
–
(7)
(9)
Balance as at 30 March 2024
48
–
9
57
Effect of foreign exchange rate changes
(1)
–
–
(1)
Created during the year
4
29
4
37
Utilised during the year
(6)
(21)
(2)
(29)
Released during the year
(2)
–
(2)
(4)
Balance as at 29 March 2025
43
8
9
60
1. Provision for restructuring costs relates to the Burberry Forward transformation programme initiated during the period which is included as an adjusting item. Refer to note 6
for details of adjusting items.
The net charge in the year for property obligations is £2 million (last year: £3 million), relating to future property reinstatement costs.
The net charge in the year for other provisions of £2 million (last year: net credit of £3 million) includes charges of £4 million (last year:
£4 million) relating to expected future outflows for employee matters and tax compliance, and reversals of £2 million (last year:
£7 million) relating to employee matters and other property matters.
Analysis of total provisions:
Non-current
33
37
Current
27
20
Total
60
57
The non-current provisions relate to property reinstatement costs which are expected to be utilised within 15 years (last year:
14 years).
205Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
206 Burberry Annual Report 24/25
23. Borrowings
As at 29 March 2025
Maturity
Carrying value
Bank overdrafts
1
–
105
105
79
79
1.125% £300m MTN Sustainability-linked bond
2
Sep 2025
300
294
299
281
5.75% £450m MTN Fixed rate bond
3
Jun 2030
438
443
–
–
Total
843
842
378
360
1. Bank overdrafts includes £105 million (last year: £78 million) representing balances on cash pooling arrangements in the Group, as well as £nil (last year: £1 million) relating to
a number of committed and uncommitted arrangements agreed with third parties. The fair value of overdrafts approximates the carrying amount due to the short maturity of
these instruments.
2. Proceeds from the sustainability bond have been used by the Group to finance projects which support the Group’s sustainability agenda. All movements on the bond were
non cash. There are no financial penalties for not using the proceeds as anticipated. Interest on the sustainability bond is payable semi-annually.
3. The proceeds from the bond were £439 million. All other movements on the bond were non cash. The Group has entered into interest rate swaps to reduce the level of
fixed rate debt in accordance with the Group Treasury Policy, and has entered the swaps into fair value hedge relationships with the bond. Interest on the bond is payable
semi-annually.
The Group has a £300 million multi-currency revolving credit facility (RCF) with a syndicate of banks, maturing in November 2027.
During the year, the Group entered into a £75 million multi-currency RCF with a syndicate of banks, maturing in March 2027.
The agreement contains an option which will allow the Group to extend for an additional one year which is exercisable in 2026,
at the consent of the syndicate.
There were no drawdowns or repayments of the RCFs during the current or prior year, and at 29 March 2025 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.
24. Share capital and reserves
Allotted, called up and fully paid share capital
Number
£m
Ordinary shares of 0.05p (last year: 0.05p) each
As at 1 April 2023
384,267,928
0.2
Allotted on exercise of options during the year
51,904
–
Cancellation of shares
(20,504,089)
–
As at 30 March 2024
363,815,743
0.2
Allotted on exercise of options during the year
571
–
As at 29 March 2025
363,816,314
0.2
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. There has been no share buy-back programme in the current period.
During the prior 52 weeks to 30 March 2024, the Company entered into agreements to purchase, at fair value, a total of £400 million
of its own shares, excluding stamp duty and fees, through two share buy-back programmes of £200 million each. Both programmes
completed during the prior year.
The cost of own shares purchased by the Company, as part of a share buy-back 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 29 March 2025, no shares were cancelled (last year: 20.5 million).
As at 29 March 2025, the Company held 4.6 million treasury shares (last year: 5.2 million), with a market value of £37 million
(last year: £63 million) based on the share price at the reporting date. The treasury shares held by the Company are related to the
share buy-back programme completed during the 52 weeks to 2 April 2022. During the 52 weeks to 29 March 2025, 0.6 million
treasury shares were transferred to ESOP trusts (last year: 0.9 million). During the 52 weeks to 29 March 2025, 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 29 March 2025, the cost of own shares held by ESOP trusts and offset against retained
earnings is £29 million (last year: £34 million). As at 29 March 2025, the ESOP trusts held 1.7 million shares (last year: 1.9 million) in the
Company, with a market value of £14 million (last year: £23 million). In the 52 weeks to 29 March 2025, the ESOP trusts and the
Company have waived their entitlement to dividends.
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.
206 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
206 Burberry Annual Report 24/25
23. Borrowings
As at 29 March 2025
As at 30 March 2024
Maturity Carrying value
£m
Fair value
£m
Carrying value
£m
Fair value
£m
Bank overdrafts
1
–
105
105
79
79
1.125% £300m MTN Sustainability-linked bond
2
Sep 2025
300
294
299
281
5.75% £450m MTN Fixed rate bond
3
Jun 2030
438
443
–
–
Total
843
842
378
360
1. Bank overdrafts includes £105 million (last year: £78 million) representing balances on cash pooling arrangements in the Group, as well as £nil (last year: £1 million) relating to
a number of committed and uncommitted arrangements agreed with third parties. The fair value of overdrafts approximates the carrying amount due to the short maturity of
these instruments.
2. Proceeds from the sustainability bond have been used by the Group to finance projects which support the Group’s sustainability agenda. All movements on the bond were
non cash. There are no financial penalties for not using the proceeds as anticipated. Interest on the sustainability bond is payable semi-annually.
3. The proceeds from the bond were £439 million. All other movements on the bond were non cash. The Group has entered into interest rate swaps to reduce the level of
fixed rate debt in accordance with the Group Treasury Policy, and has entered the swaps into fair value hedge relationships with the bond. Interest on the bond is payable
semi-annually.
The Group has a £300 million multi-currency revolving credit facility (RCF) with a syndicate of banks, maturing in November 2027.
During the year, the Group entered into a £75 million multi-currency RCF with a syndicate of banks, maturing in March 2027.
The agreement contains an option which will allow the Group to extend for an additional one year which is exercisable in 2026,
at the consent of the syndicate.
There were no drawdowns or repayments of the RCFs during the current or prior year, and at 29 March 2025 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.
24. Share capital and reserves
Allotted, called up and fully paid share capital
Number £m
Ordinary shares of 0.05p (last year: 0.05p) each
As at 1 April 2023
384,267,928
0.2
Allotted on exercise of options during the year
51,904
–
Cancellation of shares
(20,504,089)
–
As at 30 March 2024
363,815,743
0.2
Allotted on exercise of options during the year
571
–
As at 29 March 2025
363,816,314
0.2
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. There has been no share buy-back programme in the current period.
During the prior 52 weeks to 30 March 2024, the Company entered into agreements to purchase, at fair value, a total of £400 million
of its own shares, excluding stamp duty and fees, through two share buy-back programmes of £200 million each. Both programmes
completed during the prior year.
The cost of own shares purchased by the Company, as part of a share buy-back 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 29 March 2025, no shares were cancelled (last year: 20.5 million).
As at 29 March 2025, the Company held 4.6 million treasury shares (last year: 5.2 million), with a market value of £37 million
(last year: £63 million) based on the share price at the reporting date. The treasury shares held by the Company are related to the
share buy-back programme completed during the 52 weeks to 2 April 2022. During the 52 weeks to 29 March 2025, 0.6 million
treasury shares were transferred to ESOP trusts (last year: 0.9 million). During the 52 weeks to 29 March 2025, 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 29 March 2025, the cost of own shares held by ESOP trusts and offset against retained
earnings is £29 million (last year: £34 million). As at 29 March 2025, the ESOP trusts held 1.7 million shares (last year: 1.9 million) in the
Company, with a market value of £14 million (last year: £23 million). In the 52 weeks to 29 March 2025, the ESOP trusts and the
Company have waived their entitlement to dividends.
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.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 207
24. Share capital and reserves continued
Capital
reserve
£m
Balance as at 1 April 2023
41
(1)
5
232
277
Other comprehensive income:
Cash flow hedges – losses deferred in equity
–
(4)
–
–
(4)
Cash flow hedges – transferred to income
–
1
–
–
1
Foreign currency translation differences
–
–
–
(34)
(34)
Tax on other comprehensive income
–
1
–
–
1
Total comprehensive income for the year
–
(2)
–
(34)
(36)
Balance as at 30 March 2024
41
(3)
5
198
241
Other comprehensive income:
Cash flow hedges – losses deferred in equity
–
(1)
–
–
(1)
Cash flow hedges – transferred to income
–
2
–
–
2
Foreign currency translation differences
–
–
–
(25)
(25)
Total comprehensive income for the year
–
1
–
(25)
(24)
Balance as at 29 March 2025
41
(2)
5
173
217
As at 29 March 2025, the amount held in the hedging reserve relating to matured net investment hedges is £5 million net of tax
(last year: £5 million).
25. 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:
Amounts falling due:
Within 1 year
1
2
Between 2 and 5 years
24
49
After 5 years
57
120
Total
82
171
During the 52 weeks to 30 March 2024, the Group entered into two significant retail store lease agreements in EMEIA. As at
29 March 2025, possession of the property for one of these leases is not yet obtained and it remains a financial commitment.
During the 52 weeks to 29 March 2025, the Group agreed with the landlord to exit one of these agreements and has no remaining
financial commitment with respect to this agreement. As at 29 March 2025, the Group also has operating commitments of £12 million.
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:
Capital commitments contracted but not provided for:
Property, plant and equipment
16
67
Intangible assets
2
4
Total
18
71
207Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
208 Burberry Annual Report 24/25
26. Financial risk management
The Group’s principal financial instruments comprise derivative instruments, cash and cash equivalents, borrowings (including
overdrafts), 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 annually.
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 third-party 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 29 March 2025 (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 29 March 2025 (last year: no
outstanding net investment hedges).
At 29 March 2025, 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 29 March 2025 would have been to increase/decrease operating profit for the year by £4 million (last year:
increase/decrease £4 million) on a post-tax basis. The effect on translating forward foreign exchange contracts designated as cash
flow hedges as at 29 March 2025 would have been to decrease/increase equity by £3 million (last year: decrease/increase £6 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 29 March 2025
Monetary
Monetary
Sterling
1
(1)
–
1
(2)
(1)
US Dollar
1
(20)
(19)
1
(6)
(5)
Euro
33
(32)
1
58
(66)
(8)
Chinese Yuan Renminbi
11
(3)
8
7
–
7
Other currencies
5
(27)
(22)
5
(33)
(28)
Total
51
(83)
(32)
72
(107)
(35)
208 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
208 Burberry Annual Report 24/25
26. Financial risk management
The Group’s principal financial instruments comprise derivative instruments, cash and cash equivalents, borrowings (including
overdrafts), 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 annually.
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 third-party 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 29 March 2025 (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 29 March 2025 (last year: no
outstanding net investment hedges).
At 29 March 2025, 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 29 March 2025 would have been to increase/decrease operating profit for the year by £4 million (last year:
increase/decrease £4 million) on a post-tax basis. The effect on translating forward foreign exchange contracts designated as cash
flow hedges as at 29 March 2025 would have been to decrease/increase equity by £3 million (last year: decrease/increase £6 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 29 March 2025
As at 30 March 2024
Monetary
assets
£m
Monetary
liabilities
£m
Net
£m
Monetary
assets
£m
Monetary
liabilities
£m
Net
£m
Sterling
1
(1)
–
1
(2)
(1)
US Dollar
1
(20)
(19)
1
(6)
(5)
Euro
33
(32)
1
58
(66)
(8)
Chinese Yuan Renminbi
11
(3)
8
7
–
7
Other currencies
5
(27)
(22)
5
(33)
(28)
Total
51
(83)
(32)
72
(107)
(35)
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 209
26. 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.
Interest rate risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market interest rates.
The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s long-term debt obligations with
fixed interest rates.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. Where the
Group is in a net debt position, the Group’s policy is to ensure that between 40% and 60% of the forecast net debt is fixed rate
subject to a de minimus position.
To facilitate this, the Group enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference
between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. At 29 March
2025, after taking into account the effect of interest rate swaps, approximately 100% of the Group’s long-term borrowings are at a
floating rate of interest (last year: none).
The floating rate financial liabilities at 29 March 2025 are £543 million (last year: £78 million) due to cash pool overdrafts and
borrowings swapped from fixed interest rate to floating interest rate. The fixed rate financial liabilities at 29 March 2025 are
borrowings of £300 million (last year: £299 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 £3 million (last year: £nil) lower/higher, as a result of higher/lower interest
expense.
The floating rate financial assets as at 29 March 2025 comprise short-term deposits of £639 million (last year: £261 million),
interest bearing current accounts of £1 million (last year: £nil) and cash pool asset balances of £109 million (last year: £85 million).
At 29 March 2025, 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 £3 million (last year: £4 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 during the year representing more than 6% of the total balance due (last year: 6%). 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 29 March 2025.
The expected credit loss allowance for receivables was determined as follows:
Less than
Less than
Less than
Over
As at
29 March 2025
Trade receivables
Weighted average expected loss rate %
1%
4%
8%
18%
21%
Gross carrying amount of trade receivables
109
14
4
3
11
141
Loss allowance
1
(2)
(1)
–
(1)
(7)
(11)
As at
30 March 2024
Trade receivables
Weighted average expected loss rate %
2%
5%
10%
12%
39%
Gross carrying amount of trade receivables
154
18
6
4
7
189
Loss allowance
1
(3)
(1)
(1)
(1)
(4)
(10)
1. The loss allowance contains expected credit loss and specific loss provisions.
209Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
210 Burberry Annual Report 24/25
26. Financial risk management continued
Credit risk continued
Trade receivables continued
The closing loss allowances for receivables reconcile as follows:
Receivables
As at 1 April 2023
7
Effect of foreign exchange rate changes
–
Impairment provision recognised in profit or loss during the year
6
Receivables written off during the year as uncollectable
(1)
Unused amount reversed
(2)
As at 30 March 2024
10
Effect of foreign exchange rate changes
–
Impairment provision recognised in profit or loss during the year
5
Receivables written off during the year as uncollectable
(1)
Unused amount reversed
(3)
As at 29 March 2025
11
In aggregate, as at 29 March 2025, the movement in the impairment provision on trade and other receivables and recorded in the
Income Statement was a net charge of £2 million (last year: £4 million), all of which relates to contracts with customers.
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 29 March 2025, the discounted fair
value of the loan is £13 million (last year: £13 million). The book value of the loan, recorded at amortised cost, is £12 million (last year:
£14 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 £3 million (last year: £8 million) was held with institutions with a rating below ‘A’ at 29 March 2025.
These amounts are monitored on a weekly basis by the Treasury Committee.
210 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
210 Burberry Annual Report 24/25
26. Financial risk management continued
Credit risk continued
Trade receivables continued
The closing loss allowances for receivables reconcile as follows:
Receivables
£m
As at 1 April 2023
7
Effect of foreign exchange rate changes
–
Impairment provision recognised in profit or loss during the year
6
Receivables written off during the year as uncollectable
(1)
Unused amount reversed
(2)
As at 30 March 2024
10
Effect of foreign exchange rate changes
–
Impairment provision recognised in profit or loss during the year
5
Receivables written off during the year as uncollectable
(1)
Unused amount reversed
(3)
As at 29 March 2025
11
In aggregate, as at 29 March 2025, the movement in the impairment provision on trade and other receivables and recorded in the
Income Statement was a net charge of £2 million (last year: £4 million), all of which relates to contracts with customers.
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 29 March 2025, the discounted fair
value of the loan is £13 million (last year: £13 million). The book value of the loan, recorded at amortised cost, is £12 million (last year:
£14 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 £3 million (last year: £8 million) was held with institutions with a rating below ‘A’ at 29 March 2025.
These amounts are monitored on a weekly basis by the Treasury Committee.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 211
26. 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 note 23.
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 £262 million (last year:
£282 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 29 March 2025
As at 30 March 2024
In more than 1 year, but not more than 2 years
213
–
213
228
302
530
In more than 2 years, but not more than 3 years
192
–
192
181
–
181
In more than 3 years, but not more than 4 years
125
–
125
161
–
161
In more than 4 years, but not more than 5 years
116
–
116
108
–
108
In more than 5 years
378
455
833
459
1
460
Total financial liabilities
1,024
455
1,479
1,137
303
1,440
As at 29 March 2025, other non-current financial liabilities relate to borrowings of £438 million (last year: borrowings of £299 million).
Refer to note 23.
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. Subject
to the availability of capital, 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
• To the extent that there is surplus capital to these needs, providing additional returns to shareholders
At 29 March 2025, the Group had net cash of £708 million (last year: £362 million), borrowings of £738 million (last year: £299 million)
and total equity excluding non-controlling interests of £914 million (last year: £1,147 million). The borrowings at 29 March 2025 relate
to medium-term notes with a face value of £750 million (last year: £300 million). For further details, refer to note 23. 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.
211Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
212 Burberry Annual Report 24/25
27. 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 136 to 157 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 those share options and awards recognised in the Group Income Statement.
52 weeks to
52 weeks to
2025
1
Wages and salaries
461
474
Social security costs
58
56
Pension costs
22
21
541
551
Termination benefits
17
5
Equity-settled share-based payment charge
18
16
Total
576
572
1. Employee costs for the 52 weeks to 29 March 2025 include a charge of £16 million arising as a result of the Group’s restructuring programme which is 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:
EMEIA
2
4,431
4,591
Americas
1,238
1,291
Asia Pacific
3,032
3,287
Total
8,701
9,169
2. EMEIA comprises Europe, Middle East, India and Africa.
Shares and share options granted to Directors and employees
The Group had the following share-based compensation schemes in operation during the year:
Maximum
vesting
period
for options /
Share
-based compensation scheme
Participants
awards
granted
Method of settlement
Vesting requirements
Burberry Share Plan (BSP)
Executive
3 years
Equity and cash
Continued service and conditional upon
Award
Schemes
Directors
meeting underpins:
total revenue, ROIC and
reasonable progress in respect of our
strategy to elevate our brand and build a
more sustainable future
Burberry Share Plan (BSP)
Management
3 years
Equity and cash
Continued service
Award Schemes
Executive Share Plan (ESP) Nil
Management
4 years
Equity and cash
Thresholds and targets for all ESP schemes
cost Option
Schemes
have now been
assessed and the number of
shares awarded has been approved
ShareSave (SAYE) Option
All employees
5 years
Equity and cash
Continued service
Schemes
Free Share Plan Award
All employees
3 years
Equity and cash
Continued service
Schemes
Recruitment Share Award
CEO
3 years
Equity
Continued service and conditional upon
Burberry
achieving a specified total
shareholder return performance
by the end
of a three-year period
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.
The fair value charge relating to Burberry Share Plan (BSP) Award Schemes, ShareSave (SAYE) Schemes, and Free Share Plan
Schemes was £12 million, £3 million and £2 million, respectively (last year: £11 million, £2 million and £1 million, respectively).
The fair value charge relating to the remaining schemes was £1 million (last year: £2 million).
212 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
212 Burberry Annual Report 24/25
27. 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 136 to 157 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 those share options and awards recognised in the Group Income Statement.
52 weeks to
29 March
2025
1
£m
52 weeks to
30 March
2024
£m
Wages and salaries
461
474
Social security costs
58
56
Pension costs
22
21
541
551
Termination benefits
17
5
Equity-settled share-based payment charge
18
16
Total
576
572
1. Employee costs for the 52 weeks to 29 March 2025 include a charge of £16 million arising as a result of the Group’s restructuring programme which is 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
29 March
2025
52 weeks to
30 March
2024
EMEIA
2
4,431
4,591
Americas
1,238
1,291
Asia Pacific
3,032
3,287
Total
8,701
9,169
2. EMEIA comprises Europe, Middle East, India and Africa.
Shares and share options granted to Directors and employees
The Group had the following share-based compensation schemes in operation during the year:
Share
-based compensation scheme
Participants
Maximum
vesting
period
for options /
awards
granted
Method of settlement
Vesting requirements
Burberry Share Plan (BSP)
Award
Schemes
Executive
Directors
3 years
Equity and cash
Continued service and conditional upon
meeting underpins:
total revenue, ROIC and
reasonable progress in respect of our
strategy to elevate our brand and build a
more sustainable future
Burberry Share Plan (BSP)
Award Schemes
Management
3 years
Equity and cash
Continued service
Executive Share Plan (ESP) Nil
cost Option
Schemes
Management
4 years
Equity and cash
Thresholds and targets for all ESP schemes
have now been
assessed and the number of
shares awarded has been approved
ShareSave (SAYE) Option
Schemes
All employees
5 years
Equity and cash
Continued service
Free Share Plan Award
Schemes
All employees
3 years
Equity and cash
Continued service
Recruitment Share Award
CEO
3 years
Equity
Continued service and conditional upon
Burberry
achieving a specified total
shareholder return performance
by the end
of a three-year period
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.
The fair value charge relating to Burberry Share Plan (BSP) Award Schemes, ShareSave (SAYE) Schemes, and Free Share Plan
Schemes was £12 million, £3 million and £2 million, respectively (last year: £11 million, £2 million and £1 million, respectively).
The fair value charge relating to the remaining schemes was £1 million (last year: £2 million).
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 213
27. Employee costs continued
Movements during the year
The number and weighted average exercise price (WAEP) of, and movements in, share-based compensation schemes during the year
are as follows:
For the 52 weeks ended 29 March 2025:
Executive Share
(BSP)
Award Schemes
Awards
WAEP
Options
WAEP
Options
WAEP
Awards
WAEP
Awards
WAEP
Outstanding at 30 March 2024
2,252,737
149,391
–
1,451,065
£13.45
582,029
–
Granted
2,664,253
–
–
1,610,987
£7.13
350,319
392,366
Forfeited
(723,984)
(6,881)
–
(1,049,713)
£13.43
(76,629)
–
Exercised
(607,077)
(26,987)
–
(7,638)
£11.64
(112,322)
–
Outstanding at 29 March 2025
3,585,929
115,523
–
2,004,701
£8.63
743,397
392,366
Exercise price range
–
£7.13 - £16.72
Weighted average remaining
1.9
–
2.7
2.6
2.3
contractual life (years)
Exercisable at 29 March 2025
1,198
115,523
123,228
3,093
–
For the 52 weeks ended 30 March 2024:
Executive Share Plan
Awards
WAEP
Options
WAEP
Options
WAEP
Awards
WAEP
Awards
WAEP
Outstanding at 1 April 2023
2,261,952
285,906
–
1,224,861
£14.71
573,812
–
Granted
1,002,553
–
–
781,677
£14.47
223,146
–
Forfeited
(362,276)
(19,239)
–
(510,636)
£15.15
(88,525)
–
Exercised
(649,492)
(117,276)
–
(44,837)
£15.49
(126,404)
–
Outstanding at 30 March 2024
2,252,737
149,391
–
1,451,065
£13.45
582,029
–
Exercise price range
–
£12.50 - £16.72
Weighted average remaining
1.6
–
1.9
2.4
–
contractual life (years)
Exercisable at 30 March 2024
13,620
149,391
320,082
23,672
–
The weighted average share price at the date of exercise for awards exercised or vested in the period was £8.28 (last year: £20.63).
213Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
214 Burberry Annual Report 24/25
27. Employee costs continued
Valuation models and key assumptions used
During the year, awards were granted under the BSP Schemes on 30 July 2024, 21 November 2024 and 19 December 2024 at a fair
value of £7.63, £8.77, and £9.51, respectively. These values are based on the closing share price of an ordinary share at the date
of grant.
The ShareSave (SAYE) Option Schemes have been valued using the Black-Scholes option pricing model and the Recruitment Share
Award has been valued using the Monte Carlo pricing model.
The assumptions applied to the options granted in the respective periods are as follows:
SAYE Scheme
Black
-Scholes
52 weeks ended 29 March 2025
52 weeks ended 30 March 2024
Grant date
12 December 2024
14 December 2023
Expected dividend yield (%)
1.16
3.95
Expected volatility (%)
1
(3-year/5-year term)
34.77 / 36.5
28.93 / 33.2
Risk-free interest rate (%) (3-year/5-year term)
4.04 / 4.18
4.10 / 3.95
Expected life of option (years)
3 / 5
3 / 5
Weighted average exercise price (£)
7.12
12.50
Share price at grant (£)
9.76
15.69
Weighted average fair value of options granted (£) (3-year/5-year term)
3.80 / 4.44
4.13 / 4.73
Recruitment Share Award
Monte Carlo
Grant date
19 December 2024
Expected dividend yield (%)
0.0
Expected volatility (%)
1
36.5
Risk-free interest rate (%)
4.3
Expected life of awards (years)
4.6
Discount for post vesting restrictions (%)
15
Share price at grant (£)
9.51
Weighted average fair value of awards granted (£)
4.57
1. Volatility 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.
28. Acquisition of subsidiary
On 2 October 2023, Burberry Italy S.R.L., Burberry’s wholly-owned subsidiary, acquired a 100% shareholding in Burberry Tecnica,
S.R.L., from Italian technical outerwear supplier, Pattern SpA, a company incorporated in Italy, for total cash consideration of £19
million. As a result of the acquisition, net assets of £3 million were acquired and goodwill of £16 million was recognised. There were
no adjustments to the acquisition accounting in the 52 weeks to 29 March 2025.
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:
Salaries, short-term benefits and social security costs
1
6
7
Share-based compensation (all awards and options settled in shares)
–
2
Termination benefits
1
–
Total
7
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 29 March 2025 were £4 million
(last year: £2 million).
There were no other material related party transactions in the year.
214 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
214 Burberry Annual Report 24/25
27. Employee costs continued
Valuation models and key assumptions used
During the year, awards were granted under the BSP Schemes on 30 July 2024, 21 November 2024 and 19 December 2024 at a fair
value of £7.63, £8.77, and £9.51, respectively. These values are based on the closing share price of an ordinary share at the date
of grant.
The ShareSave (SAYE) Option Schemes have been valued using the Black-Scholes option pricing model and the Recruitment Share
Award has been valued using the Monte Carlo pricing model.
The assumptions applied to the options granted in the respective periods are as follows:
SAYE Scheme
Black
-Scholes 52 weeks ended 29 March 2025 52 weeks ended 30 March 2024
Grant date
12 December 2024
14 December 2023
Expected dividend yield (%)
1.16
3.95
Expected volatility (%)
1
(3-year/5-year term)
34.77 / 36.5
28.93 / 33.2
Risk-free interest rate (%) (3-year/5-year term)
4.04 / 4.18
4.10 / 3.95
Expected life of option (years)
3 / 5
3 / 5
Weighted average exercise price (£)
7.12
12.50
Share price at grant (£)
9.76
15.69
Weighted average fair value of options granted (£) (3-year/5-year term)
3.80 / 4.44
4.13 / 4.73
Recruitment Share Award
Monte Carlo
52 weeks ended 29 March 2025
Grant date
19 December 2024
Expected dividend yield (%)
0.0
Expected volatility (%)
1
36.5
Risk-free interest rate (%)
4.3
Expected life of awards (years)
4.6
Discount for post vesting restrictions (%)
15
Share price at grant (£)
9.51
Weighted average fair value of awards granted (£)
4.57
1. Volatility 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.
28. Acquisition of subsidiary
On 2 October 2023, Burberry Italy S.R.L., Burberry’s wholly-owned subsidiary, acquired a 100% shareholding in Burberry Tecnica,
S.R.L., from Italian technical outerwear supplier, Pattern SpA, a company incorporated in Italy, for total cash consideration of £19
million. As a result of the acquisition, net assets of £3 million were acquired and goodwill of £16 million was recognised. There were
no adjustments to the acquisition accounting in the 52 weeks to 29 March 2025.
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
29 March
2025
£m
52 weeks to
30 March
2024
£m
Salaries, short-term benefits and social security costs
1
6
7
Share-based compensation (all awards and options settled in shares)
–
2
Termination benefits
1
–
Total
7
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 29 March 2025 were £4 million
(last year: £2 million).
There were no other material related party transactions in the year.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 215
30. Subsidiary undertakings and investments
In accordance with Section 409 of the Companies Act 2006, a full list of related undertakings as at 29 March 2025, 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 29 March 2025.
Country/territory
Holding
Registered
Company name
of incorporation
Interest
Burberry Pacific Pty Ltd
Australia
Ordinary shares
100
1
Burberry (Austria) GmbH
Austria
Ordinary shares
100
2
Sandringham Bahrain 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
Brazil
Quota
100
5
Acessórios Ltda
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 China Holdings Limited
Hong Kong S.A.R., China
Ordinary shares
100
11
Burberry Asia Limited
Hong Kong S.A.R., China
Ordinary shares
100
12
Burberry Hungary Kereskedelmi Korlátolt
Hungary
Ordinary shares
100
13
Felelősségű Társaság
Burberry India Private Limited
India
Ordinary shares
51
14
Burberry Ireland Investments Unlimited Company
Ireland
Ordinary A shares
100
15
Ordinary B shares
100
Burberry Ireland Limited
Ireland
Ordinary shares
100
16
Burberry Italy (Rome) S.R.L.
Italy
Quota
100
17
Burberry Italy S.R.L.
2
Italy
Quota
100
17
Burberry Tecnica S.R.L.
Italy
Quota
100
18
Burberry Manifattura S.R.L.
Italy
Quota
100
19
Burberry Japan K.K.
Japan
Ordinary shares
100
20
Burberry Kuwait General Trading Textiles and Accessories
Kuwait
Capital units
49
21
Company W.L.L.
3
Burberry Macau Limited
Macau S.A.R., China
Quota
100
22
Burberry (Malaysia) Sdn. Bhd.
Malaysia
Ordinary shares
100
23
Horseferry México S.A. de C.V.
Mexico
Ordinary (fixed) shares
100
24
Ordinary (variable) shares
100
Horseferry México Servicios Administrativos, S.A. de C.V.
Mexico
Ordinary (fixed) shares
100
24
Burberry Netherlands B.V.
Netherlands
Ordinary shares
100
25
Burberry New Zealand Limited
New Zealand
Ordinary shares
100
26
Burberry Qatar W.L.L.
3
Qatar
Ordinary shares
49
27
Burberry Korea Limited
Republic of Korea
Common stock
100
28
Burberry Retail LLC
4
Russian Federation
Participatory share
100
29
Burberry Saudi Company Limited
Kingdom of Saudi Arabia
Ordinary shares
100
30
Burberry (Singapore) Distribution Company PTE Ltd
Singapore
Ordinary shares
100
31
Burberry (Spain) Retail S.L.
Spain
Ordinary shares
100
32
Burberry (Suisse) SA
2
Switzerland
Ordinary shares
100
33
Burberry (Taiwan) Co., Ltd
Taiwan Area, China
Common shares
100
34
Burberry (Thailand) Limited
Thailand
Common shares
100
35
215Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
216 Burberry Annual Report 24/25
30. Subsidiary undertakings and investments continued
Country of
Company name
incorporation
Interest
Burberry Turkey Giyim Toptan Ve Perakende Satış
Turkey
Ordinary shares
100
36
Limited Şirketi
Burberry FZ-LLC
United Arab Emirates
Ordinary shares
100
37
Burberry Middle East LLC
3
United Arab Emirates
Ordinary shares
49
38
Burberry (Espana) Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry (No. 7) Unlimited
United Kingdom
Ordinary shares
100
39
Burberry (UK) Limited
United Kingdom
Ordinary shares
100
39
Burberry Europe Holdings Limited
2
United Kingdom
Ordinary shares
100
39
Burberry Finance Limited
5
United Kingdom
Ordinary shares
100
39
Burberry Haymarket Limited
2
United Kingdom
Ordinary shares
100
39
Burberry Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry International Holdings Limited
2
United Kingdom
Ordinary shares
100
39
Burberry Latin America Limited
5
United Kingdom
Ordinary shares
100
39
Burberry Limited
United Kingdom
Ordinary shares
100
39
Burberry London Limited
United Kingdom
Ordinary shares
100
39
Burberrys Limited
2
United Kingdom
Ordinary shares
100
39
Sweet Street Developments Limited
5
United Kingdom
Ordinary shares
100
39
The Scotch House Limited
2, 5
United Kingdom
Ordinary shares
100
39
Thomas Burberry Holdings Limited
2
United Kingdom
Ordinary shares
100
39
Thomas Burberry Limited
2, 5
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Limited
2, 5
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Pension Trustee Limited
2, 5
United Kingdom
Ordinary shares
100
39
Burberry (Wholesale) Limited
United States
Class X common stock
100
40
Class Y common stock
100
Burberry Limited
United States
Class X common stock
100
40
Class Y common stock
100
Burberry North America, Inc.
United States
Common stock
100
41
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. This subsidiary will take the audit exemption allowed under Section 479A of the Companies Act 2006 for the year ended 29 March 2025.
216 Burberry Annual Report 2024/25

