The new strategy of the British fashion brand Burberry starts to render: the company had a 3% increase of revenue in their own stores last quarter. In total, Burberry has now a revenue of 479 million pounds (520 million euros).
Catch-up with new strategy
With this catch-up the fashion brand wishes to close the gap with big competitors Louis Vuitton, Givenchy and Gucci, who all managed to exploit their sales better on the emerging markets such as China, making Burberry lag behind. The British brand now tries to get more involved in that fierce competition by adopting a more luxurious image.
CEO Marco Gobbetti, who took the helm last year, therefore made the decision to no longer sell the cheaper brand shirts. The focus in the future will be on the more expensive market segments. To reinforce the ambitions, Burberry lured Riccardo Tisci in at the beginning of this year. For years, the Italian was the head designer at competitor Givenchy.
