The British clothing chain Burberry, whose CEO was recently replaced after a weak quarterly result, is being moved from the London Stock Exchange's leading index, FTSE 100. From September 23, the company's share will instead be traded on FTSE 250. Burberry is being replaced on FTSE 100 by the insurance company Hiscox.
Burberry's share has fallen by around 70 per cent over the past year. Thus, the 168-year-old company, known for its trench coats, performed the worst on FTSE 100. The index lists the 100 companies with the highest market value on the London Stock Exchange.