Financial Statements | Notes to the Financial Statements
216 Burberry Annual Report 24/25
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
36
Burberry FZ-LLC
United Arab Emirates
Ordinary shares
100
37
Burberry Middle East LLC
3
United Arab Emirates
Ordinary shares
49
38
Burberry (Espana) Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry (No. 7) Unlimited
United Kingdom
Ordinary shares
100
39
Burberry (UK) Limited
United Kingdom
Ordinary shares
100
39
Burberry Europe Holdings Limited
2
United Kingdom
Ordinary shares
100
39
Burberry Finance Limited
5
United Kingdom
Ordinary shares
100
39
Burberry Haymarket Limited
2
United Kingdom
Ordinary shares
100
39
Burberry Holdings Limited
United Kingdom
Ordinary shares
100
39
Burberry International Holdings Limited
2
United Kingdom
Ordinary shares
100
39
Burberry Latin America Limited
5
United Kingdom
Ordinary shares
100
39
Burberry Limited
United Kingdom
Ordinary shares
100
39
Burberry London Limited
United Kingdom
Ordinary shares
100
39
Burberrys Limited
2
United Kingdom
Ordinary shares
100
39
Sweet Street Developments Limited
5
United Kingdom
Ordinary shares
100
39
The Scotch House Limited
2, 5
United Kingdom
Ordinary shares
100
39
Thomas Burberry Holdings Limited
2
United Kingdom
Ordinary shares
100
39
Thomas Burberry Limited
2, 5
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Limited
2, 5
United Kingdom
Ordinary shares
100
39
Woodrow-Universal Pension Trustee Limited
2, 5
United Kingdom
Ordinary shares
100
39
Burberry (Wholesale) Limited
United States
Class X common stock
Class Y common stock
100
100
40
Burberry Limited
United States
Class X common stock
Class Y common stock
100
100
40
Burberry North America, Inc.
United States
Common stock
100
41
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. This subsidiary will take the audit exemption allowed under Section 479A of the Companies Act 2006 for the year ended 29 March 2025.
Financial Statements | Notes to the Financial Statements
Burberry Annual Report 24/25 217
30. Subsidiary undertakings and investments continued
Ref
Registered office address
1
Level 5, 343 George Street, Sydney, NSW 2000, Australia
2
Kohlmarkt 2, 1010 Wien, Austria
3
Building 2758, Flat no. 1081, Road 4650, Block 346, Manama/Sea Front, Bahrain
4
Waterloolaan 16, 1000, Brussels, 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, No. 1717 Nanjing West Road, Jing’an Districts, Shanghai 200040,
People’s Republic of 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, Germany
11
Flat /RM 2201-02 & 09-14, 22/F Devon House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong
12
RM 01-02 & 09-14, 22/F Devon House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong
13
H-1068 Budapest Dózsa György út 84. B, Hungary
14
10th Floor, International Trade Tower, Nehru Place, New Delhi, South East Delhi, Delhi 110019, India
15
One Spencer Dock, North Wall Quay, Dublin 1, Ireland
16
One Spencer Dock, North Wall Quay, Dublin 1, Ireland
17
Via Manzoni n.20, CAP, 20121, Milano, Italy
18
Via Italia 6/A, 10093 Collegno (TO), Italy
19
Via delle Fonti n.10, 50018 Scandicci, Italy
20
5-14 Ginza 2-chome, Chuo-ku, Tokyo, Japan
21
Hawally, Block 8, Street 276, Plot 9301, Unit No 12, Floor 7, Kuwait
22
MacauShop Unit 1202 on Mezzanine Level and Shop Unit 2812 on Level 2 in Shoppes at Four Seasons, Estrada Da Baía De N.
Senhora De Esperança, S/N, Taipa, Macau
23
43-2, Plaza Damansara, Jalan Medan Setia 1, Bukit Damansara, 50490 Kuala Lumpur, Wilayah Persekutuan, Malaysia
24
Edgar Allan Poe 85-B, Col. Polanco, Delg. Miguel Hidalgo, Mexico City, 11560, Mexico
25
Pieter Cornelisz. Hooftstraat 50 H, 1071CA Amsterdam, Netherlands
26
Level 20, HSBC Tower, 188 Quay Street, Auckland, 1010, New Zealand
27
First Floor, Building No. 660, Street no. 364, Al Waab, Zone No.54A, Al Marikh, Al Rayyan Municipality South, Doha, Qatar
28
459, Dosan-daero, Gangnam-gu, Seoul, Republic of Korea
29
Ulitsa Petrovka, 16, floor 3, Premise I, rooms 47-53, 127051, Moscow, Russian Federation
30
1st Floor, Building No. 7235, Al Olaya Street, 2392 Al Olya District Riyadh 12244, Kingdom of Saudi Arabia
31
391B Orchard Road, #15-02/03, Ngee Ann City, 238874, Singapore
32
Passeig de Gràcia, 56, 08007, Barcelona, Spain
33
Route de Chêne 30A, c/o L&S Trust Services SA, 1208 Genève, Switzerland
34
5F. No 451 Changchun Rd, Songshan Dist, Taipei City 10547, Taiwan
35
No.127 Office 25.03; Level 25; Gaysorn Tower; Ratchadamri Road, Lumpini Sub-District; Pathumwan District; 10330 Bangkok; Thailand
36
Reşitpaşa Mahallessi Eski Büyükdere Cad. Windowist Tower Sit. No: 26/1 Sariyer/Istanbul, Turkey
37
Dubai Design District, Premises:, 312, 313, 314 & 315, Floor: 03, Building: 08, Dubai Design District, United Arab Emirates
38
Dubai Design District, Building 8, Level 3, Unit no 314 and 315 PO Box 83916, Dubai, United Arab Emirates
39
Horseferry House, Horseferry Road, London, SW1P 2AW, United Kingdom
40
Corporation Service Company, 80 State Street, Albany, NY, 12207-2543, USA
41
Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA
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.
217Burberry Annual Report 2024/25

