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easyJet PLC’s return to the FTSE 100 threatens to be short-lived, while a slump in Burberry Group PLC shares will result in the luxury brand relinquishing its top-tier status, according to indicative index changes by FTSE Russell on Tuesday. Final index review findings are released on September 4, using data from a day earlier. Based on closing data as of Friday, easyJet and Burberry are set to exit the FTSE 100, with insurer Hiscox Ltd and warehouse investor Tritax Big Box REIT PLC replacing them. Recently-floated Raspberry Pi Holdings PLC is set to be the only promotion to the FTSE 250 index, at the expense of IP Group PLC. easyJet rejoined the FTSE 100 after the first-quarter index rejig. easyJet was sent to the FTSE 100 departure lounge back in June 2020, after the Covid-19 pandemic sapped demand for travel and emptied skies. However, its outlook has improved since then and earnings have improved. Nonetheless, shares are down around 10% since its index promotion. Burberry shares have plunged around 70% over the past 12 months. It now has a market capitalisation of £2.48 billion. Burberry last month warned on profit, axed its dividend and replaced its under-pressure boss. Burberry said Jonathan Akeroyd is leaving the company immediately ‘by mutual agreement with the board’. He will be replaced as chief executive officer by Joshua Schulman, who was CEO of US fashion brand Michael Kors from 2021 to 2022. Shulman previously was CEO and brand president at handbag maker Coach. Akeroyd had joined Burberry as CEO only in April 2022. The former head of Italian fashion house Gianni Versace Spa and British peer Alexander McQueen, he had replaced Marco Gobbetti in the Burberry hot seat. Hiscox and Tritax Big Box REIT, set for FTSE 100 promotion, have risen around 16% and 17% over the past year. Budget computer maker Raspberry Pi is likely to join the FTSE 250, having only floated in June. Shares have jumped 46% since its float and it has a market capitalisation of £794.2 million. IP Group, an active investor in early stage science companies, has fallen 29% over the past 12 months, putting it on the FTSE 250 chopping block. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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