By
Bloomberg
Published
Aug 27, 2024
Burberry Group Plc is poised to exit the FTSE 100 Index, ending the luxury-goods maker’s 15-year stay in the UK blue-chip gauge.
The stock will likely drop down to the midcap FTSE 250 Index at September’s quarterly rebalancing, FTSE Russell said in a statement Tuesday, ahead of final changes being announced next week.
Hampered by an industry-wide slowdown in demand and a faltering brand revamp, Burberry shares have slumped by a third over the past three months. The British firm has been hit particularly hard by a softer Chinese market, which resulted in a recent profit warning.
Burberry’s market capitalization of £2.5 billion ($3.3 billion) means it’s now ranked far below the level needed to retain its place in the FTSE 100, which it has been a constituent of since September 2009.
FTSE…
