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Burberry CEO to take label up-market, focus on bags, fashion

A model presents a creation at the Burberry Spring/Summer 2018 show at London Fashion Week in London September 16, 2017. — Reuters pic
A model presents a creation at the Burberry Spring/Summer 2018 show at London Fashion Week in London September 16, 2017. — Reuters pic

LONDON, Nov 9 — British luxury brand Burberry will shift further up-market by focusing on leather goods and fashion and cutting sales to non-luxury stores, initially in the United States, under a plan by new Chief Executive Marco Gobbetti.

The company said last week that Christopher Bailey, the designer who turned Burberry into a global label, would leave next year.

“By re-energising our product and customer experience to establish our position firmly in luxury, we will play in the most rewarding, enduring segment of the market,” Gobbetti said.

Gobbetti unveiled the plan alongside Burberry’s first-half results, which saw revenue rise by an underlying 4 per cent to £1.26 billion (US$1.66 billion, RM7 billion), with comparable sales also up a better-than-expected 4 per cent.

Adjusted operating profit rose 17 per cent to £185 million, it said, beating the market forecast of £167 million. — Reuters

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