Financial Statements | Five-Year Summary (UNAUDITED)
FIVE-YEAR SUMMARY (UNAUDITED)
218 Burberry Annual Report 24/25
To end of year
Revenue by channel
2021
£m
2022
£m
2023
£m
2024
£m
2025
£m
Retail
1,910
2,273
2,501
2,400
2,076
Wholesale
396
512
543
506
319
Retail/Wholesale
2,306
2,785
3,044
2,906
2,395
Licensing
38
41
50
62
66
Total revenue
2,344
2,826
3,094
2,968
2,461
Profit by channel
£m £m £m £m £m
Retail/Wholesale
1
361
486
587
359
(36)
Licensing
35
37
47
59
62
Adjusted operating profit
1
396
523
634
418
26
Segmental analysis of adjusted profit
1
% % % % %
Retail/Wholesale gross margin
69.5
70.2
70.0
67.0
61.5
Retail/Wholesale operating expenses as a percentage of sales
53.8
52.7
50.7
54.6
63.0
Retail/Wholesale operating margin
15.7
17.5
19.3
12.4
(1.5)
Licensing operating margin
90.8
90.2
91.9
94.0
93.8
Adjusted operating profit margin
16.9
18.5
20.5
14.1
1.0
Summary profit analysis
£m £m £m £m £m
Adjusted operating profit
1
396
523
634
418
26
Net finance expense
1
(30)
(31)
(21)
(35)
(63)
Adjusted profit/(loss) before taxation
1
366
492
613
383
(37)
Adjusting items
124
19
21
–
(29)
Profit/(loss) before taxation
490
511
634
383
(66)
Taxation
(114)
(114)
(142)
(112)
(9)
Non-controlling interest
–
(1)
(2)
(1)
–
Attributable profit/(loss)
376
396
490
270
(75)
Retail/Wholesale revenue by product division
£m £m £m £m £m
Accessories
841
1,017
1,125
1,055
841
Womenswear
653
784
867
860
718
Menswear
668
807
868
842
732
Childrenswear and other
144
177
184
149
104
Retail/Wholesale revenue by destination
£m £m £m £m £m
Asia Pacific
1,203
1,276
1,297
1,286
1,043
EMEIA
2
628
813
1,004
1,017
842
Americas
475
696
743
603
510
Financial KPIs
% % % % %
Total revenue growth
3
-10
+23
+5
–
-15
Comparable store sales growth
3
-9
+18
+7
-1
-12
Adjusted operating profit growth
1,3
-8
+38
+8
-25
-88
Adjusted operating profit margin
1
16.9
18.5
20.5
14.1
1.0
Adjusted diluted EPS growth
1
-14
+40
+30
-40
-120
Adjusted Group return on invested capital (ROIC)
1
17.0
24.6
28.6
15.3
1.0
1. Excludes the impact of adjusting items. Refer to note 2r 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.
218 Burberry Annual Report 2024/25

