LONDON: British luxury fashion brand Burberry has announced a strong start to the year with an 18% increase in first-quarter comparable store sales. This performance is in line with market expectations and is largely attributed to the continued recovery in China.
The company’s sales in mainland China, its largest market, experienced an impressive 46% growth in the 13 weeks leading up to July 1. This reflects the country’s emergence from COVID-19 lockdowns last year, signaling a strong rebound in consumer demand.
While Burberry saw a notable increase in sales in Europe as well, with a rise of 17%, the Americas remained a weak spot for the brand. Quarterly sales in the region were down 8%, which is consistent with the previous quarter’s performance.
Jonathan Akeroyd, the CEO of Burberry, highlighted the success of the brand’s outerwear and leather goods categories. He expressed excitement about the introduction of new products from designer Daniel Lee, which are set to hit stores in September. Lee, who joined in September, made his debut collection at London Fashion Week in February, receiving positive reviews from critics and fashion enthusiasts.
Burberry also reported a 13% increase in like-for-like sales of its leather goods. The company specifically noted the strong performance of women’s bags, particularly the Frances shapes and vintage Burberry check designs.
Looking ahead, Burberry reiterated its guidance for the 2024 financial year, aiming for low double-digit revenue growth. As a 167-year-old brand renowned for its iconic trench coats, Burberry’s ongoing growth strategy remains focused on delivering quality products and engaging with its global customer base.
Credit: The Star : Business Feed
