 This is a Bloomberg Money Minute. British fashion brand Burberry had set its sights on challenging the likes of high-end luxury players such as Chanel and Louis Vuitton. But a downturn in luxury spending across the world has hit that plan. Burberry has abruptly replaced its CEO with the former boss of Michael Kors, Coach N. Jimmy Choo, a specialist in courting broader swaths of the shopping public. It's also planning cost cuts that could mean the end of hundreds of jobs. Burberry stock down 16%.