Financial Statements | Five-Year Summary (UNAUDITED)
FIVE-YEAR SUMMARY (UNAUDITED)
218 Burberry Annual Report 24/25
To end of year
Revenue by channel
2021
£m
2022
£m
2023
£m
2024
£m
2025
£m
Retail
1,910
2,273
2,501
2,400
2,076
Wholesale
396
512
543
506
319
Retail/Wholesale
2,306
2,785
3,044
2,906
2,395
Licensing
38
41
50
62
66
Total revenue
2,344
2,826
3,094
2,968
2,461
Profit by channel
£m £m £m
£m £m
Retail/Wholesale
1
361
486
587
359
(36)
Licensing
35
37
47
59
62
Adjusted operating profit
1
396
523
634
418
26
Segmental analysis of adjusted profit
1
% % % % %
Retail/Wholesale gross margin
69.5
70.2
70.0
67.0
61.5
Retail/Wholesale operating expenses as a percentage of sales
53.8
52.7
50.7
54.6
63.0
Retail/Wholesale operating margin
15.7
17.5
19.3
12.4
(1.5)
Licensing operating margin
90.8
90.2
91.9
94.0
93.8
Adjusted operating profit margin
16.9
18.5
20.5
14.1
1.0
Summary profit analysis
£m £m £m
£m £m
Adjusted operating profit
1
396
523
634
418
26
Net finance expense
1
(30)
(31)
(21)
(35)
(63)
Adjusted profit/(loss) before taxation
1
366
492
613
383
(37)
Adjusting items
124
19
21
–
(29)
Profit/(loss) before taxation
490
511
634
383
(66)
Taxation
(114)
(114)
(142)
(112)
(9)
Non-controlling interest
–
(1)
(2)
(1)
–
Attributable profit/(loss)
376
396
490
270
(75)
Retail/Wholesale revenue by product division
£m £m £m
£m £m
Accessories
841
1,017
1,125
1,055
841
Womenswear
653
784
867
860
718
Menswear
668
807
868
842
732
Childrenswear and other
144
177
184
149
104
Retail/Wholesale revenue by destination
£m £m £m
£m £m
Asia Pacific
1,203
1,276
1,297
1,286
1,043
EMEIA
2
628
813
1,004
1,017
842
Americas
475
696
743
603
510
Financial KPIs
% %
%
% %
Total revenue growth
3
-10
+23
+5
–
-15
Comparable store sales growth
3
-9
+18
+7
-1
-12
Adjusted operating profit growth
1,3
-8
+38
+8
-25
-88
Adjusted operating profit margin
1
16.9
18.5
20.5
14.1
1.0
Adjusted diluted EPS growth
1
-14
+40
+30
-40
-120
Adjusted Group return on invested capital (ROIC)
1
17.0
24.6
28.6
15.3
1.0
1. Excludes the impact of adjusting items. Refer to note 2r 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.
Financial Statements | Five-Year Summary (UNAUDITED)
Burberry Annual Report 24/25 219
To end of year
Earnings and dividends
2021
pence
per share
2022
pence
per share
2023
pence
per share
2024
pence
per share
2025
pence
per share
Adjusted earnings/(loss) per share – diluted
1
67.3
94.0
122.5
73.9
(14.8)
Earnings/(loss) per share – diluted
92.7
97.7
126.3
73.9
(20.9)
Diluted weighted average number of ordinary shares (millions)
405.1
404.8
388.0
366.2
358.4
Dividend per share
Interim
–
11.6
16.5
18.3
–
Final
42.5
35.4
44.5
42.7
–
To end of year
Net cash flow
2021
£m
2022
£m
2023
£m
2024
£m
2025
£m
Adjusted profit/(loss) before tax
366
492
613
383
(37)
Adjusting items
124
19
21
–
(29)
Profit/(loss) before taxation
490
511
634
383
(66)
Depreciation and amortisation
277
313
344
379
413
Employee share scheme costs
12
16
19
16
18
Net finance expense
31
32
23
35
63
Decrease/(increase) in inventories
21
(22)
(10)
(57)
80
Decrease/(increase) in receivables
(39)
(5)
(17)
(32)
36
Increase/(decrease) in payables and provisions
(7)
81
(49)
(77)
(41)
Other cash items
(1)
–
–
–
–
Other non-cash items
(107)
(17)
(32)
18
23
Cash flow from operations
677
909
912
665
526
Net interest
(27)
(30)
(22)
(20)
(54)
Tax paid
(58)
(180)
(140)
(139)
(43)
Net cash flow from operations
592
699
750
506
429
Capital expenditure
(115)
(161)
(179)
(208)
(151)
Proceeds from disposal of non-current assets
27
8
32
–
12
Payment of lease principal and related cash flows
(155)
(206)
(210)
(235)
(225)
Free cash flow
349
340
393
63
65
Acquisitions
(4)
(10)
(6)
(19)
(2)
Dividends
–
(219)
(203)
(233)
(152)
Purchase of shares through share buyback
–
(153)
(404)
(402)
–
Proceeds from borrowings
595
–
–
–
439
Repayment of borrowings
(600)
–
–
–
–
Other
2
(4)
2
1
–
Exchange difference
(13)
7
2
(9)
(4)
Total movement in net cash
329
(39)
(216)
(599)
346
Net cash
1,216
1,177
961
362
708
1. Excludes the impact of adjusting items. Refer to note 2r for the Group’s policy on adjusting items.
219Burberry Annual Report 2024/25

