British luxury clothing company Burberry said Wednesday it will cut 1,700 jobs as it continues struggling to stabilize revenue while cutting operating expenses.

The British fashion house, which reported poor annual sales in a precarious time for the global luxury industry, is looking to save 60 million pounds in cost-cutting efforts.

Burberry said its turnaround plan is recharging the brand, although a weak first half of the year dragged its overall performance lower.