Does Burberry Have the Wrong Strategy?

Burberry’s latest revamp has faltered. Sales dropped 12 percent in the first three months of 2024. The British trench coat maker isn’t the only luxury player that’s struggling in a cooling luxury market, of course. Gucci’s sales fell 20 percent in the first quarter. But Burberry’s poor performance has ratcheted up the pressure on those piloting its long-awaited turnaround to deliver results.

CEO Jonathan Akeroyd and designer Daniel…