Financial Statements | Five-Year Summary (UNAUDITED)
220 Burberry Annual Report 24/25
At end of year
Balance Sheet
2021
£m
2022
£m
2023
£m
2024
£m
2025
£m
Intangible assets
237
240
248
267
229
Property, plant and equipment
280
322
376
406
398
Right-of-use assets
818
880
950
1,013
867
Inventories
402
426
447
507
424
Trade and other receivables
322
328
359
392
357
Trade and other payables
(492)
(572)
(553)
(502)
(459)
Lease liabilities
(1,020)
(1,058)
(1,123)
(1,188)
(1,081)
Taxation (including deferred taxation)
148
221
229
243
269
Net cash
1,216
1,177
961
362
708
Borrowings
(297)
(298)
(298)
(299)
(738)
Other net assets
(54)
(49)
(57)
(47)
(53)
Net assets
1,560
1,617
1,539
1,154
921
Reconciliation of adjusted
Group ROIC
2021
£m
2022
£m
2023
£m
2024
£m
2025
£m
Adjusted operating profit
1
396
523
634
418
26
Adjusted profit effective tax rate
1,2
25.4%
22.2%
22.2%
29.2%
–
Adjusted net operating profit after tax
1,2
295
407
493
296
20
Net assets
1,560
1,617
1,539
1,154
921
Deduct cash net of overdrafts
(1,216)
(1,177)
(961)
(362)
(708)
Add back borrowings
297
298
298
299
738
Add back lease debt
1,020
1,058
1,123
1,188
1,081
Deduct net tax assets
(148)
(221)
(229)
(243)
(269)
Operating assets
1,513
1,575
1,770
2,036
1,763
Add back net liabilities related to adjusting items:
Deferred consideration
17
8
5
5
3
Restructuring liabilities/other
127
63
30
23
27
Adjusted operating assets
1
1,657
1,646
1,805
2,064
1,793
Average adjusted operating assets
1
1,736
1,651
1,726
1,935
1,929
Adjusted Group ROIC
1
17.0%
24.6%
28.6%
15.3%
1.0%
1. Excludes the impact of adjusting items. Refer to note 2r for the Group’s policy on adjusting items.
2. The Group’s adjusted effective tax rate for the 52 weeks to 29 March 2025 was -43%. For the purposes of the Group ROIC calculation, the UK effective tax rate of 25%
was used.
220 Burberry Annual Report 2024/25

