Burberry reports sales drop
Christopher Bailey has warned of a challenging environment currently impacting Burberry’s sales.
The British designer has been at the helm of the quintessentially English brand since May 2014, and has previously been credited with transforming the fortunes of the company.
However, sales have recently struggled. The drop has been blamed on a fall in Chinese spending in Hong Kong and Europe, with the label reporting a five per cent fall in comparable sales for the fourth quarter, and further warned on the year ahead’s profits.
“In an external environment that remains challenging for luxury, we continue to focus on reducing discretionary costs and are making good progress with developing enhanced future productivity and efficiency plans,” Bailey said in a statement.
"Meanwhile, brand momentum is strong, digital continued to outperform in the half and innovation in new products is resonating well with our customers."
However, growth continued in mainland China, Korea and Japan.
It wasn’t all doom and gloom for the company though; Bailey was joined by Burberry regular Suki Waterhouse for Burberry's Art of the Trench celebration in the Middle East on Tuesday (12Apr16).
Held in the Burberry store at the Mall of the Emirates in Dubai, more than 400 guests turned up to celebrate and appreciate the iconic Burberry trench coat and the people who wear it. The event also acted as a celebration for the creative communities in the Middle East.
It seems the model was also shooting a campaign while overseas, and she updated fans via social media with a shot of her next to a camel in a desert.
“Work work work work work work @Burberry #dubai,” she captioned the snap.