Iconic luxury fashion brand Burberry (BRBY.L) is getting kicked out of the FTSE 100 (^FTSE), while insurer Hiscox (HSX.L) will be added to the UK’s blue-chip index.
Hiscox’s promotion has made room for computer maker Raspberry Pi (RPI.L) to join the FTSE 250 (^FTMC) in the reshuffle, which was confirmed on Wednesday and will take effect from the start of trading on Monday 23 September.
The indices are reshuffled by provider FTSE Russell every quarter according to market cap data from the end of the previous month.
Burberry shares have plummeted 55% year-to-date, resulting a market capitalisation of £2.3bn ($3bn). This marks an end to its 15 years on the FTSE 100, after a challenging year for the brand.
Richard Hunter, head of markets at Interactive Investor, said: “A general slowdown in demand for luxury goods has weighed on the sector, especially from Chinese consumers, who have been conspicuous by their absence.”
Burberry reported a…