Financial Statements | Five-Year Summary (UNAUDITED)
220 Burberry Annual Report 24/25
At end of year
Balance Sheet
2021
£m
2022
£m
2023
£m
2024
£m
2025
£m
Intangible assets
237
240
248
267
229
Property, plant and equipment
280
322
376
406
398
Right-of-use assets
818
880
950
1,013
867
Inventories
402
426
447
507
424
Trade and other receivables
322
328
359
392
357
Trade and other payables
(492)
(572)
(553)
(502)
(459)
Lease liabilities
(1,020)
(1,058)
(1,123)
(1,188)
(1,081)
Taxation (including deferred taxation)
148
221
229
243
269
Net cash
1,216
1,177
961
362
708
Borrowings
(297)
(298)
(298)
(299)
(738)
Other net assets
(54)
(49)
(57)
(47)
(53)
Net assets
1,560
1,617
1,539
1,154
921
Reconciliation of adjusted
Group ROIC
2021
£m
2022
£m
2023
£m
2024
£m
2025
£m
Adjusted operating profit
1
396
523
634
418
26
Adjusted profit effective tax rate
1,2
25.4%
22.2%
22.2%
29.2%
–
Adjusted net operating profit after tax
1,2
295
407
493
296
20
Net assets
1,560
1,617
1,539
1,154
921
Deduct cash net of overdrafts
(1,216)
(1,177)
(961)
(362)
(708)
Add back borrowings
297
298
298
299
738
Add back lease debt
1,020
1,058
1,123
1,188
1,081
Deduct net tax assets
(148)
(221)
(229)
(243)
(269)
Operating assets
1,513
1,575
1,770
2,036
1,763
Add back net liabilities related to adjusting items:
Deferred consideration
17
8
5
5
3
Restructuring liabilities/other
127
63
30
23
27
Adjusted operating assets
1
1,657
1,646
1,805
2,064
1,793
Average adjusted operating assets
1
1,736
1,651
1,726
1,935
1,929
Adjusted Group ROIC
1
17.0%
24.6%
28.6%
15.3%
1.0%
1. Excludes the impact of adjusting items. Refer to note 2r for the Group’s policy on adjusting items.
2. The Group’s adjusted effective tax rate for the 52 weeks to 29 March 2025 was -43%. For the purposes of the Group ROIC calculation, the UK effective tax rate of 25%
was used.
Financial Statements | Company Balance Sheet
COMPANY BALANCE SHEET
52 weeks ended 29 March 2025
Burberry Annual Report 24/25 221
Note
As at
29 March
2025
£m
As at
30 March
2024
£m
Fixed assets
Investments in subsidiaries
D
1,630
1,572
1,630
1,572
Current assets
Trade and other receivables – amounts falling due after more than one year
E
623
655
Trade and other receivables – amounts falling due within one year
E
301
–
Derivative assets maturing within one year
1
–
Cash at bank and in hand
–
1
925
656
Creditors – amounts falling due within one year
F
(107)
(102)
Derivative liabilities maturing within one year
–
(1)
Borrowings
G
(300)
–
Net current assets
518
553
Total assets less current liabilities
2,148
2,125
Creditors – amounts falling due after more than one year
F
(87)
(61)
Borrowings
G
(439)
(299)
Net assets
1,622
1,765
Equity
Called up share capital
I
–
–
Share premium account
231
231
Capital reserve
1
1
Profit and loss account
1,390
1,533
Total equity
1,622
1,765
Loss for the year was £9 million (last year: profit £732 million). The Directors consider that, at 29 March 2025, £749 million (last year:
£732 million) of the profit and loss account is non-distributable.
The financial statements on pages 221 to 230 were approved and authorised for issue by the Board on 13 May 2025 and signed on its
behalf by:
Joshua Schulman
Kate Ferry
Chief Executive Officer
Chief Financial Officer
221Burberry Annual Report 2024/25

Financial Statements | Company Statement of Changes in Equity
COMPANY STATEMENT OF CHANGES IN EQUITY
52 weeks ended 29 March 2025
222 Burberry Annual Report 24/25
Note
Called up share
capital
£m
Share premium
account
£m
Capital reserve
£m
Profit and loss
account
£m
Total
equity
£m
Balance as at 1 April 2023
–
230
1
1,420
1,651
Profit for the year
–
–
–
732
732
Total comprehensive income for the year
–
–
–
732
732
Employee share incentive schemes
Equity share awards
–
–
–
16
16
Exercise of share options
–
1
–
–
1
Purchase of own shares
Share buyback
–
–
–
(402)
(402)
Dividends paid in the year
J
–
–
–
(233)
(233)
Balance as at 30 March 2024
–
231
1
1,533
1,765
Loss for the year
–
–
–
(9)
(9)
Total comprehensive loss for the year
–
–
–
(9)
(9)
Employee share incentive schemes
Equity share awards
–
–
–
18
18
Dividends paid in the year
J
–
–
–
(152)
(152)
Balance as at 29 March 2025
–
231
1
1,390
1,622
222 Burberry Annual Report 2024/25

