Shares in Burberry plummeted over 15% in early trading on Monday following a disappointing first-quarter performance. This led the 168-year-old luxury brand to issue a profit warning and make significant changes, including appointing a new CEO and suspending its dividend. The company expects to report an operating loss for the first half of the year if the current trading slowdown continues. With sales falling across regions, particularly in Europe, the Americas, and Asia Pacific, Burberry is facing challenges due to macroeconomic uncertainty and decreased luxury demand. The new CEO, Joshua Schulman, aims to reconnect with the brand's core customer base by offering a broader everyday luxury range, improving brand communications, and implementing cost-saving measures. Despite its iconic status, Burberry is adapting to market conditions in an effort to strengthen its competitive position and drive long-term growth.