 A downturn in the luxury industry has been blocking Burberry's efforts to challenge high-end labels such as Louis Vuitton and Chanel. Now a former CEO of Michael Kors, Coach, and Jimmy Choo is taking over the top spot at Burberry. By hiring the former executive of American Brands, the British trench coat maker is backing away from its plans to reposition itself as a high-end luxury brand. The company's also looking at job cuts.