Financial Statements | Company Statement of Changes in Equity
COMPANY STATEMENT OF CHANGES IN EQUITY
52 weeks ended 29 March 2025
222 Burberry Annual Report 24/25
Note
Called up share
capital
£m
Share premium
account
£m
Capital reserve
£m
Profit and loss
account
£m
Total
equity
£m
Balance as at 1 April 2023
–
230
1
1,420
1,651
Profit for the year
–
–
–
732
732
Total comprehensive income for the year
–
–
–
732
732
Employee share incentive schemes
Equity share awards
–
–
–
16
16
Exercise of share options
–
1
–
–
1
Purchase of own shares
Share buyback
–
–
–
(402)
(402)
Dividends paid in the year
J
–
–
–
(233)
(233)
Balance as at 30 March 2024
–
231
1
1,533
1,765
Loss for the year
–
–
–
(9)
(9)
Total comprehensive loss for the year
–
–
–
(9)
(9)
Employee share incentive schemes
Equity share awards
–
–
–
18
18
Dividends paid in the year
J
–
–
–
(152)
(152)
Balance as at 29 March 2025
–
231
1
1,390
1,622
Financial Statements | Notes to the Company Financial Statements
Burberry Annual Report 24/25 223
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 2, Share-based Payments
• para 45(b) – disclosure of number and weighted average exercise price of
share options
•
para 46-49 – disclosure of valuation techniques and inputs used for fair value
measurement of options
•
para 50-52 – disclosure of the effect of share-based payment transactions on the
entity’s profit and loss for the period.
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)
223Burberry Annual Report 2024/25

Financial Statements | Notes to the Company Financial Statements
224 Burberry Annual Report 24/25
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
A number of new amendments to standards are effective for the 52 weeks to 29 March 2025, but they do not have a material impact
on the financial statements of the Company.
Standards not yet adopted
Certain new accounting standards and amendments to standards have been published that are not yet mandatory for the 52 weeks to
29 March 2025 and have not been early adopted by the Company as set out in note 1 of the Group consolidated financial statements
of Burberry Group plc.
B. Accounting policies
The following material 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 exercise 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 is 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.
224 Burberry Annual Report 2024/25

Financial Statements | Notes to the Company Financial Statements
224 Burberry Annual Report 24/25
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
A number of new amendments to standards are effective for the 52 weeks to 29 March 2025, but they do not have a material impact
on the financial statements of the Company.
Standards not yet adopted
Certain new accounting standards and amendments to standards have been published that are not yet mandatory for the 52 weeks to
29 March 2025 and have not been early adopted by the Company as set out in note 1 of the Group consolidated financial statements
of Burberry Group plc.
B. Accounting policies
The following material 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 exercise 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 is 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.
Financial Statements | Notes to the Company Financial Statements
Burberry Annual Report 24/25 225
B. Accounting policies continued
Taxation
Tax expense represents the sum of the current tax expense and the deferred tax charge.
Current tax 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.
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 financial statements. However, if the temporary difference arises from the 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, and does not give rise to equal taxable and deductible temporary differences, 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 solely represent 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 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 initially recognised 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 initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method.
225Burberry Annual Report 2024/25

Financial Statements | Notes to the Company Financial Statements
226 Burberry Annual Report 24/25
B. Accounting policies continued
Financial instruments continued
Borrowings
Borrowings are initially recognised 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.
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 credited to retained earnings up to the value of the consideration
originally paid. Any additional consideration received is credited to the share premium account 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. The key areas where estimates and assumptions applied have a
significant risk of causing a material adjustment to the carrying value of assets and liabilities are discussed below. Further details of
the Company’s accounting policies in relation to these areas are provided in note B.
Impairment of investments in subsidiaries
Investments in subsidiaries are not subject to amortisation and are tested annually for impairment. When a review for potential
impairment is conducted, the recoverable amount is determined based on the higher of an investment's fair value less costs to sell
and value-in-use calculations prepared on the basis of management’s assumptions and estimates. Estimates are also applied as to
whether or not to reverse certain investment impairments. Management has taken the view that impairment charge is appropriate for
the investments in Burberrys Limited and Burberry Italy S.R.L, given the Balance Sheet at 29 March 2025, performance during the year
and the present value of future cashflows. Refer to note D for further details of investments.
226 Burberry Annual Report 2024/25

Financial Statements | Notes to the Company Financial Statements
226 Burberry Annual Report 24/25
B. Accounting policies continued
Financial instruments continued
Borrowings
Borrowings are initially recognised 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.
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 credited to retained earnings up to the value of the consideration
originally paid. Any additional consideration received is credited to the share premium account 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. The key areas where estimates and assumptions applied have a
significant risk of causing a material adjustment to the carrying value of assets and liabilities are discussed below. Further details of
the Company’s accounting policies in relation to these areas are provided in note B.
Impairment of investments in subsidiaries
Investments in subsidiaries are not subject to amortisation and are tested annually for impairment. When a review for potential
impairment is conducted, the recoverable amount is determined based on the higher of an investment's fair value less costs to sell
and value-in-use calculations prepared on the basis of management’s assumptions and estimates. Estimates are also applied as to
whether or not to reverse certain investment impairments. Management has taken the view that impairment charge is appropriate for
the investments in Burberrys Limited and Burberry Italy S.R.L, given the Balance Sheet at 29 March 2025, performance during the year
and the present value of future cashflows. Refer to note D for further details of investments.
Financial Statements | Notes to the Company Financial Statements
Burberry Annual Report 24/25 227
Key sources of estimation uncertainty and judgements continued
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 29 March 2025 and 30 March 2024.
D. Investments in subsidiaries
£m
As at 30 March 2024
1,572
Additions
65
Impairment charges
(7)
As at 29 March 2025
1,630
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, apart from a £3 million impairment charge in relation
to Burberrys Limited and a £4 million charge in relation to Burberry Italy S.R.L, as their cash generation in the long-term is not
considered sufficient to support the carrying value. In the current year, the impairment charge is not subject to a high level of
estimation uncertainty. 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
29 March
2025
£m
As at
30 March
2024
£m
Amounts owed by Group companies
622
654
Prepayments
1
1
Trade and other receivables – amounts falling due after more than one year
623
655
Amounts owed by Group companies
300
–
Prepayments
1
–
Trade and other receivables – amounts falling due within one year
301
–
Total trade and other receivables
924
655
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
£457 million with a facility maturity date of 20 June 2030, and £165 million with a facility maturity date of 22 February 2029.
The interest rates applied to these loans are 5.75% and SONIA +0.9%, respectively.
Included within amounts owed by Group companies falling due within one year are interest bearing loans receivable of £300 million
with a facility maturity date of 21 September 2025. The interest rates applied to this loan is 1.125%.
The Company’s impairment policies and the calculation of the loss allowances under IFRS 9 are detailed in note H.
227Burberry Annual Report 2024/25

Financial Statements | Notes to the Company Financial Statements
228 Burberry Annual Report 24/25
F. Creditors
As at
29 March
2025
£m
As at
30 March
2024
£m
Amounts owed to Group companies
87
61
Creditors – amounts falling due after more than one year
87
61
As at
29 March 2025
£m
As at
30 March 2024
£m
Amounts owed to Group companies
99
102
Other payables
1
8
–
Creditors – amounts falling due within one year
107
102
Total creditors
194
163
1. Other payables comprise interest.
Amounts owed to Group companies falling due after more than one year include interest bearing loans of £87 million (last year:
£61 million). The interest rate earned is set annually and was based on SONIA +0.9% at the most recent update. The loans are
unsecured and repayable on 17 June 2029.
Amounts owed to Group companies falling due within one year include interest bearing loans of £62 million repayable on 17 June
2025 (last year: £73 million). The interest rate earned is set annually and was based on EURIBOR + 0.9%. The remaining amounts of
£37 million are unsecured, interest free and repayable on demand (last year: £29 million).
G. Borrowings
As at 29 March 2025
As at 30 March 2024
Maturity
Carrying value
£m
Fair value
£m
Carrying value
£m
Fair value
£m
1.125% £300m MTN Sustainability-linked bond
1
Sep 2025
300
294
299
281
5.75% £450m MTN Fixed rate bond
2
Jun 2030
439
443
–
–
Total
739
737
299
281
1. Proceeds from the sustainability bond have been used by the Group to finance projects which support the Group’s sustainability agenda. There are no financial penalties for
not using the proceeds as anticipated. Interest on the sustainability bond is payable semi-annually.
2. The proceeds from the bond were £439m, all other movements on the bond were non cash. The Group has entered into interest rate swaps to reduce the level of fixed rate
debt in accordance with the Group Treasury Policy, and has entered the swaps into fair value hedge relationships with the bond. Interest on the bond is payable semi-annually.
The interest rate swaps not held in the Company.
The Company has access to the Group’s £300 million multi-currency revolving credit facility (RCF) with a syndicate of banks, maturing
in November 2027.
During the year, the Group entered into a £75 million multi-currency RCF with a syndicate of banks, maturing in March 2027, which the
Company also has access to. The agreement contains an option which will allow the Group to extend for an additional one year which
is exercisable in 2026, at the consent of the syndicate.
There were no drawdowns or repayments of the RCFs during the current or prior year, and at 29 March 2025 there were no
outstanding drawings.
The Company is in compliance with the financial and other covenants within the facilities above and has been in compliance
throughout the financial period.
228 Burberry Annual Report 2024/25

