Burberry Offsets Slow Growth
Burberry Offsets Slow Growth
Burberry defies analysts’ estimates as Chief Executive Officer Christopher Bailey implements cost saving strategies to tackle the slowing demand for luxury goods in China. “The external environment remains challenging and uncertain”, said Burberry in a statement. This may refer to the fact that increasingly, Chinese consumers are choosing to shop in Japan to take advantage of a weak yen and escape the anti- extravagance measures at home.
By cutting bonuses and unifying Burberry’s products under one label (phasing out the Prorsum, London and Brit labels), the company has seen a 3 percent rise in profits in the six months through September at 152.9 million pounds, beating the experts’ estimates of 144.2 million pounds.
Burberry Offsets Slow Growth
