Burberry has made the bold move to change its chief executive in a bid to reverse its fortunes as sales continue to plummet. The company announced that Joshua Schulman, former head of Michael Kors, will take over from Jonathan Akeroyd, who is departing immediately. The decision comes as Burberry reported a significant 21% drop in retail revenues due to a decline in luxury goods demand, especially in China. The brand's attempt to move upmarket under Akeroyd's leadership has backfired, alienating core consumers and leading to disappointing figures. Schulman is set to refocus Burberry on its core customers and deliver relevant newness in a bid to revive the brand's once iconic status. This change marks the fourth CEO in a decade for Burberry, showcasing a turbulent period for the company as it navigates a challenging luxury market.