Financial Statements | Notes to the Company Financial Statements
228 Burberry Annual Report 24/25
F. Creditors
As at
29 March
2025
£m
As at
30 March
2024
£m
Amounts owed to Group companies
87
61
Creditors – amounts falling due after more than one year
87
61
As at
29 March 2025
£m
As at
30 March 2024
£m
Amounts owed to Group companies
99
102
Other payables
1
8
–
Creditors – amounts falling due within one year
107
102
Total creditors
194
163
1. Other payables comprise interest.
Amounts owed to Group companies falling due after more than one year include interest bearing loans of £87 million (last year:
£61 million). The interest rate earned is set annually and was based on SONIA +0.9% at the most recent update. The loans are
unsecured and repayable on 17 June 2029.
Amounts owed to Group companies falling due within one year include interest bearing loans of £62 million repayable on 17 June
2025 (last year: £73 million). The interest rate earned is set annually and was based on EURIBOR + 0.9%. The remaining amounts of
£37 million are unsecured, interest free and repayable on demand (last year: £29 million).
G. Borrowings
As at 29 March 2025
As at 30 March 2024
Maturity
Carrying value
£m
Fair value
£m
Carrying value
£m
Fair value
£m
1.125% £300m MTN Sustainability-linked bond
1
Sep 2025
300
294
299
281
5.75% £450m MTN Fixed rate bond
2
Jun 2030
439
443
–
–
Total
739
737
299
281
1. Proceeds from the sustainability bond have been used by the Group to finance projects which support the Group’s sustainability agenda. There are no financial penalties for
not using the proceeds as anticipated. Interest on the sustainability bond is payable semi-annually.
2. The proceeds from the bond were £439m, all other movements on the bond were non cash. The Group has entered into interest rate swaps to reduce the level of fixed rate
debt in accordance with the Group Treasury Policy, and has entered the swaps into fair value hedge relationships with the bond. Interest on the bond is payable semi-annually.
The interest rate swaps not held in the Company.
The Company has access to the Group’s £300 million multi-currency revolving credit facility (RCF) with a syndicate of banks, maturing
in November 2027.
During the year, the Group entered into a £75 million multi-currency RCF with a syndicate of banks, maturing in March 2027, which the
Company also has access to. The agreement contains an option which will allow the Group to extend for an additional one year which
is exercisable in 2026, at the consent of the syndicate.
There were no drawdowns or repayments of the RCFs during the current or prior year, and at 29 March 2025 there were no
outstanding drawings.
The Company is in compliance with the financial and other covenants within the facilities above and has been in compliance
throughout the financial period.
Financial Statements | Notes to the Company Financial Statements
Burberry Annual Report 24/25 229
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 29
March 2025 comprise £922 million owed by Burberry Limited, and £nil owed by other Group companies (last year: £654 million owed
by Burberry Limited, and £nil 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 month 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 29 March 2025.
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 30 March 2024
363,815,743
0.2
Allotted on exercise of options during the year
571
–
As at 29 March 2025
363,816,314
0.2
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. There has been no share buy-back programme in the current period.
During the prior 52 weeks to 30 March 2024, the Company entered into agreements to purchase, at fair value, a total of £400 million
of its own shares, excluding stamp duty and fees, through two share buy-back programmes of £200 million each. Both programmes
completed during the prior 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 29 March 2025, no shares were cancelled (last year: 20.5 million shares).
As at 29 March 2025, the Company held 4.6 million treasury shares (last year: 5.2 million), with a market value of £37 million (last year:
£63 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 52 weeks to 2 April 2022. During the 52 weeks to 29 March 2025, 0.6 million treasury shares
were transferred to ESOP trusts (last year: 0.9 million). During the 52 weeks to 29 March 2025, no treasury shares were cancelled
(last year: none).
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 29 March 2025, the cost of own shares held by ESOP trusts and offset against the
profit and loss account is £29 million (last year: £34 million). As at 29 March 2025, the ESOP trusts held 1.7 million shares (last year:
1.9 million) in the Company, with a market value of £14 million (last year: £23 million). In the 52 weeks to 29 March 2025, the ESOP
trusts and the Company have waived their entitlement to dividends.
229Burberry Annual Report 2024/25

Financial Statements | Notes to the Company Financial Statements
230 Burberry Annual Report 24/25
J. Dividends
52 weeks to
29 March
2025
£m
52 weeks to
30 March
2024
£m
Prior year final dividend paid 42.7p per share (last year: 44.5p)
152
167
Interim dividend paid £nil per share (last year: 18.3p)
–
66
Total
152
233
The Directors have elected not to declare an interim or final dividend in respect of the 52 weeks to 29 March 2025 (last year: 42.7p).
K. Financial guarantees
The companies acting as guarantor to the facilities described in note G 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 29 March 2025, 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
29 March 2025 (last year: £nil).
230 Burberry Annual Report 2024/25

Shareholder Information
SHAREHOLDER INFORMATION
Website
The investors 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 an 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/alerts.
Duplicate accounts
Shareholders who have more than one account due to
inconsistencies in account details may avoid duplicate mailings
bycontacting Equiniti and requesting the amalgamation of their
Burberry share accounts.
Burberry share dealing
Burberry shares can be traded through most banks, building
societies or stockbrokers. Equiniti offers a telephone and
internet dealing service. Terms and conditions and details
of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 Burberry share certificate.
Annual General Meeting (AGM)
Our AGM will be held at 10:30am on Wednesday 16 July 2025
atBurberry’s headquarters at Horseferry House, Horseferry
Road, London SW1P 2AW. 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 2025 AGM will also be accessible
onBurberryplc.com shortly after the meeting.
Our Shareholder Privacy Notice
Please see the Shareholder Privacy Notice on https://www.
burberryplc.com/en/investors/shareholder-centre/shareholder-
privacy-notice.html for details on how Burberry collects and
uses shareholders’ personal information.
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
Website: www.shareview.co.uk
Telephone: +44 (0) 371 384 2839
Managing your shares online
Shareholders and employees can manage their Burberry
holdings online by registering with Shareview, a secure online
platform provided by Equiniti. Registering is simple and offers
arange of benefits, allowing shareholders to:
• Access shareholding information: view your share balance
and dividend history and key shareholder details in real time
• Opt for electronic communications: receive shareholder
updates, reports, and notifications quickly and securely
viaemail
• Buy and sell shares conveniently through the Equiniti share
dealing service
• Update personal details: easily update your address,
contactinformation or banking details to ensure smooth
communication and dividend payments
• Secure dividends payments: option to have dividends
paiddirectly into your bank account, avoiding lost
oroutdatedcheques
• Vote online in general meetings: participate in Company
decisions by submitting your vote by proxy online in advance
Burberry encourages all shareholders to register for electronic
communications, enabling faster and more efficient information
sharing while also contributing to environmental sustainability
by reducing paper usage, which makes a valuable contribution
to our global footprint.
Register at www.shareview.co.uk
American Depositary Receipts
We have a sponsored Level 1 American Depositary Receipt
(ADR)programme to enable US 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:
Bank of New York Mellon, Shareholder Correspondence
P.O. BOX 43006 Providence, RI 02940-3078, USA
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
231
Burberry Annual Report 2024/25

Financial calendar
AGM: 16 July 2025
First quarter trading update: 18 July 2025
Interim results announcement: November 2025
Third quarter trading update: January 2026
Preliminary results announcement: May 2026
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020 7930 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 Equiniti
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.
Theseoperations are commonly known as boiler rooms. If you
receive any unsolicited investment advice, obtain the correct
name ofthe person and organisation, and check that they are
properly authorised by theFinancial Conduct Authority (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 from the UK, or +44 20 7066 1000
from outside the UK. More detailed information can be found
onthe FCA website at www.fca.org.uk/consumers/protect-
yourself/unauthorised-firms.
Dividend information
The ADR local payment date is 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 (£500 in the tax year from
6 April 2025 to 5 April 2026). See: www.gov.uk/tax-on-dividends
Any dividends received above this amount will be subject
totaxation. Dividends paid on Burberry 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 90 countries 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)
The 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/4/Info/Portfolio/
Default/en/Home/Shareholders/Pages/ReinvestDividends.aspx.
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.
Shareholder Information
232 Burberry Annual Report 2024/25

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, the business we operate and climate change, nature, circular economy and
broader sustainability-related targets and activities. These statements inherently 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 and may not entirely be within our control. 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.
The report is printed in the UK by Pureprint, a certified Carbon Neutral company. Pages 1–232 are produced using Revive 100% Offset,
while the cover is printed on Mohawk Options 100% PC White Smooth. Both selected materials are made from 100% post-consumer waste,
reinforcing our commitment to environmental sustainability. The manufacturing mills and printer are registered under the Environmental
Management System ISO14001 and are Forest Stewardship Council
®
(FSC
®
) chain-of-custody certified ensuring responsible sourcing
and sustainable production.

www.Burberryplc.com
Burberry Group plc Annual Report 2024/25