Fashion house Burberry Group is set to drop from Britain's FTSE 100 index, ending 15 years of membership in the blue-chip index, Bloomberg reports.
Hit by slowing industry demand and faltering brand renewal, the company's shares have tumbled by a third in the past three months. That sent Burberry down the list of companies by market capitalisation, which index compiler FTSE Russell uses to determine changes in the index.
Ahead of Tuesday's quarterly announcement of temporary changes to the index, Burberry's market capitalization of 2.5 billion pounds (£3.3 billion) placed the company in 140th place in the FTSE 350 index of UK large and mid-cap stocks. This is well below where it needs to be to retain its place in the FTSE 100, of which it has been a part since September 2009.