Money Burberry fashions sales rise but warns of falling tourist numbers causing it pain in the UK

18:41  11 july  2018
18:41  11 july  2018 Source:   dailymail.co.uk

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Underlying retail sales rose 2% in the three months to 31 March, compared with growth of 3% in the previous quarter, as demand in the US fell , partly as a Burberry said it had enjoyed an “exceptional” performance in the UK , where tourists are taking advantage of the low value of the pound to pick up

Shares in Burberry fell 8% to £16.43 in early trading on Wednesday after the company said Chinese tourists , who made up a large proportion of overseas shoppers in the UK last year, were heading elsewhere, including Japan. A year ago, Burberry ’s UK sales rose by 40% as overseas bargain

Luxury fashion firm Burberry bagged a quarterly sales rise, but said it was feeling the pinch of falling tourist numbers in the UK and Europe.

It is the latest in a line of upmarket brands, including Mulberry, to blame a dip in tourism for sluggish UK sales.


Examination of first-quarter results from Bryan Roberts, global insights director at ICC Global [Bloomberg]

Burberry said the weakness in its domestic market was offset, however, by rocketing demand from Chinese tourists in Hong Kong, Korea and Japan, which helped it to fashion a 3 per cent sales rise overall to £479m. 

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Shares in luxury fashion brand Burberry have fallen by 6% despite an "exceptional" performance in the UK . Burberry , best known for its trench coats and distinctive checks, said like-for-like retail sales rose by 3% in the second half of the year.

The Asia Pacific region also spearheaded Burberry's digital growth - most of the fashion house's online sales are now made using smartphones, it said.  

a group of people posing for the camera: A Burberry collection from day four of London Fashion Week. The style icon may go in a new direction following the appointment of former Givenchy designer Riccardo Tisci © Provided by Associated Newspapers Limited A Burberry collection from day four of London Fashion Week. The style icon may go in a new direction following the appointment of former Givenchy designer Riccardo Tisci

Burberry, famed for its trench coats, is gearing up for the first collection from its new chief creative officer, former Givenchy designer Riccardo Tisci, who stepped into the shoes of creative force Christopher Bailey earlier this year. 

Bailey is expected to part ways with the company at the end of 2018 after a 17-year tenure, with a bumper pay-off of around £13m.  

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Famous trench coat maker Burberry credits the fall in the pound for driving up sales in its UK stores by almost a third. The British fashion house said tourists ' higher spending power due to the drop in sterling drove the rise .

The tourist boom drove strong sales for British luxury brands such as Burberry and has helped propel Bond Street in London into the top three of the world’s most Brexit pain for holidaymakers as pound expected to fall further against euro. Sterling's fall buoys UK manufacturers as export orders rise .

Pieces from Tisci's inaugural collection will be launched through 'instant drops' from September.

a close up of a device: Burberry hopes to becomes as well known for bags as it is trench coats © Provided by Associated Newspapers Limited Burberry hopes to becomes as well known for bags as it is trench coats

The company is also collaborating with veteran British designer Vivienne Westwood, who is creating pieces for the brand that will be sold from December, and has partnered with luxury online marketplace Farfetch to boost its online presence.

Burberry said on Wednesday that this partnership was performing ahead of its expectations.

Boss Marco Gobbetti added: 'While we know it will take time to achieve our ambitions, our progress to date and the energy in and around the company give me confidence for the future.' 

In May, Burberry picked up an Italian luxury leather goods business as it tries to become as famous for handbags as it is for trench coats, and take the fight to the likes of Gucci, Louis Vuitton and Celine.  

'Strategies, such as taking the brand even more upmarket, have the potential to backfire and alienate traditional customers as we have seen with other brands in the industry,' warned Helal Miah, investment research analyst at The Share Centre.

Burberry shares slid by almost 5 per cent in early trading to £20.03. 

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